A new voluntary disclosure program, the 2011 Offshore Voluntary Disclosure Initiative was announced February 8th by the Internal Revenue Service (“IRS”) to encourage taxpayers with undisclosed offshore accounts/assets to disclose and report such information to the IRS. The program is open through August 31, 2011. All requirements must be met [...]

After much Congressional deliberation, The Tax Relief Act of 2010 (the “Act”) been passed by the House just before midnight on December 16, 2010 and is expected to be signed into law by the President imminently. This significant piece of tax legislation temporarily extends the Bush-era tax cuts, provides for significant estate tax relief, and [...]

On October 8, 2010, the California budget impasse finally ended when Governor Arnold Schwarzenegger signed the California budget into law. In conjunction with the passage of the budget, a trailer bill, Senate Bill 858, was subsequently enacted into law on October 19, 2010. This bill contains several key tax provisions noted below: Net Operati [...]

The House passed H.R. 5297, the Small Business Jobs Act of 2010 (the Act) on Sept. 23. The measure had been previously passed by the Senate and is expected to be signed into law on Sept. 27, 2010 by the President. The Act includes a number of important tax provisions, including: a liberalized and expanded expensing for 2010 and 2011, revived bonus depreciation for 201 [...]

In this issue, we address price sensitive consumers, obtaining capital in a tough economy, and implications of the Patient Protection and Affordable Care Act (PPACA).

Written by Ilan Haimoff, principal in our Internal Controls Consulting team, this publication offers a brief description of the management letter and ideas for how lenders and investors might use the management letter as part of their risk assessment.

This alert is an update on the development of California State Assembly Bill 2640 (AB 2640) relating to Section 1031 Exchanges. Section 1031 Exchanges allow taxpayers to defer recognition of gain or loss from exchanges of like-kind property. Additionally, AB 2640 also proposed to repeal the non-recognition of gain or loss resulting from involuntary conversions, seller [...]

On March 18 2010, the President signed legislation (H.R. 2847) into law that creates temporary tax incentives for hiring unemployed workers, retaining workers, extends the increased small business expensing limits under Section 179, and increases Foreign Account Compliance. Click here to learn more.

On March 23 2010, the President signed The Patient Protection and Affordable Care Act (Act). The new law is slated to raise taxes on individuals, businesses, high cost group health plans, along with new fees on selected health care industries by nearly $400 billion over the next 10 years. Click here to learn more

In this issue, guest author David Orr, Senior VP and Regional Manager with Manufacturers Bank addresses ways of finding and keeping your financing sources in a difficult economy.