Client Memo – Mandatory E-Pay
On September 30, 2008, Governor Schwarzenegger signed into law a requirement for certain individuals to remit all California state income tax payments electronically once they: Make an estimated income tax or extension payment over $20,000 for the taxable year beginning on or after January 1, 2009; or File an original return with an income tax […]
Client Memo – Bush-era Tax Cuts Extended
On December 17, 2010, President Obama signed into law the bipartisan tax bill to extend various Bush-era tax cuts and create tax breaks for all. Below is a summary of some of the important provisions: Temporary extension of current tax rates through 2012 Tax Rates Individual 10% 15% 25% 28% 33% & 35% Long-term capital […]
Client Memo – 2011 Payroll Tax Update
Effective January 1, 2011, new payroll rates go into effect, changing deductions on all payroll checks. The social security & self-employment tax wage base will not change for 2011. The employee share of the social security tax & the self-employment tax will be decreased to 4.2% while the employer share remains at 6.2%. Again in […]
Client Memo – Year End Tax Planning 2011
With the end of the year fast approaching, we would like to remind you that this is a good time to start your year-end tax planning. Here are a few year-end tax planning considerations for your review: Estate planning – Please make sure that your will and trust documents are current, and that you have […]
Client Memo – Federal Tax Credit Coupons Discontinued
Beginning on January 1, 2011, Federal tax deposits made by paper coupons (form 8109) will no longer be processed. All taxpayers that currently use form 8109 coupons for their federal tax deposits will have to deposit their federal taxes through the Electronic Federal Tax Payment System (EFTPS) after the end of 2010. According to the […]
Client Memo – New Website Announcement
We are pleased to announce the launch of our brand new website: www.fbco.com. To make it an effective resource for our clients, our website has been redesigned with a fresh new look and has been updated with the most current accounting and tax-related information and resources. With the redesign, our new website features larger fonts […]
Client Memo – New 1099 Reporting Rules
The passage of the Healthcare Reform bill included some of the most drastic changes to 1099 information reporting in over a decade. In 2012, the Healthcare Reform law will require businesses, governments and charities to issue 1099 forms to all vendors they pay over $600 for goods and services. While the new rules don’t apply […]
Client Memo – IRS Employment Tax Research Program
Beginning in early 2010 and continuing for the next three years, the IRS is conducting an Employment Tax National Research Program (NRP), which is the first employment tax compliance study in 25 years. Under this program, the IRS will randomly select 2,000 taxpayers each year for the next three years for employment tax audits. The […]
