Client Memo – Tax Increase Prevention Act of 2014
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 2013 through 2014. Some key provisions that may be most likely to benefit you or your business are as follows: For individual taxpayers Tax deduction of […]
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 – 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 – 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 […]
Client Memo – Changes in Federal, CA Income, Estate & Gift Tax Rates
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 1, 2013, we have presented below a summary of the changes in the tax code that will surely have an impact on you. Federal 2012 provisions 2013 provisions […]
Client Memo – Electronic Delivery Consent Required
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 partnerships to obtain the required partner’s consent for such electronic delivery. These regulations are now in effect. Pursuant to the regulations, in order to electronically issue a schedule K-1 to any […]
Client Memo – Reminder: 2011 Year End Tax Planning
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 discuss with us how they might benefit you – Life-changing events such as marriage, divorce, birth, death, or retirement – Not only will they change your life, […]
Client Memo – Section 179 Deduction & Bonus Depreciation
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. Federal Section 179 deduction For the tax year 2011, the limit is $500,000 and the maximum dollar amount of machinery and equipment that can be purchased is $2 million. […]
