November 11, 2015 – Bipartisan Budget Act of 2015

Tax-related legislation often is included in non-tax bills, and a new law, the Bipartisan Budget Act of 2015, is one. On November 2, President Obama signed the 2015 Budget Act, which repeals the TEFRA unified partnership audit rules and replaces them with streamlined procedures. The Budget Act also repeals automatic enrollment in certain employer-sponsored health plans, extends defined benefit (DB) pension stabilization provisions, increases premiums paid to the Pension Benefit Guaranty Corporation (PBGC), and more. The 2015 Budget Act does not, however, extend the so-called tax extenders, which will likely wait for Congressional action later this year. Read more...

October 6, 2015 – Important Third Quarter Federal Tax Developments

News on Tax Legislation, the Foreign Account Tax Compliance Act, Expatriates, the Affordable Care Act, Bonus depreciation, Partnerships, Spinoffs, and others. Read more...

September 13, 2015 – 2015 California State Income Tax Rate Schedules Adjusted

The California Franchise Tax Board (FTB) has released the 2015 state tax brackets. Brackets are “indexed” each year by adjusting them to reflect changes in the California Consumer Price Index (CPI). Filing requirement thresholds, the standard deduction and certain credits were adjusted along with income tax brackets based on the inflation rate of 1.3%, as measured by the California CPI for all urban consumers from June 2014 to June 2015. Last year California had an inflation rate that measured 2.2%. Read more...

July 20, 2015 – Important 2015 Second Quarter Federal Tax Developments

During the second quarter of 2015, there were many important federal tax developments. This letter highlights 15 of the more significant developments. Read more...

June 19, 2015 – Mandated Sick Pay Benefits for California Employees

Effective July 1, 2015, a new California law requires most employers to provide at least three days of annual paid sick leave to California employees who work for them at least 90 days. Read more...

May 13, 2015 – Pension Benefits & Social Security

A client recently asked “Will my pension benefits affect my social security?” This is a great topic, and here´s some information we hope you find useful. Generally, if you worked for a private employer and paid Social Security taxes on income you earned, distributions from your pension will not affect your Social Security income. There are, however, certain work situations and related pensions that will affect your Social Security benefits. Read more...

April 22, 2015 – Important 2015 First Quarter Federal Tax Developments

During the first quarter of 2015, there were many important federal tax developments. Here we highlight some of the more significant developments: Tax reform/legislation; Taxpayer services/enforcement; Affordable Care Act; Accounting method changes; Repair regulations; Vehicle depreciation; and more. Read more...

March 14, 2015 – Adoption Credit and Income Exclusion

An adoption credit is available to taxpayers to help defray some of the costs involved in the adoption of children. The amount of the credit depends on the tax year, the taxpayer´s qualified adoption expenses, and whether the adopted child has special needs. Qualified expenses include adoption fees, attorney fees, court costs and travel expenses while away from home. Read more...

February 17, 2015 – What if Your W-2 is Missing?

A few weeks ago we wrote about the steps to take if you need a replacement Form SSA-1099 from the Social Security Administration. Now we´ll explain what to do if you are missing your W-2. In most cases taxpayers get their W-2 forms by the end of January. Form W-2, Wage and Tax Statement, shows your income and the taxes withheld from your pay for the year. You need your Form W-2 to file an accurate tax return. Read more...

February 11, 2015 – Head of Household Filing Status Can Save Money

Tax season is underway and with it comes additional tax savings for some taxpayers who qualify to file as Head of Household (HOH). The HOH filing status is for unmarried taxpayers who have cared for a qualifying person for more than half the year and paid more than half the cost of maintaining their homes. Read more...

February 3, 2105 – Obtaining Replacement Social Security Benefit Statements

The Social Security Administration mails out in January of each year a Form SSA-1099, to individuals who receive Social Security Benefits in the prior year. This form reports the amount of Social Security benefits received, as well as any Medicare premiums that were paid from your benefits. If you need a replacement Form SSA-1099, the Social Security Administration lists several methods that it can be obtained on its website.

January 19, 2015 – Important 2014 Fourth Quarter Federal Tax Developments

During the fourth quarter of 2014, there were many important federal tax developments. Here are some of the more significant developments: Read more...

January 7, 2015 – Health Insurance Mandate

Beginning in 2014, the “individual mandate” under the Affordable Care Act begins. Not only are all individuals required to have insurance but all people who are required to file a tax return must report their insurance on that return. Quite a bit of additional information will be needed in order to prepare your 2014 tax return. Read more...

See 2014 news items