CA “MyFTB” Changes Coming for Practitioners and Taxpayers

Beginning January 4, 2016, the FTB will launch a new, enhanced MyFTB. Here are a few tips and highlights from the new system: All current accounts will be disabled on January 2, 2016, at midnight. Any tax professional (or taxpayer) that wants a FTB account will need to register or re-register beginning January 4th 2016. …

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Fantasy Sports Tax Obligations

One week fantasy football leagues like Fan Duel and Fantasy Kings are taking the 2015 football season by storm. It seems like we can’t watch a commercial break during an NFL game without seeing a fantasy football advertisement airing with “real people” claiming how much money they bet which resulted in how much money they’ve …

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Why Shouldn’t We Accept All Donations?

Most of us have heard the quote “one person’s junk is another’s treasure”. What is more problematic for charitable organizations, I find, is that donors give non-cash items that were valuable to them, but are not valuable to the organization or in support of its mission. If you haven’t implemented a gift acceptance policy, you …

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Avoid Being Scammed like Real Housewife Heather Dubrow

On a recent episode of her podcast Heather Dubrow’s World, Heather Dubrow revealed how she and her husband, plastic surgeon Terry Dubrow, were scammed out of nearly $2 million by their accountant and another woman. After selling their O.C. home for $16.45 million, the Dubrows were encouraged by their accountant of more than twenty years, …

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IRS Enforcing New Penalties on 1099s

In June of 2015, Congress passed the Trade Preferences Extension Act which greatly enhanced the penalties for all 1099s. This means that the penalties for filing 1099s late have become substantial and this has become an area where the IRS is increasing their enforcement efforts. In the past we have been advised by the IRS …

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Avoiding the Underpayment Penalty

Most taxpayers are required to make estimated tax payments throughout the year. These payments are made either quarterly with a check and estimated tax coupon or with withholding from your various sources of income. Payroll withholding is the most common form of making estimated payments. The requirement for these payments is either: 90% of the …

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Top Year-End IRA Reminders from the IRS

Individual Retirement Accounts, or IRAs, are important vehicles for you to save for retirement. If you have an IRA or plan to start one soon, there are a few key year-end rules that you should know. Here are the top year-end IRA reminders from the IRS: Know the contribution and deduction limits. You can contribute …

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Tips for Making Year-End Charitable Donations

December has arrived and thanks to the holiday spirit (and the impending end-of-year tax deadline), December is the month when you are more likely to reach out to your favorite charity and make a donation. Whether you are looking to spread some goodwill this holiday time or to be more charitable in general, be sure …

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IRS Proposes Nonprofits Collect Social Security Numbers

For several years now, the IRS has been working to crack down on fraudulent deductions for charitable contributions. IRC §170(f)(8)(A) requires taxpayers to obtain contemporaneous written acknowledgment from a charity in order to claim donations of $250 or more. IRS field agents have reported that under audit, many taxpayers claim they’ve lost receipts supporting those …

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How to Handle a Blackout Period

What is a blackout? A blackout is a period of three or more consecutive business days during which participants’ are temporarily limited in or restricted from the ability to perform the following activities: Directing or diversifying investments Obtaining distributions Obtaining loans What actions must Plan Administrators take in order to remain in compliance during a …

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