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Industry News2012 Additional Rates & LimitsFiled under: Industry News, Newsroom To assist our clients in gearing up for 2012, we have provided a list of rates and limits for 2012. This is the second installation of important rates, limits and changes that you should be aware of. Threshold for Federal Payroll Tax Deposits: The requirements remain the same. If you owe $2,500 or less in [...] IRS Suspends e-File Operations for 990 FilersFiled under: Industry News, Newsroom The IRS has notified exempt organizations who file Forms 990, 990 EZ, 990-PF and 1120-POL that their electronic filing system (MEF) is undergoing upgrades and will be unavailable from January 1, 2012 though February 29, 2012. The 990-N e-postcard filing system will not be affected by the temporary suspension of the MEF system. The IRS [...] Changes to Individual & Business Tax LawsFiled under: Industry News, Newsroom Check out the spring issue of Coastal Grower for an in-depth article on the changes to Personal Tax and Business Tax Laws, written by Gina Andersen, CPA and partner in charge of our Tax Department. To view a PDF of the article, please click the link below. Click here for a pdf copy of the [...] New Leasing Proposal Draws HeatTagged as: FASB, IASB, Lease Accounting, Salinas California The lease accounting debate rages on as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) pore over nearly 800 public comment letters that question proposed new leasing standards. Board officials hit the conference circuit last month to answer detractors, clarify the exposure drafts they released to the public in August [...] Giving is Receiving at Year-EndFiled under: Industry News, Newsroom Is charitable giving part of your tax strategy? Have you donated money, time or items to charitable organizations over the past year? If so, it will interest you to know that you may be able to take deductions on your 2011 individual tax return for your donations. As the end of 2011 quickly approaches, we [...] Key Accounting PronouncementsFiled under: Industry News, Newsroom There have been several new accounting pronouncements issued over the last few months. To keep clients updated we have provided a summary of the key pronouncements below. Please click the pronouncement you would like to learn more about from the list below: Intangibles – Goodwill and Other Topics Comprehensive Income Fair Value Measurement Amendments Measurement [...] New Corporation Type Benefits Social EntrepreneursFiled under: Industry News, Newsroom On October 11, 2011 something exciting happened in California – Governor Brown signed into law what was Assembly Bill 361, putting into place a new form of corporate entity: the Benefit Corporation. Traditional corporations are legally bound to put profit maximization ahead of other goals. If they don’t, shareholders may sue. Benefit corporations operate under [...] Federal Unemployment Tax Act Credit Reduction in 2012Filed under: Industry News, Newsroom The U.S. Department of Labor has notified the Internal Revenue Service (IRS) and the California Employment Development Department that California is now a Federal Unemployment Tax Act (FUTA) credit reduction state as a result of its outstanding loan balances. Per the IRS website: “Credit reduction state. A state that has not repaid money it borrowed [...] Difference Between Compiled, Reviewed And Audited Financial StatementsFiled under: Industry News, Newsroom Many Salinas Valley business owners and managers know that certified public accountants (CPA’s) can perform an audit and issue an audit report on an organization’s financial statements. However, many are not aware that CPA’s can also provide two other levels of services for unaudited financial statements. These two types of engagements are compilations and reviews. [...] Marriage Penalty Tax ReliefFiled under: Industry News, Newsroom Are you married? Are you engaged and getting married soon? If so, Hayashi & Wayland wants you to be aware that the Tax Relief Act of 2010 extended several tax reduction and savings provisions that can benefit married couples. We have provided a brief summary below of the provisions that benefit most married couples, [...] |
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