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 […]
Client Memo – CA Competes Tax Credit
California Competes Tax Credit is an income tax credit for businesses that are expanding or relocating to California. It is a tax credit program that Gov. Jerry Brown approved in March of 2013. This tax credit is an application-based credit that can be used against the income tax due to the Franchise Tax Board (FTB). […]
Client Memo – Protecting Americans From Tax Hikes Act of 2015
On December 18, the Senate passed and the President signed into law the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) to extend or make permanent certain expiring tax relief provisions. Here’s a brief summary of those that may benefit you or your business: For individual taxpayers Tax deduction for state and local […]
Client Memo – Tax Increase Prevention Act of 2014
On December 19, 2014, President Obama signed into law the Tax Increase Prevention Act of 2014 (TIPA) to extend various tax provisions that had expired at the end of 2013 through 2014. Some key provisions that may be most likely to benefit you or your business are as follows: For individual taxpayers Tax deduction of […]
Client Memo – CA FTB Web Pay Instructions
For instructions on how to make your payments to California Franchise Tax Board using the FTB Web Pay, please visit the site below and follow the instructions outlined as follows: Go to the website: https://www.ftb.ca.gov/online/webpay/index.asp At the bottom of the page click on “Make a Payment” On the next page click on “Continue” On the […]
Client Memo – Encrypted Email Enhancement
As you have no doubt read about in recent months the world of cyber security has repeatedly shown that electronic communications are subject to breaches and to hackers. Because we are fiduciary’s and take the protection of our clients’ confidential data extremely seriously, we have for some years been using an encrypted and secured file […]
