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 the IRS’s new partnership audit rules. The new rules enacted by The Bipartisan Budget Act of 2015 (BBA) introduced new tax terms and concepts, and are […]
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 opportunities to steal from businesses and individuals. In addition to tax scams covered in our previous client memos – IRS Warns of Phone Scam, IRS Dirty […]
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, and it has both good and bad news for taxpayers. Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are […]
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 effective tax rate on business income, but very little has been talked about in the press as to the limit on this benefit, or definitions of how “qualified business income” subject […]
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 on the FTB’s website. In addition, the access right expires after 13 months and the FTB is required to notify taxpayers again. This means that you […]
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 Act (ACA). The scam involves an email with an attachment of a fake CP2000 notice for the tax year 2015. The CP2000 notice is a […]
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 approved in March of 2013. This tax credit is an application-based credit that can be used against the income tax due to the Franchise Tax Board (FTB). […]
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 expiring tax relief provisions. Here’s a brief summary of those that may benefit you or your business: For individual taxpayers Tax deduction for state and local […]
