The IRS is warning taxpayers to be on the alert for e-mails and phone calls which claim to come from the IRS or other federal agencies and which mention their tax refund or economic stimulus payment. These are almost certainly a scam whose purpose is to obtain personal and financial information — such as name, [...]

In addition to the budget proposal released by the President on February 1st, there are a number of other bills that are keeping lawmakers on Capital Hill busy. With all the changes being proposed, do you know if and how you will be affected?
The FY 2011 Budget Proposal
In summary, President Obama’s 10-year, $3.8 trillion budget [...]

With the end of the year rapidly approaching, now is the time to consider what you can do to take maximum advantage of current tax law to reduce your overall tax burden. Considering the current economic volatility and future expected rise in tax rates, there are a number of opportunities to consider which may significantly [...]

A recent law change requires many businesses that do not currently hold a seller’s permit to register with the BOE (Board of Equilization), and report and pay, by April 15, any use tax due from purchases made in the preceding year.
Taxpayers who must register will be required to file a Form BOE-401-A, State, Local, and [...]

The Internal Revenue Service has provided guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions. The Worker, Retiree and Employer Recovery Act of 2008 waives required minimum distributions for 2009 from certain retirement plans.
Generally, a required minimum distribution is the smallest annual amount that must be withdrawn from [...]

With actual and proposed changes to the popular 529 Savings Plans, make sure you have all the latest information! One change allows families saving for college to use 529 plans to pay for a student’s computer-related technology needs. The new American Opportunity Credit allows more parents and students to use a federal education credit to [...]

The IRS is warning taxpayers to be on the alert for e-mails and phone calls which claim to come from the IRS or other federal agencies and which mention their tax refund or economic stimulus payment. These are almost certainly a scam whose purpose is to obtain personal and financial information — such as name, [...]

The American Recovery and Reinvestment Act of 2009 has been approved by Congress and signed by the President. The IRS will be implementing the tax-related provisions of this new program quickly. So what does this mean for you? Following are some of the highlights.
First-Time Homebuyer Credit Expands
Homebuyers who purchase in 2009 can get a credit [...]

Some of the changes taxpayers will see on their 2008 tax returns include: a rise in AMT exemptions, a new standard property tax deduction, a special first-time homebuyer credit and expanded retirement savings incentives.

Economic Stimulus Payments Tax Free
Economic stimulus payments are not taxable, and not reported on 2008 tax returns. However, the stimulus payment does [...]

California Mandates Electronic Payments for Certain Individuals
For tax years beginning on or after January 1, 2009, individual taxpayers will be required to make their tax payments electronically if:

An estimated tax payment is made for more than $20,000,
A payment with an extension request is made for more than $20,000, or 
An original return is filed reporting a tax [...]