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 – IRS Warns of Phone Scams
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Publications
Meal, Travel & Entertainment Expenses: Know What’s Deductible & Properly Substantiate
When owners, managers, and salespeople attend trade shows, call on customers or evaluatesuppliers, they may incur meal, travel, and entertainment expenses. Many of...
Independent Contractors
Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of...
Taxable vs. Tax-Advantaged: Where to hold investments
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s, or 403(b)s. Certain assets are well suited...
Client Memo- Partnership Audit Rules Go Live
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
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
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
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 Taxpayer Procedure
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 – Fake Tax Bill Notices
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 – CA Competes Tax Credit
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
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
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 – 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...
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...
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...
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...
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...
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...
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....
Client Memo – Tax Matter Updates
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
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
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 – 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...
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...
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...
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...
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...
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....
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...