Monthly Archives: October 2010

California Governor Signs 2010 Budget Bill. by Fidel Mendoza, Esq. (RIA) On October 8, 2010, California Governor Arnold Schwarzenegger signed the state’s Budget Act of 2010 (S870), that continues the suspension of the net operating loss (NOL) corporate tax benefit … Continue reading →

California budget includes two-year NOL suspension, cost of performance election contingent on ballot measure outcome. On October 8, 2010, the California Legislature passed a budget package including legislation making significant changes to the treatment of net operating losses (NOLs) and … Continue reading →

Year-end planning for capital goods purchases in light of the Small Business Jobs Act of 2010—Part II. In a bid to help stave off a dreaded double-dip recession, the Small Business Jobs Act of 2010 signed into law on Sept., … Continue reading →

Prop. 24 Could Protect Schools Or Limit Job Growth. The tax breaks targeted by Proposition 24 can be mind-numbing.  But for voters, understanding the Nov. 2 ballot initiative comes down to a simple argument: Will repealing the tax breaks protect … Continue reading →

Year-end planning for capital goods purchases in light of the Small Business Jobs Act of 2010. In a bid to help stave off a dreaded double-dip recession, the Small Business Jobs Act of 2010 signed into law on Sept., 27, … Continue reading →

Client letter on key business changes in the Small Business Jobs Act On September 27, the President signed into law the “Small Business Jobs Act of 2010” (P.L. 111-240) which includes a number of important tax provisions for business. You … Continue reading →

Most Small Business Act provisions apply immediately or retroactively; some apply prospectively. On September 27, the President signed into law H.R. 5297, the Small Business Lending Funding Act. The tax title of this bill, the “Small Business Jobs Act of … Continue reading →

Withholding taxes likely to increase in 2011. There are many reasons why employees are likely to see more taxes withheld from their paychecks in 2011. This article explains some of the major reasons for this. Higher tax brackets. Unless Congress … Continue reading →

Houses-passed “Plain Writing Act of 2010” will affect some IRS guidance; bill awaits President’s signature. On September 29 the House by a vote of 341-82, approved H.R. 946, the “Plain Writing Act of 2010,” a bill that requires heads of … Continue reading →

Effective for voluntary disclosure agreements entered into on or after 01/01/2011, the California Franchise Tax Board (FTB) may extend the time for filing returns and paying amounts due to the later of: (1) 120 days from the signing date of … Continue reading →