51 cents per mile for business miles driven19 cents per mile for medical or moving purposes and
14 cents per mile driven in service of charitable organizations.
California conforms to these rates
Are you a Landlord?
If so, beginning January 1, 2011, you must obtain the name, tax identification number (or social security number), and address from all individuals and businesses that provide services to your property. Examples include gardeners, painters, property managers and maintenance people.
The recently-enacted Small Business Jobs Act of 2010 requires landlords to report payments of $600 or more to each service-provider during the year to the IRS on Form
1099-MISC starting with payments made in 2011.
IRS Form W-9 is the form to be used to obtain the required information from service-providers.
If You'd like an Appointment.......
If you want to set your appointment for preparation of your 2010 tax return, contact Gina in our office - this year,
Gary, Mike, Susan and Sonia will be accepting appointments to prepare your tax returns.
We have paper and electronic organizers available -
call Gina to order your organizers. We ask that you contact her directly so she can confirm your current mailing address and confirm your identify for security purposes.
Our short form, 1 page, organizers have been mailed.
California State Use Tax Requirement
Many California businesses that do not currently hold a seller's permit must register with the California State Board of Equalization (the "BOE") and report and pay, by April 15th, any use tax due from purchases made in the preceding year.
Use tax applies to purchases from out-of-state vendors that are not required to collect tax on their sales.
If you purchased property that would have been subject to sales tax if purchased in a local store, it is likely subject to use tax.
The BOE has been sending letters to taxpayers, informing them of the new registration requirement. You may receive one of those letters, and if so, contact us so we can help you with your registration requirement.
Reports of Foreign Bank Accounts
U.S. taxpayers are required to report their worldwide income; that is, income from both US and foreign sources. In addition, taxpayers who have an interest in, or signature or other authority over, a financial account in a foreign country are required to file Form TD F 90-22.1, Report of Foreign Bank account and Financial Accounts ("FBAR") if the total value of all such financial accounts exceeds $10,000 at any time during the calendar year. The FBAR is not filed with your tax return. Instead, it is filed with the Department of Treasury in Detroit, Michigan, no later than June 30 of the year following the calendar year reported.
Failure to report income in foreign bank accounts or to file the FBAR carries serious consequences, including large monetary penalties and, in some cases, criminal penalties.
If you have foreign bank accounts and are unsure whether you are required to file the FBAR, we would be happy to review your portfolio and advise you.
Privacy Requirements
Many of you request that we provide copies of tax returns we file for you to banks, loan brokers or other financial organizations. Please note that, due to Federal privacy guidelines, we are not allowed to provide information to 3rd parties without a formal authorization with an original signature. Therefore, we usually honor your requests by providing the tax return copies to you directly so that you can forward the information on to the 3rd party directly.
Note also that we do not charge a fee for providing electronic copies of your tax returns, but during our busy tax filing season, it often takes 1 business day before you will receive a link to a secure portal which will provide you with the information you have requested.
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