Scott B. Price, CPA
 

News Feed

May 17, 2017

QuickBooks Update

Dear Valued Client, We continually strive to share relevant industry updates with our clients; some updates may or may not always be applicable to you, however they may be helpful...


January 12, 2017

FTB Access

The California Franchise Tax Board (FTB) enables tax preparers to obtain information about their clients' tax accounts including confirmation of estimated tax payments, outstanding...


October 26, 2016

My FTB

We are writing to notify you that the State of California’s Franchise Tax Board (FTB) has launched an enhanced “My FTB” program. The upgraded system provides safe...


October 20, 2016

Tax Updates

We wanted to bring to your attention some matters that continue to be top concerns for many taxpayers. Both the IRS and state tax agencies are facing increased security risk with...


January 30, 2015

Tax Season Update

January 26, 2015 Dear Client: As we prepare for the upcoming tax season, we would like to share some thoughts about your tax packages, highlight some issues that most commonly...


January 22, 2015

Happy New Year !

Dear Clients: A few weeks ago, we sent to you the tax organizer to help you in gathering the necessary information to prepare your 2014 income tax returns. After we sent out the...


November 24, 2014

Form 1099

As the current tax year draws to a close, we encourage you to begin assembling information that will be needed to prepare and file your 2014 Annual Information Tax Returns; Form 1096,...


August 19, 2014

Home Office Deductions

With the increase in telecommuting, many more of our clients are now working remotely, spending substantial amounts of time working in an office physically located in their home or...


November 14, 2013

Tax Provisions Set to Expire

Dear Valued Client, As a follow up to our letter discussing additional taxes and increased tax rates, following is a discussion of certain tax provisions that are set to expire...


August 21, 2013

Important Employee Expense Information

We are posting another in our series of correspondence regarding the tax treatment of certain income and deductions on your tax returns so that you can better understand tax consequences...


July 1, 2013

Important Information For S Corporations

Dear Valued Clients, We are posting another letter that we thought would be informative to many of you with regard to the taxation of certain fringe benefits paid by S Corporations...


January 9, 2013

The American Taxpayer Relief Act 1-9-13

Happy New Year! The American Taxpayer Relief Act (2012 Act) was signed into law on January 2, 2013. This is the most comprehensive tax act that has been enacted in over a decade...


January 23, 2012

Expanded Disclosure Requirements on Foreign Assets

The federal government has further expanded disclosure requirements with respect to foreign assets. The IRS has issued a new form, Form 8938, Statement of Specified Foreign Financial...


February 21, 2011

Scott B. Price and Company Roundtable Series

Throughout 2011, Scott B. Price and Company will provide lectures and discussions specially designed to provide insights for business owners, leaders, and finance professionals. These...


November 10, 2010

SSARS No. 19 - New Standard for Compilation and Review Engagements

Recent changes in standards governing compilation and review engagements. The Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services...


August 6, 2010

PCAOB Adopts New Auditing Standards on Risk Assessment

(Source: PCAOB Washington, D.C., Aug. 5, 2010) The Public Company Accounting Oversight Board today adopted a suite of eight auditing standards related to the auditor's assessment...


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 Bill Requires SEC Registration for Small Hedge Funds

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 Practice Alert on 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...