Taxpayers and their preparers have very good reason to want to categorize losses as theft losses rather than investment losses. Theft losses are treated as ordinary losses and are deductible in the year they were incurred. A theft loss is deductible to the extent it...
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Over $153 Million to be Refunded to nearly 100,000 Taxpayers!
It's in the mail! According to the IRS, more than $153 Million in refunds due to nearly 100,000 taxpayers were returned due to mail delivery errors. The IRS encourages taxpayers to file returns electronically and receive refunds by direct deposit to help eliminate...
Want to improve your financial situation? Go to the movies!
In case you needed another reason to watch George Clooney on the big screen.... Scott Martin of "The Trust Advisor Blog" explains how the new movie "The Descendants" offers a glimpse into how the intentions expressed in estate planning documents are carried out by...
Interest rates remain the same with the IRS for the first quarter of 2012
WASHINGTON - The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2012. The rates will be:three (3) percent for overpayments [two (2) percent in the case of a corporation];three (3) percent...
Do you have ideas for the FTB?
Think you've got a great idea for simplifying California's tax laws? Give your idea directly to the Franchise Tax Board on Thursday, December 1st at the annual Taxpayer Bill of Rights Hearing, where industry representatives and individual taxpayers may present to...
The IRS Requires Competency Test for Tax Preparers
The IRS announced today the new test tax return preparers will be required to pass in order to obtain a Preparer Tax Identification Number (PTIN). Preparers have until December 31, 2013 to pass the test.For more information, visit...
What Employers Need to Know About Claiming the Small Business Health Care Tax Credit
The Internal Revenue Service is reminding small businesses that they may be eligible for the Tax Health Care Credit that was enacted last year. The IRS is reaching out to more than four million small businesses and tax-exempt organizations to make them aware of the...
There’s no time like the Holidays for discussing family finances…
Will family gather at your table this holiday season? Take advantage of having everyone together to discuss family finances and other important planning matters. Claudia Buck of THE SACRAMENTO BEE offers conversation starters to help families discuss some important...
California VCI 2 Results in $350,000,000 in payments!
The Franchise Tax Board (FTB) announces it raised $350 million through the Voluntary Compliance Initiative 2 (VCI 2) program which recently concluded. Cash payments from more than 1,000 taxpayers in the amount of $293 million have already been paid to California, with...
Do you have an out-of-state corporation? Do you know your obligations?
If your out-of-state corporation conducts any business in California, your corporation may have an obligation to file and pay taxes in California. Additionally, California residents are taxed on world-wide income. Therefore, California residents, who receive income...
