The IRS has issued a warning about a fraudulent scheme targeting Electronic Federal Tax Payment System (EFTPS) users. The scheme uses an e-mail claiming that the user’s tax payment was rejected and directs the user to a website for additional information. The website contains malware that will attempt to infect the user’s computer.
The IRS does [...]
Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government.
The proposed regulations (REG 153340-09) would eliminate the rules for making federal tax deposits by paper coupon because the paper coupon system will [...]
On July 30, the House of Representatives with a vote of 241-154 failed to gain the necessary 2/3 vote for passage of H.R. 5982, the Small Business Tax Relief Act of 2010. The bill would have repealed a controversial section of the Patient Protection and Affordable Care Act (Health Care Act P.L. 111-148) that places [...]
The responsibilities of receiving funds, disbursing funds, writing checks, signing checks, and reconciling bank accounts are often given to a single employee when in fact these duties should be separated. Having one employee responsible for all cash-related functions makes your business vulnerable to fraud.
We all want to trust employees but often times employees have [...]
The IRS has been sending out questionnaires to randomly selected 401 (k) plan sponsors across the country. If you have received one of these letters you have 90 days to complete the online questionnaire.
The IRS has stated that any answers given are for informational purposes only and will not trigger any sort of action or [...]
Maria Arriola and Sherry Radmore hosted a table at the OCBJ luncheon at the Hyatt Regency in Irvine on May 25th. Guests (from left to right) included Mari Kurtz, Lisa Gorelick, Wendy Richards, Janice Sidorick, Diane Lawrence and Ginny Shoji.
A great time was had by all who attended the CalCPA mixer and installation dinner at Zov’s in Tustin on May 6th. The smiling faces in the photo are Suresh Narayanamoorthy, Carol Painter, Greg Lewis, Sherry Radmore, Jeff Boxx, and Lee Weir. Throughout the evening they mixed and mingled with fellow CPAs and service providers.
Drivers who want to support the state’s agriculture industry can dig up $50 in addition to normal registration fees for license plates. The new plates will feature a white background with the word “agriculture” along the bottom. Plate profits will be used mainly for education and training programs in the secondary schools. But! Before the [...]
Grantor-retained annunity trusts (GRATS) have been a favorite estate planning tool to minimize gift taxes for larger estates. Congress is seriously considering a bill that, among other loophole-plugging items, will change the two-year term to a minimum ten-year term for any GRAT. If you presently have, or are considering setting up a GRAT, there’s no [...]
Required Minimum Distributions (RMD) from IRAs and pension plans are back in 2010.
Any RMD not taken from your IRA or qualified plan by December 31, 2010 will be subject to a 50% penalty.
To figure your RMD, use the value of your accounts as of December 31, 2009.
Your ELLS advisor can help you with this calculation.