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 – New Taxpayer Procedure
Early last year, the Franchise Tax Board (FTB) implemented a new procedure to notify taxpayers of the name of the tax preparer who has access to their tax information on the FTB’s website. In addition, the access right expires after 13 months and the FTB is required to notify taxpayers again. This means that you […]
Client Memo – Changes to IRS Partnership Audit Rules
The Bipartisan Budget Act of 2015 (the Act) enacted late last year repeals the existing partnership audit rules known as the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and will allow the IRS to collect taxes associated with audit adjustments at the partnership level, rather than passing adjustments through to the individual partners. […]
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 […]
Client Memo – IRS Transcripts Available Online
The IRS recently relaunched its Get Transcript Online portal which allows taxpayers to download and print records of past tax returns or tax return summaries (the “Transcripts”) online. Please note that this online service is exclusively available to the taxpayer only. Available records include: Tax Return Transcripts show most line items from your federal tax […]
Client Memo – IRS to Change Partnership Audit Rules
Late last year, the Congress enacted Bipartisan Budget Act of 2015 (the Act) to repeal the existing partnership audit rules known as the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) to allow the IRS to collect taxes associated with audit adjustments at the partnership level, rather than passing adjustments through to the individual […]
