August 4, 2011
A recent article from the CoStar Group suggests that bankers are showing some optimism for commercial real estate. Have you been considering purchasing your building? Or do you already own your existing building but plan on making improvements? A cost segregation study on the completed building can help improve your cash flow by deferring taxes, but it can also help on existing buildings. A cost segregation study done before demolition begins can pull components out that you plan to dispose of. As an example, if you plan to remove the existing lighting and replace them with new energy efficient lighting, you need to know the cost of the old lighting system in order to dispose of it. A cost segregation study can identity the costs of the existing lighting system. Otherwise the old lights will remain on the books as part of the original building cost. This would be a lost deduction until the building is fully depreciated (27.5 years or 39 years!).
Even if a cost segregation study is not suitable there are a number of opportunities to identify shorter lives directly from the construction documents or property appraisals. If a building purchase is on your horizon or you are planning to remodel your existing building call ELLS CPAs so we can optimize the available deductions related to your building purchase or remodel.
By Jeff Boxx, CPA
Posted 8/4/11
August 4, 2011
We are hiring a senior auditor to join our Audit & Assurance team. ELLS offers a variety of outstanding benefits to our team members, including:
•Superior training & mentoring programs
•Competitive salaries
•Flexible working hours
•Challenging, interesting work and special projects
•High-level technology (we’re paperless!) and technical support
•Supportive working environment
•Competitive benefits
•Employee fun days & outings
•Career growth & potential for advancement
•Work/life balance
To apply please send a resume and salary requirements to careers@ellscpas.com
Posted 8/4/11
August 2, 2011
The IRS recently released additional information on the 2011 Offshore Voluntary Disclosure Initiative (OVDI) in the form of an update to their Frequently Asked Questions. These additions include:
1. 90 day extension of the deadline beyond August 31, 2011 – Request for extension must include a statement of those items that are missing, the reasons why they are not included, and the steps taken to obtain the missing items.
2. Clearer procedures for opting out of or being removed from the program – the FAQ provided a list of situations in which the taxpayer may want to opt out of the program. However the IRS reminded that by opting out, the taxpayer is not protected by the OVDI therefore could be subject to criminal prosecutions and penalties.
If you have foreign accounts, loans or income and you are wondering whether this applies to you call ELLS CPAs at 714.569.1000 and speak with one of our international tax specialists.
By Nancy Chung, CPA
Posted 8/2/2011
August 1, 2011
Doriz N. Zhu, CPA
in information technology, biotechnology, and nanotechnology can expect an increase in government funding in the coming years. For more information
click here.
By Doris Zhu, CPA
Posted 8/1/11
July 29, 2011
Maria T. Arriola, CPA
The IRS has announced that they will be extending the deadline for 2009 and 2010 filings of Forms
8955-SSA from August 2011 to January 17th, 2012. Form
8955-SSA is used to report participants with deferred vested pension benefits. Only the 2009 form and instructions have been released, with the 2010 coming shortly. Filing the
8955-SSA can be done by paper or electronically. If you choose to go the electronic route, be sure you are using a third-party software with the appropriate format that is compatible with the IRS FIRE system. Be sure you are aware that it is required to file through the IRS and not through the
EFAST2 filing system.
For more information about the IRS filing requirements, call Maria Arriola at 714.569.1000.
Posted 7/29/11
July 25, 2011
Sherry Radmore, CPA, MST
Employers should be advised on a bogus email scam referencing
Electronic Federal Tax Payment System (EFTPS). The email being circulating contains a link, if clicked on, could be malicious software. This software is designed to gain scammers access to your financial information.
The Internal Revenue Service does not make contact with taxpayers regarding EFTPS via email or tax account matters. If you receive an email report it to phishing@irs.gov
Posted 7/26/2011
July 12, 2011
A California budget has been passed and Enterprise Zones are still alive and well for 2011! Local Zones include Anaheim, Santa Ana and Long Beach. The EZ Hiring Credit generates over $37,000 in CA tax credits for just one qualifying employee!
Call us today to find out if you are in a Zone and how your business could benefit.To learn more about the Enterprise Zones and to start claiming your tax credits call ELLS CPAs at 714.569.1000.
Posted July 10, 2011
June 23, 2011
Detecting fraud cannot always be an easy task but a few simply clicks can uncover your lingering questions. An automated accounting system such as QuickBooks is essential for a small business. Here is a simply way to determine who has made changes to transactions, this could prove to be very important is you suspect fraud.
When setting up preferences for a QuickBooks company the administrator should review the “General Tab “ and select Company Preferences and verify that the box is checked for “Save transactions before printing”.
If the box is not checked it is possible to print a transaction and then exit without saving. In this situation, the Audit trail does not capture the event. That is why no one but the owner should be allowed to log in as administrator. Each person who uses the data file should be given their own user ID and password, with restricted permissions according to the work they perform in the file.
In this way no one can over-ride the preferences, and each user’s access is being tracked in the Audit trail.
For more tips about detected fraud or utilizing QuickBooks call ELLS CPAs at 714.569.1000
Posted 6/23/2011
May 19, 2011
Sherry Radmore, CPA, MST
We are all getting very excited about summer vacations! While summer vacations are relaxing the planning can be stressful. I found this great article in the
Sacramento Bee, with some smart tips about steps you can take before you travel to ensure a safe and relaxing vacation. Happy travels!!
http://bit.ly/kbvTEk
Posted 5/19/2011
May 5, 2011
Sherry Radmore, CPA, MST
Estate planning can be a tricky road, especially after the
Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (TRUIRJCA 2010). I found this really great article from Brown & Streza LLP,
click here.
For more information call Sherry Radmore at 714.569.1000.
Posted 5/5/2011
