Estate and Gift Taxes – Plan Now Before the 2012 Window Closes
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Upcoming changes in estate and gift tax structures will close a window for unique tax saving opportunities. Plan now before these changes go into effect in 2013.
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05/17/2012 |
IRS Focuses on Nonprofit Governance and Significant Diversion of Assets
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After conducting research and analysis of nonprofit governance and diversion of assets, the IRS is planning a new examination program.
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05/02/2012 |
Accounting & Auditing Update - First Quarter, 2012
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BPM's quarterly technical update on recent publications or significant activities of the standard setting bodies.
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04/27/2012 |
Important Changes in California Business Taxation
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New California apportionment rules will affect many California businesses that generate multistate and foreign income.
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04/11/2012 |
Tax-Exempt Organizations Gain Tax Credits for Hiring Veterans
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Qualified tax-exempt organizations that hire veterans may claim a tax credit against the employer's share of social security tax liability.
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04/11/2012 |
JOBS Act - Implications to Financial Services Entities
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President Obama signed the Jumpstart Our Business Startups (JOBS) Act today, which has several implications for the financial services industry.
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04/05/2012 |
Accounting & Auditing Update – March 2012
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BPM's quarterly technical update on recent publications or significant activities of the standard-setting bodies.
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03/26/2012 |
March 2012 Tax Updates
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Recent tax news includes a new cost segregation ruling, self-employment tax deductions, and treatment of tangible property improvements.
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03/23/2012 |
IRS Proposes New Regulations on Medical Device Excise Tax (MDET)
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The IRS recently issued proposed regulations on the excise tax of medical devices and is accepting public comments for a limited time.
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03/12/2012 |
Small Nonprofits Must Report Major Changes to IRS
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Small tax-exempt organizations are not required to file a tax return, but they must file Form 990-N and report any major changes to the IRS.
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03/07/2012 |
Small Businesses Can Save Taxes with New Credit
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Small businesses have a new opportunity to decrease their tax liability. The Small Business Health Care Tax Credit encourages them to provide health coverage and reap the benefits.
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02/21/2012 |
IRS 2012 Work Plan for Exempt Organizations Division
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The IRS has released the 2012 Work Plan for the Exempt Organizations (EO) Division, which includes initiatives affecting political activity, colleges and universities, group rulings, and other EO plans.
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02/15/2012 |
SEC Requests Broker-Dealers make SARS and SAR Information Available to FINRA
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Per an SEC request, FINRA now has full authority to review all members' SAR filings and related documents.
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02/10/2012 |
IRS Creates "Select Check" Tool to Verify Tax-Exempt Status
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The IRS has unveiled a new website, Select Check, which allows users to search for and verify the tax-exempt status of organizations.
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02/09/2012 |
IRS Releases Guidance on Foreign Financial Asset Reporting
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The IRS has issued new guidance explaining the reporting requirements for foreign financial assets under Internal Revenue Code Section 6038D.
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02/03/2012 |
New Jobs Credit Still Available for Small Businesses
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California small businesses can still reap the benefits of hiring new employees through the New Jobs Credit, created in 2009. Less than a quarter of available credit has been claimed thus far.
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01/25/2012 |
Senate Bill 459 Penalizes Employers for Misclassifying Independent Contractors
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California has passed a new bill that penalizes employers that willfully misclassify employees as independent contractors. Violation of the new law could lead to as much as $25,000 in penalties and other disciplinary actions.
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01/23/2012 |
IRS Reopens Offshore Voluntary Disclosure Program (OVDP)
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On January 9, 2012, the IRS reopened the Offshore Voluntary Disclosure Program (OVDP), which allows taxpayers to come forward and become fully compliant for unreported foreign income, bank accounts, entities, and other assets.
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01/19/2012 |
IRS Revenue Ruling 2011-29 Affects Employers' Tax Deductions
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The IRS has announced Revenue Ruling 2011-29, which affects the tax deductions employers may take on bonuses payable.
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11/21/2011 |
IRS Cracks Down on High-Income Taxpayers
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The IRS is performing tax compliance audits on randomly selected taxpayers with incomes of $1 million or more.
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11/16/2011 |
Employer-Provided Health Coverage - Must Be Reported beginning January 1, 2012
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Starting in tax year 2011, the Affordable Care Act required employers to report the cost of coverage under an employer-sponsored group health plan.
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11/09/2011 |
Voluntary Classification Settlement Program (VCSP)
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IRS Announcement 2011-64 describes the Voluntary Classification Settlement Program,
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10/31/2011 |
October 17 Deadline for Roth IRA Recharacterization
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In 2010, many high-income taxpayers converted their traditional IRAs to Roth IRAs. It may make sense to "recharacterize" (that is, undo) your conversion, but you must act soon. The deadline for most taxpayers is Oct. 17, 2011.
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09/20/2011 |
2011 Offshore Voluntary Disclosure Initiative — Deadline Extended
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Due to the potential impact of Hurricane Irene, the IRS has extended the due date for offshore voluntary disclosure initiative requests until September 9, 2011
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08/29/2011 |
August 2011 Tax Updates
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The Amazon Bill, 2011 Budget Control Act, and California State Tax Reduction.
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08/08/2011 |
Budget Control Act of 2011 Raises Debt Ceiling, Creates Joint Committee
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On August 2, 2011, President Obama signed the Budget Control Act which raises the debt limit, cuts discretionary spending, and creates a bipartisan joint committee.
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08/05/2011 |
Final Ruling on Fee Disclosure Has Been Issued
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On July 13, the Department of Labor's Employee Benefits Security Administration (EBSA) issued a final rule on the applicability dates of the interim final rule on fiduciary-level fee disclosures and participant-level fee disclosures
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08/05/2011 |
Beginning July 1, 2011, Two Changes Set to Take Place
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Due to recent increases in the price of fuel, the IRS has revised the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated.
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07/01/2011 |
Form 990 – IRS Addresses More Changes
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The IRS extensively redesigned Form 990 for tax year 2008 to promote tax compliance and increase transparency. The major reconstruction of the Form is complete but the IRS continues to refine the Form, and invites public input on the following issues.
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07/01/2011 |
Fee Disclosure Has Been Pushed Back "Again"
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On May 31, the Employee Benefits Security Administration issued a notice proposing to extend and align the applicability dates for both the interim final rule on fiduciary-level fee disclosure and the final rule for participant-level fee disclosure.
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06/24/2011 |
Changes Looming for Broker Dealers as PCAOB Adopts Inspection Program
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On June 14, 2011, the PCAOB adopted rules to implement certain provisions of the Dodd Frank Wall Street Reform and Consumer Protection Act which would start an interim inspection program of public accounting firms’ audits of brokers and dealers.
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06/20/2011 |
FINRA Update: SEC Approves Financial Responsibility Rule, Goes Into Effect August 1, 2011
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FINRA has issued Rules 4150, 4311, 4522, and 4523 as part of the rulebook consolidation process. These rules are effective August 1, 2011.
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06/03/2011 |
FASB Issues Another 'Fair Value' Standard to Close the Gap on IFRS Convergence
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On May 12, 2011, the FASB and IASB jointly issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS
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05/16/2011 |
1099 Repeal Bill Signed Into Law
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On April 14, 2011, Senate approved H.R. 4, the "Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011."
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04/14/2011 |
U.S. Department of Justice Seeks HSBC's India Bank Account Records
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The DOJ is seeking an order from a federal court that will authorize the IRS to request information from HSBC Bank in India."
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04/08/2011 |
Keep an Eye Out for Fraudulent IRS Messages
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A number of clients have recently received fraudulent messages from the IRS claiming delinquent tax liabilities via e-mail and regular mail.
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03/29/2011 |
Did You Know - California New Jobs Credit
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In the 2009 tax year, California created the New Jobs Credit which gives California businesses a tax credit of up to $3,000 per new hire.
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02/11/2011 |
New 2011 IRS Amnesty Program for Offshore Accounts and Assets
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As expected, on February 8th, the Internal Revenue Service announced a new voluntary disclosure initiative. The new program is similar to the 2009 initiative that had over 15,000 participants step forward and declare their offshore income and accounts to the IRS.
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02/09/2011 |
SEC UPDATES: Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
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The Commodity Futures Trading Commission ("CFTC") and the Securities and Exchange Commission ("SEC") (collectively, the "Commissions") are
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01/26/2011 |
New Reporting Requirements if Awarding ISOs or Sponsoring ESPPs
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Effective for transactions in 2010, employers that award incentive stock options (ISOs) or sponsor employee stock purchase plans (ESPPs) are required to submit IRS forms 3921 and 3922 to both participants and the IRS.
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01/24/2011 |
Broker-Dealers to Begin Paying PCAOB Fees
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To help the PCAOB pay for the cost of a new oversight program, certain brokers and dealers will be required to pay an accounting support fee based on their relative "net capital (before or after any adjustments)."
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01/24/2011 |
Amendments to Form ADV; Extension of Compliance Date
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New and proposed rules are being issued all the time as the Dodd-Frank Wall Street Reform Act is slowly being implemented.
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01/20/2011 |
Temporary Rule Regarding Principal Trades with Certain Advisory Clients
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Temporary rule regarding principal trades with certain advisory clients
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01/20/2011 |
SEC UPDATES: Trade Acknowledgment and Verification of Security-Based Swap Transactions
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In accordance with Section 764(a) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
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01/14/2011 |
IRS Increases Scrutiny of Nonprofit Organizations
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Due to an increase in employees, the IRS is stepping up its oversight on nonprofit organizations. Exempt organizations should be aware of these key areas that will be targeted.
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01/11/2011 |
Franchise Tax Board Announces Reporting Requirement for the Smallest Non-Profits
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Effective January 1, 2011, California non-profit organizations with generally less than $25,000 gross income must file an electronic postcard with the Franchise Tax Board, Form FTB 199N
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01/05/2011 |
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act - Signed by President Obama
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On December 17th, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act) (H.R.4853).
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12/20/2010 |
New Basis Reporting Rules Go Into Effect in 2011
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Beginning in 2011, financial institutions must begin reporting information on basis from clients’ securities sales.
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12/10/2010 |
SEC Issues Proposed Definition of "Venture Capital Fund" for Purposes of Investment Advisers Act Registration Exemption
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On November 19, 2010, the SEC issued proposed rules that define what constitutes a “Venture Capital Fund” in order to implement revised rules
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11/30/2010 |
Start Year-End Tax Planning with these Tips
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Use these tax strategies to plan for the year-end. Download the full 2010-2011 Tax Planning Guide here or visit the Tax Planning Center online at
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11/17/2010 |
Take the Right Steps with Your Qualified Therapeutic Discovery Project Grant
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Recipients of the Qualified Therapeutic Discovery Project grant should be aware of the complexities that the grant adds to their tax returns, financial statements, and budgeted spending.
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11/05/2010 |
Qualified Small Business Stock: 100% Exclusion on Gain for Purchases Made Before 1/1/11
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This alert highlights how the section within the Act focused on qualified small business stock can be utilized as a powerful year-end tax planning opportunity.
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11/05/2010 |
Senator Baucus Requests Review of Tax-Exempt Organizations
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The senator's request could affect organizations exempt under IRC sections 501(c)(4), 501(c)(5), 501(c)(6) involved in political activity,
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10/28/2010 |
Discontinuation of Form 8109
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Electronic Fund Transfers are to replace the federal tax deposit vouchers.
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10/25/2010 |
EFT Penalties to Begin in 2011
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Starting in 2011, the Franchise Tax Board will begin penalizing certain individuals who fail to make their tax payments electronically using Electronic Funds Transfer.
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10/22/2010 |
Alert: Fraudulent IRS Messages
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Counterfeit messages from the IRS circulate around tax filing deadlines.
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10/22/2010 |
President Signs Small Business Jobs Act with $12 Billion in Tax Incentives
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On September 27, 2010, President Obama signed into law a package of enhanced business tax incentives, as part of a larger Small Business Jobs Act of 2010, H.R. 5297.
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09/27/2010 |
New Health Care Legislation Signed into Law
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On March 30 2010, President Obama may make history by signing into law the Health Care and Education Reconciliation Act of 2010 (HR 4872)....
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03/30/2010 |
President Signs HIRE Act into Law Creates New Tax Incentives
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On March 18, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847). The Act includes provisions designed to spur job growth and help business owners.
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03/26/2010 |
