Client Memo – CA NOLs Suspended Again
Under the California state tax law, individual and corporate taxpayers can carry a net operating loss (NOL) from one year into future years to reduce taxable income. The state had suspended the deduction of NOLs for tax years 2008 and 2009. On October 8, 2010, the Governor signed the state’s Budget Act of 2010 (the […]
Client Memo – Small Business Jobs Bill
The Small Business Jobs Act, as approved by the Senate on September 16, cleared the House last Thursday morning and has been signed into law by the President yesterday. This bill provides an estimated $12 billion in tax breaks for small businesses and individuals and creates a new $30 billion Small Business Lending Fund to […]
Client Memo – Fraudulent EFTPS Scams
There is a new e-mail scam related to the Electronic Federal Tax Payment System (EFTPS) that we want you to be aware of. According to the IRS, the scheme targets individuals and businesses who utilize EFTPS to pay their federal taxes online or via telephone. The fraudulent e-mail claims that the user’s tax payments were […]
Client Memo – Likely Tax Law Changes Affects Dividends & Capital Gains
The Bush tax cuts of 2001 will expire beginning in January 2011. In addition tax rate reduction acts enacted by Congress in 2003 and 2006 providing tax rate reduction on dividends and capital gains will also expire on December 31, 2010, and the tax rates will revert to 2001 rates unless the provisions are extended […]
Client Memo – Summary of Major Provisions of Healthcare Bill
Listed below are a summary of the important provisions of the health care bill that may have an impact on you, and the effective dates: 2010 Provisions Effective Date Adoption credit increased (to $13,170 from $12,170 in 2010), extended through 2011 and made refundable. after 12/31/09 and before 1/1/12 An insurance credit is allowed to […]
Client Memo – Mortgage Rates
As you may have been reading in the papers due to the European debt crisis mortgage rates in the United States are at 50-year lows. If you currently have a variable-rate mortgage or a fixed-rate mortgage above 5% interest, I would encourage you to consider replacing the mortgage with a new fixed-rate loan. Confirming loans, […]
