Tax experts are sounding the alarm that California regulators have stepped up their tax enforcement with audits and steep bills in store for some businesses.
- The pile up owes to various factors kicking in three years after the state REC market opened.
- Numerous audits are reportedly already underway.
- “It should be no surprise these are beginning, and they will be very productive for the state of California,” predicted CPA Patrick Finnegan, a former state auditor. “It’s going to be a turkey shoot.”
- One attorney estimated the city of Oakland alone is owed more than $10M.
- PLUS: The head of the IRS said he would “prefer” it if the industry could pay its taxes electronically.