News Feed
July 23, 2010
Audit Team Ready for Financial Reform Bill
On Wednesday, President Barack Obama approved a major financial regulatory reform package. Among other provisions, one element of the Dodd-Frank Act directly affects auditors of broker-dealers....
July 7, 2010
New version of amended Form 941 return to be released in August
The IRS advised participants on the July monthly payroll industry telephone conference call that a new version of Form 941-X, Adjusted Employer's Quarterly Federal Tax Return...
July 3, 2010
Office Move
Our offices are now located at 456 Montgomery Street, Suite 1040 San Francisco, CA 94104. Please note our new address and visit us soon.
June 30, 2010
Senate Financial Regulation Bill Requires SEC Registration for Small Hedge Fund Managers
The Private Fund Investment Advisers Registration Act of 2010 (the Act), passed by the U.S. Senate on May 20, 2010, would require hedge fund managers and other advisers with assets...
June 23, 2010
Congress Gives Small Companies Permanent Exemption from Section 404(b)
Congress has granted permanent exemption from complying with Sarbanes-Oxley Section 404(b). The exemption covers companies with public floats of less than $75 million. The exemption...
June 17, 2010
FASB issues Additional Guidance Regarding Fair Value Disclosures
The FASB recently issued Accounting Standards Update (ASU) No. 2010-06 , Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements. Reporting...
April 30, 2010
FASB issues ASU No. 2010-17, Milestone Method of Revenue Recognition
The FASB has approved Accounting Standards Update (ASU) No. 2010-17 , Milestone Method of Revenue Recognition, which provides guidance concerning application of the milestone method...
April 7, 2010
PCAOB Issues Staff Audit Practice Alert on Auditor Considerations of Significant Unusual Transactions
The Public Company Accounting Oversight Board has issued a Staff Audit Practice Alert to remind auditors of public companies about their responsibilities to assess and respond to the...
March 29, 2010
Tax changes affecting small business in the 2010 health reform legislation
For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions to pay attention to. The major ones include: tax credits; excise...
February 16, 2010
CA mandatory electronic payments
As we reported last year, California requires that estimated tax or extension payments over $20,000 must be remitted electronically for any taxable year beginning on or after January...
February 10, 2010
SBP & Co Announces New Team Member
SBP & Co is proud to announce the addition of Kathleen Chon, CPA, to our tax practice. Kathleen graduated from the University of California at Berkeley with a Bachelor of Science...
December 21, 2009
IRS Announces 2010 Mileage Reimbursement Rates
WASHINGTON — The Internal Revenue Service has issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business,...
October 28, 2009
Scott B. Price and Company is on Facebook!
SBP&CO has a fan site on facebook. <a href="http://www.facebook.com/scottbpriceandcompany">http://www.facebook.com/scottbpriceandcompany</a>. Become a fan...
October 28, 2009
Notice: Businesses Must File With CA BOE
The California State Board of Equalization (BOE) has been mailing out use tax letters to businesses with at least $100,000 in business gross receipts who are not already registered...
October 28, 2009
Year End Planning
As year-end approaches, taxpayers generally are faced with a number of choices that can save taxes this year, next year or both years. Employees too are faced with these choices. However,...
September 15, 2009
SBP & Co Registered with the PCAOB
SBP & Co is proud to announce that we are registered with the Public Company Accounting Oversight Board (the "PCAOB"). The PCAOB is a private sector, nonprofit corporation,...
August 3, 2009
New QuickBooks 2009 Release
Intuit will soon be issuing Release 8 to address a variety of issues with QuickBooks Pro 2009, QuickBooks Premier 2009, and Enterprise Solutions 9.0. This is a significant update,...
June 1, 2009
QuickBooks Online Now Available to Mac Users
QuickBooks online is now available to Mac users. Previously, the online version was only available to PC users, however Intuit has now upgraded the system and it is now compatible...
May 28, 2009
Mandatory E-Pay Message
The California Franchise Tax Board has implemented a new mandatory e-pay policy. The new mandatory e-pay law requires certain taxpayers to remit their payments electronically....
January 28, 2009
LLC Fees to be Fully Paid by the 15th of the Sixth Month of the Tax Year
For years beginning on or after January 1, 2009, LLCs must accurately estimate and remit the LLC fee for the full taxable year by the 15th day of the sixth month of that year. For...
January 28, 2009
Estimated Payments Frontloaded for Tax Year 2009 and On
For tax years beginning on or after January 1, 2009, estimated personal income and corporate tax payments will require quarterly installments of 30 percent each for the first and second...
January 6, 2009
Gift tax exclusion
The annual gift tax exclusion will increase in 2009 to $13,000.
January 6, 2009
Nonbusiness Energy Credits
The nonbusiness energy credit which expired in 2007, is reinstated for 2009 only. Geothermal heat pumps are removed from the list of qualifying property and certain asphalt roofs,...
January 5, 2009
IRA/ROTH IRA Contribution Limits
The contribution limits for both traditional and Roth IRAs will be $5,000 in 2009. Individuals 50 or older can make an additional “catch-up” contribution of $1,000. The...
January 5, 2009
Exemptions for Alternative Minimum Tax
Congress has increased the exemption amounts for the alternative minimum tax for 2008. The exemption is now $69,950 for married filing jointly, $46,200 for married filing separately...
January 5, 2009
Expensing of Depreciable Business Assets
The total cost that may be deducted for investments in depreciable business assets (Section 179 property) is $250,000 in 2008(only). This amount is reduced by the amount by which the...
January 5, 2009
50% Bonus Depreciation in 2008
For tangible personal property acquired after December 31, 2007 and placed in service before January 1, 2009, taxpayers must (unless electing out) deduct 50% of the adjusted basis....
January 5, 2009
Mileage Rates
The mileage rate for business miles driven in 2009 has been decreased to 55 cents per mile (down from 58.5 cents per mile for the period July 1, 2008 to December 31, 2008; for the...
January 5, 2009
Minimum Tax Credit Relief
Certain taxpayers who have unused Alternative Minimum Tax credits are now (beginning in tax years on or after January 1, 2008 and before January 1, 2013) allowed to claim a refundable...
January 5, 2009
Kiddie Tax
In 2008 the “Kiddie” tax rules apply to a child’s unearned income over $1,800 until the child is 18. The child is taxed at the parent’s tax rate if the parents...
January 5, 2009
New Filing Due Dates
Partnership, LLC and trust returns are now due September 15, 2009, the new maximum extension date for federal filings.
January 5, 2009
California Registered Domestic Partners
California registered domestic partners (RDP) must file returns as married/RDP for California purposes. To be a California RDP you must be registered with the California Secretary...
January 5, 2009
Estimated Payments
The California legislature enacted a change to the estimated tax payments procedure which now requires that first two estimated tax payments in 2009 for individuals and corporations...
January 5, 2009
Safe harbor change
For taxable years beginning on or after January 1, 2009 individual taxpayers in California with adjusted gross income in excess of $1 million ($550,000 in the case of a married individual...
January 5, 2009
Electronic funds transfer for individuals
Individual tax payers with an estimated tax payment or extension payment in excess of $20,000 or with total tax liability in excess of $80,000 in any year must remit their tax payments...
January 5, 2009
Net Operating Loss Changes
For taxable years beginning in 2008 and 2009 the California state legislature suspended the net operating loss deduction with an exception for “small” business with net...
October 30, 2008
QuickBooks 2007
As our client, we want to advise you about the most recent developments within Intuit’s QuickBooks Accounting Software. We do this so that your organization can consider what...
October 30, 2008
Developments regarding Distributions to Nonresident S Corporation Shareholders
The Franchise Tax Board will start to enforce the provisions of California R&TC §18662 that requires that taxes need to be withheld from distributions to nonresident S corporation...