Client Memo- Partnership Audit Rules Go Live
As you prepare and gather the 2017 tax data, I strongly encourage you to take this opportunity to review and modify your partnership agreements to be in compliance with the IRS’s new partnership audit rules. The new rules enacted by The Bipartisan Budget Act of 2015 (BBA) introduced new tax terms and concepts, and are […]
Client Memo – Tax Time Scam Awareness
As the IRS announced the beginning of the 2018 tax filing season last week, it warned that this is the time when identity thieves and fraudsters are actively seeking opportunities to steal from businesses and individuals. In addition to tax scams covered in our previous client memos – IRS Warns of Phone Scam, IRS Dirty […]
Client Memo – Tax Cuts & Job Act
The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are […]
Client Memo – Pass Through Income Under New Tax Bill
There has been a lot published about the pass-through deduction for income from pass-through entities (partnerships, LLCs, and S Corporations) which will lower the effective tax rate on business income, but very little has been talked about in the press as to the limit on this benefit, or definitions of how “qualified business income” subject […]
Client Memo – New State Law for Employees
Beginning January 1, 2017, employers with 10 or more employees will be required to electronically submit employment tax returns, wage reports, and payroll tax deposits to the Employment Development Department (EDD). All employers, including household employers, will be subject to this requirement beginning January 1, 2018. To comply with the e-file and e-pay mandate, employers […]
Client Memo – Fake Tax Bill Notices
Two weeks ago the IRS issued an alert to taxpayers and tax professionals to be on guard against fake emails containing an IRS tax bill related to the Affordable Care Act (ACA). The scam involves an email with an attachment of a fake CP2000 notice for the tax year 2015. The CP2000 notice is a […]
Client Memo – Cyber Threats
In the last Presidential debate, the one topic that the candidates agreed on was that the cyber threats facing our nation are serious and potentially devastating. One little-known statistic is that according to IBM, 95% of security breaches are due to human error. In any business or industry, if the employees were wrong 95% of […]
Client Memo – Estate Planning
Two weeks ago the IRS issued proposed regulations that are aiming to eliminate the long-held practice of valuation discounts for lack of marketability and control for fractional ownership interests transferred by gift, sale, or at death to family members. Valuation discounts are commonly utilized for estate planning purposes when transferring family-owned businesses and can greatly […]
