Scott Price CPA RSS Feed

Audit Team Ready for Financial Reform Bill

Fri, 23 Jul 2010 17:07:55 -0700

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. The Dodd-Frank Act expands the Public Accounting Oversight Board (PCAOB)’s authority to oversee these audit firms.

Under the Sarbanes-Oxley Act, auditors of brokers and dealers were required to register with the Board. The new Act provides the PCAOB with additional standard-setting, inspection, and disciplinary authority regarding broker-dealer audits. However, the Act also allows the PCAOB to differentiate among broker-dealer classes and exempt certain brokers such as those who do not engage in clearing, carrying or custody of client assets. The act reconciles registration with inspection so that any auditors not covered by the inspection rule would also no longer be required to register with the PCAOB.

The PCAOB issued a statement Wednesday (click here) indicating that further guidance will be forthcoming.

Scott B. Price and Company is currently registered with the PCAOB and is prepared to continue our ongoing compliance with PCAOB requirements for auditors of broker-dealers, as well as meet the additional inspection provisions should they apply. Please check back here for updates as the PCAOB continues to release information about auditor requirements and do not hesitate to contact Erin Hastings (erin@sbpcpa.net) should you have any questions with regards to the new legislation.

New version of amended Form 941 return to be released in August

Fri, 16 Jul 2010 14:07:21 -0700

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 or Claim for Refund, that was originally expected to be issued by the end of June, will not be issued until early August. The form is being revised as a result of a provision in the Hiring Incentives to Restore Employment Act (HIRE Act, P.L. 111-147), known as the “payroll tax exemption,” that provides certain employers with an exemption from their share of the Social Security taxes (6.2% tax rate) on wages paid to qualified new hires from March 19, 2010 to Dec. 31, 2010. The payroll tax exemption is reported by most employers on Form 941, Employer's Quarterly Federal Tax Return, beginning with the second quarter 2010 return due on Aug. 2, 2010. Form 941 was recently revised to include the payroll tax exemption.

Many employers have started preparing their second quarter Form 941. Shelley Dockstader, National Account Manager in IRS Electronic Tax Administration, notes that any employer who files Form 941 for the second quarter, and then realizes that the return needs to be amended, can still file Form 941-X using the June 2009 version of that form, as long as the return is not being corrected because of the payroll tax exemption in the HIRE Act.

The IRS is also planning on updating its website list of frequently-asked questions (FAQs) on the HIRE Act.

(Courtesy of RIA Newsstand 7/7/2010)

Office Move

Fri, 16 Jul 2010 14:07:40 -0700

Our offices are now located at 456 Montgomery Street, Suite 1040 San Francisco, CA 94104. Please note our new address and visit us soon.

Senate Financial Regulation Bill Requires SEC Registration for Small Hedge Fund Managers

Fri, 16 Jul 2010 15:07:14 -0700

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 under management of $100 million or more to register as investment advisers with the SEC. The Act contains exemptions from registration for “family offices” and for advisers to “private equity funds” and “venture capital funds,” leaving all such terms to be defined by the SEC.

The Act imposes the registration requirement by eliminating the so-called “small advisers” (or “private advisers”) exemption currently available to advisers with fewer than 15 clients in the preceding 12 months who did not hold themselves out to the public as investment advisers. By repealing this exemption, the Act would subject all such advisers, and not just hedge fund managers, to registration with either the SEC or potentially a state or multiple states (depending upon applicable state exemptions).

By raising the current $25 million threshold for SEC registration to $100 million, the Act would require SEC-registered U.S. investment advisers with assets under management between these two levels to de-register and become regulated by the states. The Act is part of the comprehensive Restoring American Financial Stability Act of 2010.

(courtesy RIA)

Congress Gives Small Companies Permanent Exemption from Section 404(b)

Fri, 16 Jul 2010 15:07:08 -0700

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 was added to the financial reform bill after two Democratic senators, Tim Johnson of South Dakota and Blanche Lincoln of Arkansas, voted with the Republican minority over the objections of Sen. Christopher Dodd, chairman of the Senate Banking Committee. Over the years, the SEC has extended the exemption to small companies because of complaints about the rule's cost. But the waiver was set to expire this month after the SEC issued Release No. 33-9072 , Internal Control over Financial Reporting in Exchange Act Periodic Reports of Non-Accelerated Filers.

FASB issues Additional Guidance Regarding Fair Value Disclosures

Fri, 16 Jul 2010 16:07:27 -0700

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 entities will have to provide information about movements of assets among Levels 1 and 2 of the three-tier fair value hierarchy established by SFAS No. 157 , Fair Value Measurements (FASB ASC 820 ). They also will have to provide a reconciliation of purchases, sales, issuance, and settlements of anything valued with a Level 3 method, which is used to price the hardest to value instruments.

Entities will have to provide fair value measurement disclosures for each class of assets and liabilities.

The guidance will be effective for any fiscal year that begins after December 15, 2010, and it should be used for quarterly and annual filings, the FASB said.

(courtesy RIA)

FASB issues ASU No. 2010-17, Milestone Method of Revenue Recognition

Fri, 16 Jul 2010 15:07:56 -0700

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 of recognizing revenue for research and development arrangements which include payment provisions under which all or a portion of the consideration to be received by the vendor is contingent upon the achievement of certain events.

Please contact us if you have any questions regarding the disclosure requirements for such research and development arrangements, which include the accounting policy for recognition of milestone payments as revenue and the specific details of each such arrangement.

PCAOB Issues Staff Audit Practice Alert on Auditor Considerations of Significant Unusual Transactions

Fri, 16 Jul 2010 15:07:56 -0700

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 risk of material misstatement of the financial statements due to error or fraud posed by significant unusual transactions.

Staff Audit Practice Alert No. 5, Auditor Considerations Regarding Significant Unusual Transactions (Practice Alert No. 5) compiles relevant requirements from existing PCAOB auditing standards regarding significant unusual transactions to assist the auditor in reviews of interim financial information and audits of financial statements.

"The PCAOB's message to auditors, in this challenging economic environment, has consistently emphasized attention to audit risk and adherence to existing audit requirements," said Martin F. Baumann, Chief Auditor and Director of Professional Standards.

Practice Alert No. 5 complements Staff Audit Practice Alert No. 3, Audit Considerations in the Current Economic Environment, by further addressing risks of material misstatement associated with significant unusual transactions, a risk that the staff believes continues to exist today.

Practice Alert No. 5 compiles existing requirements from PCAOB auditing standards regarding significant unusual transactions and groups them into the following categories:

* Identifying and assessing risks of material misstatement
* Responding to risks of material misstatement
* Consulting others
* Evaluating financial statement presentation and disclosure
* Communicating with audit committees
* Reviewing interim financial information

"Practice Alert No. 5 will assist auditors as they begin their work related to 2010 quarterly reviews and audits of financial statements," said Mr. Baumann.

These alerts are prepared to highlight new, emerging, or otherwise noteworthy circumstances that may affect how auditors conduct audits under the existing requirements of PCAOB standards and relevant laws.

Auditors should determine whether and how to respond to these circumstances based on the specific facts presented. The statements contained in Staff Audit Practice Alerts are not rules of the Board and do not reflect any Board determination or judgment about the conduct of any particular firm, auditor, or any other person.

Staff Audit Practice Alert No. 5, Auditor Considerations Regarding Significant Unusual Transactions (April 7, 2010)

Tax changes affecting small business in the 2010 health reform legislation

Fri, 16 Jul 2010 14:07:17 -0700

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 taxes; and penalties. But whether a business will be affected by them depends on a variety of factors, such as the number of employees the business has. I'm writing to give you an overview of the provisions in the new law with the biggest impact on small business. Please call our offices for details of how the new changes may affect your specific business.

Tax credits to certain small employers that provide insurance. The new law provides small employers with a tax credit (i.e., a dollar-for-dollar reduction in tax) for nonelective contributions to purchase health insurance for their employees. The credit can offset an employer's regular tax or its alternative minimum tax (AMT) liability.

Small business employers eligible for the credit. To qualify, a business must offer health insurance to its employees as part of their compensation and contribute at least half the total premium cost. The business must have no more than 25 full-time equivalent employees (“FTEs”), and the employees must have annual full-time equivalent wages that average no more than $50,000. However, the full amount of the credit is available only to an employer with 10 or fewer FTEs and whose employees have average annual full-time equivalent wages from the employer of less than $25,000.

Years the credit is available. The credit is initially available for any tax year beginning in 2010, 2011, 2012, or 2013. Qualifying health insurance for claiming the credit for this first phase of the credit is health insurance coverage purchased from an insurance company licensed under state law. For tax years beginning after 2013, the credit is only available to an eligible small employer that purchases health insurance coverage for its employees through a state exchange and is only available for two years. The maximum two-year coverage period does not take into account any tax years beginning in years before 2014. Thus, an eligible small employer could potentially qualify for this credit for six tax years, four years under the first phase and two years under the second phase.

Calculating the amount of the credit. For tax years beginning in 2010, 2011, 2012, or 2013, the credit is generally 35% (50% for tax years beginning after 2013) of the employer's nonelective contributions toward the employees' health insurance premiums. The credit phases out as firm-size and average wages increase. Tax-exempt small businesses meeting these requirements are eligible for payroll tax credits of up to 25% for tax years beginning in 2010, 2011, 2012, or 2013 (35% in tax years beginning after 2013) of the employer's nonelective contributions toward the employees' health insurance premiums.

Special rules. The employer is entitled to an ordinary and necessary business expense deduction equal to the amount of the employer contribution minus the dollar amount of the credit. For example, if an eligible small employer pays 100% of the cost of its employees' health insurance coverage and the amount of the tax credit is 50% of that cost (i.e., in tax years beginning after 2013), the employer can claim a deduction for the other 50% of the premium cost.

Self-employed individuals, including partners and sole proprietors, two percent shareholders of an S corporation, and five percent owners of the employer are not treated as employees for purposes of this credit. Any employee with respect to a self-employed individual is not an employee of the employer for purposes of this credit if the employee is not performing services in the trade or business of the employer. Thus, the credit is not available for a domestic employee of a sole proprietor of a business. There is also a special rule to prevent sole proprietorships from receiving the credit for the owner and their family members. Thus, no credit is available for any contribution to the purchase of health insurance for these individuals and the individual is not taken into account in determining the number of full-time equivalent employees or average full-time equivalent wages.

Most small businesses exempted from penalties for not offering coverage to their employees. Although the new law imposes penalties on certain businesses for not providing coverage to their employees (so-called “pay or play”), most small businesses won't have to worry about this provision because employers with fewer than 50 employees aren't subject to the “pay or play” penalty. For businesses with at least 50 employees, the possible penalties vary depending on whether or not the employer offers health insurance to its employees. If it does not offer coverage and it has at least one full-time employee who receives a premium tax credit, the business will be assessed a fee of $2,000 per full-time employee, excluding the first 30 employees from the assessment. So, for example, an employer with 51 employees who doesn't offer health insurance to his employees will be subject to a penalty of $42,000 ($2,000 multiplied by 21). Employers with at least 50 employees that offer coverage but have at least one full-time employee receiving a premium tax credit will pay $3,000 for each employee receiving a premium credit (capped at the amount of the penalty that the employer would have been assessed for a failure to provide coverage, or $2,000 multiplied by the number of its full-time employees in excess of 30). These provisions take effect Jan. 1, 2014.

The “Cadillac tax” on high-cost health plans. The new law places an excise tax on high-cost employer-sponsored health coverage (often referred to as “Cadillac” health plans). This is a 40% excise tax on insurance companies, based on premiums that exceed certain amounts. The tax is not on employers themselves unless they are self-funded (this typically occurs at larger firms). However, it is expected that employers and workers will ultimately bear this tax in the form of higher premiums passed on by insurers.

Here are the specifics: The new tax, which applies for tax years beginning after Dec. 31, 2017, places a 40% nondeductible excise tax on insurance companies and plan administrators for any health coverage plan to the extent that the annual premium exceeds $10,200 for single coverage and $27,500 for family coverage. An additional threshold amount of $1,650 for single coverage and $3,450 for family coverage will apply for retired individuals age 55 and older and for plans that cover employees engaged in high risk professions. The tax will apply to self-insured plans and plans sold in the group market, but not to plans sold in the individual market (except for coverage eligible for the deduction for self-employed individuals). Stand-alone dental and vision plans will be disregarded in applying the tax. The dollar amount thresholds will be automatically increased if the inflation rate for group medical premiums between 2010 and 2018 is higher than the Congressional Budget Office (CBO) estimates in 2010. Employers with age and gender demographics that result in higher premiums could value the coverage provided to employees using the rates that would apply using a national risk pool. The excise tax will be levied at the insurer level. Employers will be required to aggregate the coverage subject to the limit and issue information returns for insurers indicating the amount subject to the excise tax.

I hope this information is helpful. If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to call our offices.

(courtesy RIA)

CA mandatory electronic payments

Mon, 15 Mar 2010 10:03:50 -0700

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 1, 2009.

The state has announced that they will give taxpayers a reprieve from penalties;however, if the payments are not made electronically after January 1, 2011, penalties will be assessed.

In addition to the above requirement is that taxpayers that file an original return with a tax liability over $80,000 for a taxable year beginning on or after January 1, 2009, taxpayers are also required to make estimated and extension payments electronically.

Once a taxpayer meets the mandatory e-pay threshold, they will be required to make all subsequent payments electronically, regardless of the amount, type, or taxable year.

Please see the website below for details.

http://www.ftb.ca.gov/individuals/Mandatory_e-Pay.shtml

SBP & Co Announces New Team Member

Mon, 15 Mar 2010 10:03:52 -0700

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 in Business Administration. She obtained her Masters in Taxation from Golden Gate University. Prior to joining Scott B. Price and Company in February 2010, Kathleen worked at PricewaterhouseCoopers LLP for 15 years where she specialized in individual and fiduciary income tax accounting and planning. Kathleen is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants.

IRS Announces 2010 Mileage Reimbursement Rates

Mon, 21 Dec 2009 12:12:33 -0800

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, charitable, medical or moving purposes.

Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

* 50 cents per mile for business miles driven
* 16.5 cents per mile driven for medical or moving purposes
* 14 cents per mile driven in service of charitable organizations

The new rates for business, medical and moving purposes are slightly lower than last year’s. The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago.

Scott B. Price and Company is on Facebook!

Wed, 28 Oct 2009 13:10:59 -0700

SBP&CO has a fan site on facebook. http://www.facebook.com/scottbpriceandcompany. Become a fan of SBP&CO and stay up to date on the latest happenings at our firm.

Notice: Businesses Must File With CA BOE

Wed, 28 Oct 2009 11:10:38 -0700

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 with the BOE and do not hold a seller’s permit. This means that all business, regardless of business type must now register with... the BOE.

You may have received a letter from the BOE, which indicates that the BOE has identified your business as a qualified purchaser subject to a use tax return filing requirement (even if no tax is due). If you have received the letter you must complete the contact info section of the letter and mail it back to the BOE. The BOE will then register the business and send out an account number with log-in information so the use tax return can be e-filed. The 2009 returns are due on April 15, 2010.

Below are some FAQ questions and answers from the BOE website to help you determine what is subject to use tax:

California Use Tax Basics

California’s sales tax generally applies to the sale of merchandise, including vehicles, in the state. The state’s use tax applies to the use, storage, or other consumption of those same kinds of items in California. While use tax was originally put in place to protect California merchants from unfair out-of- state competition, it also applies to certain purchases made within the state.

When does use tax apply?

Use tax generally applies when you buy merchandise that will be used, stored, consumed, or given away in this state, under certain circumstances. Use tax is based on an item’s purchase price and generally applies to:

• California consumer or retailer purchases from out-of-state vendors (including foreign merchants) who do not collect California tax on their sales (see Please Note, below) unless the purchase is otherwise subject to an exemption or exclusion.

• Retailer’s use of items purchased under a resale certificate, including: withdrawing items from inventory for personal or business use, using an item before sale, or using an item in manufacturing unless it becomes a physical part of the final product sold. Demonstrating or displaying an item is generally not a taxable use provided the item remains for sale.

• Purchases of vehicles, vessels, mobile homes, and aircraft from sellers who do not hold seller’s permits.

Exemption for items purchased in a foreign country

The first $800 of tangible personal property that is both purchased from a retailer in a foreign country by an individual and personally hand-carried into this state from the foreign country within any 30-day period is exempt from use tax. This exemption does not apply to property sent or shipped to this state.

Who is responsible for paying the use tax, and when is it due?

Generally when you buy an item that is used, stored, consumed, or given away in California you owe use tax. In some cases, sellers must collect use tax from their customers and pay it to the Board of Equalization (BOE) If you are not required to hold a seller’s permit, your payment is generally due on or before the date your personal income tax return for the year in which the item is used, stored or consumed is due to the Franchise Tax Board. If you hold a seller’s permit or consumer use tax account, your due date is the due date of your return. State Board of Equalization October 2008 For additional information you may download regulations, forms and publications from the BOE website: www.boe.ca.gov

If you have any questions, please feel free to call or contact Jennifer Kuhlmann.

Year End Planning

Wed, 28 Oct 2009 11:10:09 -0700

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, employees have some special considerations to take into account that retirees and other nonworking individuals don't face. To help our clients who are employees take advantage of these special tax saving opportunities, we have put together a list of items to consider.

Please review the list and contact us if you need additional information on one or more of the items.

Health flexible spending accounts.

Many employees take advantage of the annual opportunity to save taxes by placing funds in their employer's health flexible spending account (health FSA). You save taxes because you use pre-tax dollars to pay for medical expenses that might not be deductible. They would not be deductible if you don't itemize. Even if you do itemize, some medical expenses would not be deductible because of the 7.5% adjusted gross income floor beneath medical expense deductions. Also, a health FSA can be used to get tax-free reimbursement for over-the-counter medications and other items even though they would not be deductible as medical expenses if you paid for them outside of a health FSA. If you have set aside funds in your employer's health FSA, check your balance so that you have sufficient time to incur additional reimbursable expenditures to prevent loss of any unused amount under the use-it-lose-it feature of these plans. Don't forget you can get tax-free reimbursements for aspirin, antacids and other over-the-counter items. Your plan should have a listing of qualifying items and any documentation from a medical provider that may be needed to get a reimbursement for any such items. To avoid the lose-it-use it rule, you must incur qualifying expenditures by the last day of the plan year (Dec. 31, 2009 in the case of a calendar year plan) unless the plan allows an optional grace period. Any grace period cannot extend beyond the 15th day of the third month following the close of the plan year (e.g., March 15 for a calendar year plan). An exception to the use-it-or lose-it rule allows FSAs to make distributions of all or part of unused health FSA benefits to military reservists who are called to active duty for a period exceeding 179 days (or an indefinite period ). Examining your year-to-date expenditures now will also help you to determine how much to set aside for next year. Don't forget to reflect any changed circumstances in making your calculation.

Dependent care FSAs.

Some employers also allow employees to set aside funds in dependent care FSAs. They allow employees to use pre-tax dollars to pay for dependent care. In particular cases, participating in a dependent care FSA can yield greater tax savings than foregoing participation and claiming a dependent care credit. Taxpayers who are eligible to participate in a dependent care FSA and are (a) in a high tax bracket and/or (b) have only one dependent and more than $3,000 of employment-related expenses, should use the FSA to pay for child care expenses. For these taxpayers, the FSA almost always provides greater federal tax savings than does the credit. Additionally, participating in a dependent care FSA can also save on FICA taxes. However, like health FSAs, dependent care FSAs are subject to the use-it-or lose it rule. Thus, now is a good time to review expenditures to date and to project amounts to be set aside for next year.

Adoption assistance FSAs.

Under an adoption assistance FSA, adoption reimbursement accounts are established for participating employees. Typically, these accounts are funded with employee pre-tax contributions uniformly withheld from each paycheck throughout the year. The balances in these accounts are used to reimburse qualified adoption expenses incurred during the year, subject to a reimbursement maximum. Like their health and dependent care FSA siblings, these accounts are subject to the use-it-or-lose-it rule. However, predicting the amount and timing of adoption expenses may be far more difficult than projecting medical and dependent care assistance expenses. As a result, the use-it-or-lose-it rule could pose a greater risk of loss with this type of FSA. This should be borne in mind in choosing the extent to which to participate in an adoption FSA.

Adjustments to state withholding.

If you expect to owe state and local income taxes when you file your return next year, ask your employer to increase withholding of state and local taxes (or pay estimated tax payments of state and local taxes) before year-end to pull the deduction of those taxes into 2009.

Adjustments to federal withholding.

If you face a penalty for underpayment of federal estimated tax, you may be able to eliminate or reduce it by increasing your withholding. In this connection, it should be stressed that the Making Work Pay Credit, which was enacted earlier this year, automatically lowered tax withholding rates for employees. However, you should especially review your withholding to ensure that enough tax is withheld if you hold multiple jobs, you and your spouse both work, or you can be claimed as dependent by another person.

401(k) contributions.

Review and make appropriate adjustments to your contributions to you employer's 401(k) retirement plan for the remainder of this year. Figure your contribution rate for next year as well.

Source: Federal Tax Updates on Checkpoint Newsstand tab 10/28/09

SBP & Co Registered with the PCAOB

Mon, 15 Mar 2010 10:03:34 -0700

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, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair and independent audit reports.

SBP & Co's audit practice includes certification of financial statements for registered broker-dealers. When the SEC order granting temporary exemption to non-issuer broker-dealers from filing financial statements that have been audited by a PCAOB registered public accounting firm expired earlier this year, many auditors previously engaged by broker-dealer's decided not to register with the PCAOB and resigned as auditors of record for their broker-dealer clients. Our assurance team, however, decided to take a "best practices" approach in order to meet the needs of our clients and hold ourselves to the high professional standards required by the PCAOB.

As proud members of the PCAOB, we look forward to continuing to serve our existing broker-dealer clients as well as accept new broker-dealer audit engagements. Please contact Erin Hastings 415-398-5900 for more information on our Broker/Dealer audit and tax services.

New QuickBooks 2009 Release

Fri, 16 Jul 2010 16:07:44 -0700

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, and we encourage you to accept this update when it becomes available.

If you do not do so already, we recommend you ENABLE automatic updates.

To allow QuickBooks to update automatically, follow these steps:

From the QuickBooks Help menu, choose Update QuickBooks.
Click the Overview tab and click Update Now.
Select the desired downloads in the Update Now window.
Click Get Updates to download your selected updates.
When the Update Complete message appears, click Close.
From the File menu, choose Exit.
Start QuickBooks and click Yes to the message to install the update.

Note: Don't worry if you have had updates turned off previously. QuickBooks updates are cumulative. You will only need to update with the most recent release.

For more guidance, see the .

QuickBooks Product Update site

QuickBooks Online Now Available to Mac Users

Mon, 01 Jun 2009 15:06:42 -0700

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 with the Safari browser. QuickBooks online is different than the typical Quickbooks programs in that it is run completely online. Pricing for QuickBooks online runs from $9.95 to $34.95 per month. QuickBooks online is very useful for accessing Company data outside the office, and in environments where multiple users log in from different computers. Please contact us at 415-398-5900 if you have any questions or would like assistance with implementation of QuickBooks online.

Mandatory E-Pay Message

Fri, 16 Jul 2010 16:07:54 -0700

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. The first payment that would trigger the mandatory e-pay requirement is the 2009 taxable year first quarter estimate that was due April 15th, 2009. This first payment did not have to be made electronically, but all future payments should be made electronically.

For the 2009 calendar year the state will not impose the mandatory e-pay penalty (1% of the amount paid) to allow taxpayers and practitioners additional time to implement practices and procedures to comply with the requirement.

Please contact us if you have further questions on the e-pay requirement.

LLC Fees to be Fully Paid by the 15th of the Sixth Month of the Tax Year

Fri, 16 Jul 2010 16:07:28 -0700

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 example, a calendar year taxpayer must estimate and remit the full LLC fee by June 15, 2009. Upon filing the LLC return April 15, 2010, any underpayment of the fee is subject to a 10% penalty. A safe harbor exception exists if the current estimated fee is equal to or greater than last year's fee paid.

(source: calcpa)