Client Memo – CA Manufacturing Exemption
Beginning on July 1, 2014, a new California law allows manufacturers and certain research and developers to obtain a partial exemption of sales and use tax on certain manufacturing and research and development equipment purchases and leases. The partial exemption rate on sales and use taxes is 4.1875% and applies to purchases made and leases […]
Client Memo – Mandatory FBAR E-File
The June 30 deadline for filing the annual report to the IRS of a foreign bank and financial account (“FBAR”) is fast approaching and there is no extension of time available for filing an FBAR. Note that FBAR filing is only required if you have more than $10,000 in a foreign account at any time […]
Client Memo – Personal Information Security
As we strive to safeguard your sensitive personal information, we would like to remind you that regular email is not a secure method for sending sensitive data, such as your social security number or bank account information, to us. In addition to password protecting your documents with the last four digits of your social security number, […]
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 […]
