SEPTEMBER, 2011
IRS FINALLY ISSUES GUIDANCE FOR TAXPAYERS DECEASED IN 2010
The Internal Revenue Service issued Notice 2011-76 on September 13, 2011 which extends the due date and provides penalty relief for the estates of decedents who passed away in 2010 and for their beneficiaries as well. These extended due dates allow the estate much needed additional time to consider options available under the estate tax provision enacted late last year.
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SEPTEMBER, 2011
LAST CHANCE! 100% BONUS DEPRECIATION IS EXPIRING SOON
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) allows taxpayers who acquire and place in service new equipment and certain other assets before January 1, 2012 to deduct 100 percent of the cost.
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JUNE 23, 2010
FOREIGN BANK ACCOUNT REPORTING FORMS DUE JUNE 30TH
If you have an interest in (or signature authority over) a foreign financial account, you may need to report it by June 30. While not a tax filing, it is a disclosure required to be made to the U.S. Treasury and there are significant penalties for noncompliance.
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MAY 24, 2010
IRS RELEASES GUIDANCE ON THERAPEUTIC DISCOVERY PROJECT CREDIT/GRANT
Following weeks of eager anticipation by many biotech-related companies awaiting further guidance on the Therapeutic Discovery Project Credit/Grant the IRS issued Notice 2010-45 (link below) last Friday, May 21st.
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APRIL 9, 2010
IRS POSTS EMPLOYER Q&A - TAX BENEFITS FOR CERTAIN EMPLOYERS
Following the recent enactment of the HIRE Act, the IRS has posted on its website a set of questions and answers for employers that stand to benefit from some of the Act's new provisions by hiring certain qualified employees.
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APRIL 5, 2010
THE NEW HEALTH CARE LAW - ITS IMPACT ON YOU
As if the entire process and components of the Health Care legislation weren’t confusing enough, the first part (H.R.3590) not only modified itself in certain areas, but the second part (H.R.4872) partially modified the first just one week later!
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MARCH 26, 2010
HIRING INCENTIVES TO RESTORE EMPLOYMENT (HIRE) ACT
With all the focus on Health Care legislation, not everyone got the message that on March 18, 2010, President Obama signed into law the Hiring Incentives to Restore Employment Act ("HIRE").
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MARCH 18, 2010
QUALIFIED RESEARCH ACTIVITIES - AN EXPLANATION IN PLAIN ENGLISH
From talking with other practitioners and business owners, it seems pretty clear that even after all the years that the research credit has been around, the types of activities that qualify for the credit are still not widely recognized.
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FEBRUARY 4, 2010
UNCERTAIN TAX POSITIONS - POLICY OF RESTRAINT
On January 26, 2010, the IRS released an advance copy of Announcement 2010-9 stating its intention to require certain business taxpayers to disclose their "uncertain tax positions" ("UTPs") on their income tax returns.
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JANUARY 22, 2010
USE TAX LETTER
The BOE is sending letters to businesses with at least $100,000 in business gross receipts who are not already registered with BOE and do not hold a seller's permit. This means all businesses, regardless of business type (including tax practices), must register.
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NOVEMBER 13, 2009
AFFORDABLE HEALTHCARE FOR AMERICA ACT
As we wait for Senate action on their version of this controversial legislation, and try to digest the pundits’ opposing views on the subject, it’s probably a good time to take a brief look at a few of the more broadly-applicable tax provisions (as well as a few of the non-tax ones) and see what this proposed legislation really says.
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NOVEMBER 10, 2009
WORKER, HOMEOWNER, AND BUSINESS ASSISTANCE ACT OF 2009
Following an overwhelming 98-0 Senate “Yea” vote on November 4 (and resolution of differences with the House the following day), the President signed this bill into law on November 6.
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SEPTEMBER 21, 2009
IRS VOLUNTARY COMPLIANCE PROGRAM
While many have been talking about the looming September 23 deadline for the IRS’s Voluntary Compliance Program (“VCP”), there are two items worth noting:

• The IRS has just announced a short-term extension of that program to October 15
• Much less publicized is the fact that it is much broader than most people realize

OCTOBER 14, 2009
USE TAX LETTERS ARRIVING OCTOBER 1, 2009
The BOE is sending letters to businesses with at least $100,000 in business gross receipts who are not already registered with BOE and do not hold a seller's permit. This means all businesses, regardless of business type (including tax practices), must register.
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JUNE 24, 2009
FOREIGN BANK ACCOUNT REPORTING FORMS DUE - JUNE 30TH DEADLINE
If you have an interest in (or signature authority over) a foreign financial account, you may need to report it by June 30. While not a tax filing, it is a disclosure required to be made to the U.S. Treasury and there are significant penalties for noncompliance.
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MAY 20, 2009
OBAMA ADMINISTRATION RELEASES GREEN BOOK OF ITS 2010 TAX PROPOSALS
On Monday, May 11, the Treasury provided details of the Administration’s 2010 tax proposals in its “Green Book.” And while it’s up to Congress to actually draft the laws, it does provide a great deal of insight into the President’s plans. As currently written, most (but not all) of the proposals would take effect in years beginning after December 31, 2010.
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MARCH 20, 2009
IRS PROVIDES SOME RELIEF TO THOSE STUNG BY MADOFF
No doubt you’ve heard about the pain and losses inflicted by Bernie Madoff’s Ponzi scheme. Fortunately, the IRS has responded to taxpayers’ cries for guidance on how to treat those losses by issuing advance copies of Revenue Ruling 2009-9 and Revenue Procedure 2009-20.
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MARCH 3, 2009
GOVERNOR SIGNS CALIFORNIA BUDGET PACKAGE
On February 20, 2009, California Governor Arnold Schwarzenegger signed into law the state's budget package. The budget addresses the state's $42 billion budget deficit and includes approximately $15 billion in spending cuts, $12 billion in tax hikes, and $11 billion in borrowing. Changes were made to the personal income tax, sales and use tax, and vehicle license fee. Numerous changes were also made to the corporation income tax.
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FEBRUARY 23, 2009
THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009
On February 17, President Obama signed the stimulus bill into law, ending the fight over its passage (although the discussions about whether it was the “right” move are sure to continue for years to come). As you’ve probably already heard, there are many tax-related items contained in the new law in addition to its other provisions.
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