Client Memo – IRS Transcripts
Late last month, the IRS launched a new Get Transcript Online portal which allows taxpayers to obtain records of past tax returns (the “Transcripts”). You can download and print your transcript immediately, or request the transcript be mailed to your address on record within 5 to 10 business days. IRS transcripts are often used to […]
Client Memo – Final Regulations on Capitalization of Tangible Property
On September 13, 2013, nine years after the initial announcement in 2004, the IRS and Treasury Department released final regulations addressing the proper characterization and tax treatment of expenditures related to tangible property. A summary of major changes is as follows: Effective dates – The entirety of the final regulations apply to tax years beginning […]
Client Memo – Medicare Coverage Notice
The Medicare Modernization Act of 2003 requires employers who offer prescription drug coverage to Medicare-eligible employees to notify their policyholders if the prescription drug coverage provided is considered creditable coverage. A written notice must be sent to all Medicare-eligible employees prior to October 15th each year. These employees include: Active working and COBRA individuals and […]
Client Memo – IRS Dirty Dozen
The Internal Revenue Service recently issued its annual “Dirty Dozen” list of common tax scams, reminding taxpayers to use caution during tax filing season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. We urge you to use caution when viewing and responding to e-mails, responding to […]
Client Memo – Tax Rate Changes
President Obama signed into law, effective January 1, 2013, the American Taxpayer Relief Act (the “Act”) to avert the fiscal cliff by permanently extending some of the Bush-era tax cuts for individuals and businesses and increasing the top tax rate on high-income earners. Some key provisions are as follows: For individual taxpayers The Act maintains […]
Client Memo – Year End Estate Planning
With the end of the year fast approaching and changes in the law scheduled to take place, we would like to remind you that this is a good time to evaluate your estate planning documents and strategies. Here are a few considerations for you to consider: For the expiring $5.12 million lifetime estate and gift […]
Client Memo – Changes in Federal, CA Income, Estate & Gift Tax Rates
With recent voter approval of CA proposition 30, the tax increases included in Obamacare, and the looming expiration of the Bush-era tax cuts both scheduled for January 1, 2013, we have presented below a summary of the changes in the tax code that will surely have an impact on you. Federal 2012 provisions 2013 provisions […]
Client Memo – Electronic Delivery Consent Required
In 2012, the IRS issued regulations establishing guidelines for partnerships to electronically issue a schedule K-1 to partners, as well as detailing procedures for partnerships to obtain the required partner’s consent for such electronic delivery. These regulations are now in effect. Pursuant to the regulations, in order to electronically issue a schedule K-1 to any […]
