I next want to discuss the history of the governmental response and the more noteworthy commentary on corporate culture in the last thirty years. Although measures to prevent corporate crime were in effect before the 1980s, one of the more sufficient events was the formation of COSO in 1985. COSO is the Committee of Sponsoring Organizations, a volunteer group formed by the major accounting, finance, and other professional organizations. The committee reviewed instances of fraud and made key recommendations to improve reporting and internal controls. Among these were having an audit committee composed entirely of independent directors, developing a written code of ethics, and recommending that the SEC have new power to bar or suspend those involved in fraudulent financial statement reporting. In addition, COSO established a framework for an effective internal control program, which has become the standard framework for many companies in the United States. The authors next detail the Sarbanes-Oxley Act of 2002, which created the Public Company Accounting Oversight Board and established other procedures and safeguards. Sarbanes-Oxley vastly increased the requirements and protocols for publicly traded companies, as well as creating new laws in the areas of securities fraud, white-collar crime, and whistleblower protection.
Brotman Law
On Corporate Fraud
Corporate fraud has always been one of the scourges of civilized society, although in the past decade we have witnessed unprecedented levels of greed in corporate culture. The past decade has been marred by Enron, WorldCom, Adelphia and many others, as fraud shrinks our economy by approximately six percent. Watchful eyes cannot be everywhere at all times, but often the problem is that the individuals responsible for oversight lapse on their duty of independence. In response, wide scale reform has been passed into law as the government tries to combat the problem on all fronts. However, even the most stringent reforms, reporting requirements, and penalties do not deter all fraudulent behavior within the corporate environment. I want this series of articles to serve as reference point for a variety of individuals, since fraud is a serious concern whose aftershocks can be felt well outside of the company. Thoroughly understanding and utilizing the methods contained in this book will help combat the challenges we now face today in the work place.
California Bank Levy Release
When a California taxpayer fails to make proper tax payments, the Franchise Tax Board can take a number of actions against them.
One of these measures includes initiating a California bank levy against the taxpayer, which is a seizure of their assets in their bank account. The only way to prevent this is to obtain a California bank levy release.
One important thing to note is that a levy on the assets in your bank account is one method that the California Franchise Tax Board has as a means of ensuring taxpayer compliance. However, in cases where the Franchise Tax Board initiates a California bank levy, it is important to be aware of the proper tax procedure that is involved and what steps must be taken before funds are appropriated by the Franchise Tax Board.
Franchise Tax Board Attorney Hiring Criteria
Click here to read the previous section about hiring a Franchise Tax Board Lawyer.
Franchise Tax Board Lawyer Hiring Criteria
First, I want to state that I don’t believe everyone needs a franchise tax board lawyer to handles their California state tax issues. One of the main reasons that I started blogging was to help people. I wanted to motivate “self-help” style legal solutions by taking the knowledge that I had an as an attorney and making it available on the web. Indeed, if you take the time to read much of what I have written on the blog, you can almost become as knowledgeable as I am on many of these same subjects (although I have an experience edge dealing with this stuff in practice).
Tips for Franchise Tax Board Audits
In my previous article on the Franchise Tax Board audit, I talked about the importance of pre-auditing the tax return in question in order to identify any issues before your first meeting with the Franchise Tax Board auditor. In this article, I will discuss another advantage of pre-auditing a return, the importance of the presentation of records in general, and the importance of your relationship with the auditor in order to gain successful outcomes in Franchise Tax Board audits.
Franchise Tax Board Audit Tips
Throughout my years of practice, I have developed a few helpful tips for dealing with a Franchise Tax Board audit and auditors from the state of California. Franchise Tax Board audits are not nearly as common these days. Most of my clients who receive contact from the Franchise Tax Board are contacted after they are subject to an IRS audit and merely sent a bill based on the adjustment in taxable income that the IRS has already calculated. In other words, they let the IRS do all the hard work and send a supplemental bill later on. However, I hope that these few helpful tips will guide you in your dealings with the Franchise Tax Board. For more information on California state tax matters, please visit the Franchise Tax Board attorney services section of my website.
What is the Taxpayer Advocate?
The Taxpayer Advocate helps taxpayers resolve problems with the IRS. The Taxpayer Advocate also recommends changes to help prevent problems in the future. The advocate handles those tax problems that are causing significant financial difficulty; when you or your business are facing immediate, adverse threat; and when you have tried to contact the IRS repeatedly to no avail. The Taxpayer Advocate is a member of the Taxpayer Advocate Service (TAS).
IRS Taxpayer Advocate – What it Does
The IRS Taxpayer Advocate helps taxpayers resolve problems with the IRS. The Taxpayer Advocate also recommends changes to help prevent problems in the future. The Taxpayer Advocate handles those issues when the tax problem is causing significant financial difficulty; when you or your business are facing immediate, adverse threat; and when you have tried to contact the IRS repeatedly to no avail.
Who Qualifies for Legal Aid – Part One
A list of free legal clinics is available on your local and state Bar Association website and through Volunteer Attorney programming. Local entities also offer neighborhood legal services and legal aid clinics. In addition, university law programs offer free legal aid. Consult your local websites and universities for more information. In general, qualifying for free legal aid is based upon a number of factors related to income, health status, safety, location, and civil and/or criminal issues. The following sections provide insight into those categories that are specific to qualifying for legal aid.