Late last year, the Congress enacted Bipartisan Budget Act of 2015 (the Act) to repeal the existing partnership audit rules known as the Tax Equity and Fiscal...
Publications
Client Memo – CA Competes Tax Credit
Jan 15, 2016 | Client Memo, Tax
California Competes Tax Credit is an income tax credit for businesses that are expanding or relocating to California. It is a tax credit program that Gov. Jerry Brown...
Client Memo – Protecting Americans From Tax Hikes Act of 2015
Dec 21, 2015 | Client Memo, Tax
On December 18, the Senate passed and the President signed into law the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) to extend or make permanent certain...
Client Memo – Tax Increase Prevention Act of 2014
Jan 7, 2015 | Client Memo, Tax
On December 19, 2014, President Obama signed into law the Tax Increase Prevention Act of 2014 (TIPA) to extend various tax provisions that had expired at the end of...
Client Memo – CA FTB Web Pay Instructions
Sep 1, 2014 | Client Memo
For instructions on how to make your payments to California Franchise Tax Board using the FTB Web Pay, please visit the site below and follow the instructions outlined...
Client Memo – Encrypted Email Enhancement
Aug 14, 2014 | Client Memo, Security
As you have no doubt read about in recent months the world of cyber security has repeatedly shown that electronic communications are subject to breaches and to...
Client Memo – CA Manufacturing Exemption
Jun 14, 2014 | Client Memo
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...
Client Memo – Mandatory FBAR E-File
May 14, 2014 | Client Memo, Tax
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...
Client Memo – Personal Information Security
Mar 15, 2014 | Client Memo, 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...
Client Memo – IRS Transcripts
Feb 14, 2014 | Client Memo, Tax
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...
Client Memo – Final Regulations on Capitalization of Tangible Property
Nov 13, 2013 | Client Memo
On September 13, 2013, nine years after the initial announcement in 2004, the IRS and Treasury Department released final regulations addressing the proper...
Client Memo – Medicare Coverage Notice
Oct 13, 2013 | Client Memo
The Medicare Modernization Act of 2003 requires employers who offer prescription drug coverage to Medicare-eligible employees to notify their policyholders if the...
Client Memo – IRS Dirty Dozen
Mar 14, 2013 | Client Memo, Security
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...
Client Memo – Tax Rate Changes
Jan 13, 2013 | Client Memo, Tax
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...
Client Memo – Year End Estate Planning
Nov 20, 2012 | Client Memo, Real Estate
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...
Client Memo – Changes in Federal, CA Income, Estate & Gift Tax Rates
Nov 12, 2012 | Client Memo, Tax
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...
Client Memo – Electronic Delivery Consent Required
Oct 14, 2012 | Client Memo, Tax
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...
Client Memo – Document & Internet Security
Jan 12, 2012 | Client Memo, Security
As computers and the internet become vital to every organization, it is important to adopt security policies to safeguard and manage these company resources. We have...
Client Memo – Reminder: 2011 Year End Tax Planning
Dec 11, 2011 | Client Memo, Tax
If you have not taken advantage of the favorable and generous tax situations that are unique to this year, we strongly suggest you review the following items and...
Client Memo – New CA Worker Classification Law
Dec 11, 2011 | Client Memo
Earlier in October, California Governor Jerry Brown signed a new worker classification law imposing significant penalties on...
Client Memo – Work Sharing Program
Oct 20, 2011 | Client Memo
This program was established by the California legislature as an alternative to layoffs by minimizing or eliminating the need for layoffs and the accompanying hardships...
Client Memo – Qualified Personal Residence Trust
Oct 11, 2011 | Client Memo
What is a QPRT? It’s an irrevocable grantor trust that is formed to own your principal residence or vacation home (the “Residence”) and transfer its ownership to the...
Client Memo – Section 179 Deduction & Bonus Depreciation
Aug 11, 2011 | Client Memo, Tax
If you are considering making fixed asset purchases for your business, here are some substantial tax-saving opportunities that we would like to bring to your attention....
Client Memo – Tax Matter Updates
Jun 11, 2011 | Client Memo, Tax
California sales tax rates to decrease on July 1, 2011 - Effective July 1, 2011, the combined statewide sales and use tax base tax rate will decrease from 8.25% to...
Client Memo – Tax Change References
Jan 11, 2011 | Client Memo, Tax
With numerous recently enacted tax law changes, we’ve compiled a list of helpful resources available on our website (www.fbco.com) for your reference as follows: 2010...
Client Memo – Mandatory E-Pay
Dec 15, 2010 | Client Memo, Tax
On September 30, 2008, Governor Schwarzenegger signed into law a requirement for certain individuals to remit all California state income tax payments electronically...
Client Memo – Bush-era Tax Cuts Extended
Dec 12, 2010 | Client Memo
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...
Client Memo – 2011 Payroll Tax Update
Dec 10, 2010 | Client Memo, Tax
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...
Client Memo – Year End Tax Planning 2011
Nov 15, 2010 | Client Memo, Tax
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...
Client Memo – Federal Tax Credit Coupons Discontinued
Nov 10, 2010 | Client Memo, Tax
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...
Client Memo – New Website Announcement
Oct 14, 2010 | Client Memo
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...
Client Memo – New 1099 Reporting Rules
Oct 12, 2010 | Client Memo, Tax
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...
Client Memo – IRS Employment Tax Research Program
Oct 10, 2010 | Client Memo, Tax
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...
Client Memo – CA NOLs Suspended Again
Oct 10, 2010 | Client Memo, Tax
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....
Client Memo – Small Business Jobs Bill
Sep 11, 2010 | Client Memo, Tax
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...
Client Memo – Fraudulent EFTPS Scams
Sep 10, 2010 | 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 – Likely Tax Law Changes Affects Dividends & Capital Gains
Aug 10, 2010 | Client Memo
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...
Client Memo – Summary of Major Provisions of Healthcare Bill
Jun 10, 2010 | Client Memo
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...
Client Memo – Mortgage Rates
May 1, 2010 | Client Memo
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...