Dear all, I hope this message finds you well. I am writing to inform you of a significant change within our firm that may have already come to your attention. After an...
Publications
2022 Filing and Payment Deadlines Extended to November 16
Oct 23, 2023 | Client Memo, Tax
On October 16, 2023, the IRS and FTB announced that the tax year 2022 federal and California income tax filing and payment due date will be further postponed until...
IRS to Stop Processing Employee Retention Tax Credit Claims
Sep 19, 2023 | Client Memo, Tax
The IRS issued a notice last Thursday ordering an immediate stop to processing all new claims for the Employee Retention Tax Credit (ERTC). This comes amid a surge of...
Updates on Deadline Extensions for Californians Impacted by Winter Storms
Mar 7, 2023 | Client Memo, Tax
The IRS and FTB have recently granted additional tax relief to eligible Californians due to the winter storms. As provided in our...
2023 Inflation Adjustments for Estate and Gift Tax
Feb 8, 2023 | Client Memo, Estate Planning, Tax
The IRS recently announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions as detailed in Revenue Procedure 2022-38. Included in the list...
2023 Paychex Tax Bulletin
Jan 9, 2023 | Client Memo, Tax
This tax bulletin provides you with tax information for 2023 and reminders about Forms W-4, W-5, and I-9. We have included a separate bulletin with information for your...
Inherited IRA Required Minimum Distribution Relief
Dec 12, 2022 | Client Memo
On October 12, 2022, the IRS released Notice 2022-53, which provides welcomed relief for taxpayers who have inherited an individual retirement account (an "IRA") in...
Tax Deferral Through Like-Kind Exchange
Nov 4, 2022 | Client Memo
A Section 1031 exchange (also known as a like-kind exchange) allows commercial or investment real estate owners to avoid capital gains tax when selling the property by...
10 Red Flags For IRS Audits
Nov 4, 2022 | Client Memo
Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law...
Alternate Valuation In Estate Tax Planning
Nov 4, 2022 | Client Memo
Those who have money invested in the stock market are well aware of potential volatility. Needless to say, this volatility can affect a person’s net worth. Something...
Requirements For The Home Sale Gain Exclusion
Nov 4, 2022 | Client Memo
If you’re thinking about selling your home, it’s important to determine whether you qualify for the home sale gain exclusion. The exclusion is one of the most generous...
Strategic Use Of Bonus And Section 179 Depreciation
Nov 4, 2022 | Client Memo
Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow,...
Tax Savings With The Fuel Tax Credit
Nov 4, 2022 | Client Memo
Companies that wish to reduce their tax bills or increase their refunds shouldn’t overlook the fuel tax credit. Many businesses qualify for it and it’s relatively easy...
The Five-Year Rule For Roth IRA Withdrawals
Nov 4, 2022 | Client Memo
What makes Roth IRAs so appealing, primarily, is the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules taxpayers must...
Microsoft Secure Score Bulletin
Feb 26, 2022 | Client Memo, Security
Below is an important security bulletin from our external computer security provider DCG Technical Solutions, Inc. announcing a new security product from Microsoft that...
California Passes Expansion of Passthrough Entity Tax And Other Economic Relief
Feb 22, 2022 | Client Memo, Tax
On February 7, 2022, the California Legislature passed Senate Bill 113 ("SB 113") proposing an expansion to the California Passthrough Entity Elective Tax ("CA PTET")...
Required Minimum Distributions (“RMD”) From Retirement Plans In 2022
Jan 20, 2022 | Client Memo, Retirement
The Coronavirus Aid, Relief, and Economic Security ("CARES") Act and the Setting Every Community Up for Retirement Enhancement Act of 2019 ("SECURE Act") have made...
Client Memo Fraudulent EFTPS E-Mail Scams
Dec 17, 2020 | Client Memo, Security
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...
Client Memo – Estate Beneficiary
Dec 17, 2020 | Client Memo, Estate Planning, Real Estate
Client Memo – Red Flags
Dec 17, 2020 | Client Memo
Fraudsters exhibit behavioral warning signs of their misdeeds. These red flags are not to be ignored as they might be the key to detecting or deterring fraud. Employee...
Client Memo – Fraud Prevention
Dec 17, 2020 | Client Memo, Security
A strong system of internal accounting controls is important in preventing fraud. The internal control system consists of the mechanisms that are in place to protect...
Client Memo – Common Types of Fraud Schemes
Dec 17, 2020 | Client Memo, Security
There are two types of fraud, occupational fraud, and financial statement fraud. Of the two, occupational fraud is the most costly to small businesses. The common types...
Client Memo – Big Concern for Small Business
Dec 17, 2020 | Client Memo, Security
According to various studies conducted by the Association of Certified Fraud Examiners (ACFE, www.cfenet.com), the per-employee losses from fraud in the smallest...
Client Memo – IRS Warns of Phone Scams
Dec 17, 2020 | Client Memo, Security, Tax
We would like to bring to your attention a recent warning issued by the IRS about a phone scam that targets people across the nation. Callers claiming to be from the...
Client Memo – Privacy Notice
Oct 7, 2019 | Client Memo, Security
Your privacy is important to us, and maintaining your trust and confidence is one of our highest priorities. We respect your right to keep your personal information...
Client Memo – Privacy Protection
Oct 4, 2019 | Client Memo, Security
Unfortunately, we live in a world where our privacy is consistently being threatened, both online and through the various business and governmental organizations that...
Client Memo – Estate Planning Suggestion
Nov 19, 2018 | Client Memo, Estate Planning
With the end of the year fast approaching, we would like to remind you that this is a good time to evaluate your estate planning needs and strategies and consider...
Client Memo – Commitment to Security
Sep 19, 2018 | Client Memo, Security
Fishman, Block + Diamond, LLP (FBD) has made a strong and proactive commitment to information security in order to protect the sensitive information of our company, and...
Client Memo- Partnership Audit Rules Go Live
Feb 12, 2018 | Audit, Client Memo, Tax
As you prepare and gather the 2017 tax data, I strongly encourage you to take this opportunity to review and modify your partnership agreements to be in compliance with...
Client Memo – Tax Time Scam Awareness
Feb 5, 2018 | Client Memo, Security, Tax
As the IRS announced the beginning of the 2018 tax filing season last week, it warned that this is the time when identity thieves and fraudsters are actively seeking...
Client Memo – Tax Cuts & Job Act
Dec 27, 2017 | Client Memo, Tax
The new tax reform law, commonly called the "Tax Cuts and Jobs Act" (TCJA), is the biggest federal tax law overhaul in 31 years,...
Client Memo – Pass Through Income Under New Tax Bill
Dec 27, 2017 | Client Memo, Tax
There has been a lot published about the pass-through deduction for income from pass-through entities (partnerships, LLCs, and S Corporations) which will lower the...
Client Memo – New State Law for Employees
Mar 6, 2017 | Client Memo
Beginning January 1, 2017, employers with 10 or more employees will be required to electronically submit employment tax returns, wage reports, and payroll tax deposits...
Client Memo – New Taxpayer Procedure
Feb 13, 2017 | Client Memo, Security, Tax
Early last year, the Franchise Tax Board (FTB) implemented a new procedure to notify taxpayers of the name of the tax preparer who has access to their tax information...
Client Memo – Changes to IRS Partnership Audit Rules
Nov 14, 2016 | Audit, Client Memo
The Bipartisan Budget Act of 2015 (the Act) enacted late last year repeals the existing partnership audit rules known as the Tax Equity and Fiscal Responsibility Act of...
Client Memo – Fake Tax Bill Notices
Oct 20, 2016 | Client Memo, Tax
Two weeks ago the IRS issued an alert to taxpayers and tax professionals to be on guard against fake emails containing an IRS tax bill related to the Affordable Care...
Client Memo – Cyber Threats
Oct 16, 2016 | Client Memo, Security
In the last Presidential debate, the one topic that the candidates agreed on was that the cyber threats facing our nation are serious and potentially devastating. One...
Client Memo – Estate Planning
Aug 16, 2016 | 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...
Client Memo – IRS Transcripts Available Online
Jun 16, 2016 | Client Memo
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...