Author Archives: cdwp

February Tax Alert – Issue 2

What’s New: Extension of Popular Federal Incentives Omitted From Last Serious Pre-Election Legislation Potential Impact: High. HR 3630, the Temporary Payroll Tax Cut Continuation Act of 2011, was passed by Congress on February 17, 2012 and is expected to be … Continue reading

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49ers Football Coming to Santa Clara Beginning August 2014!

http://www.huffingtonpost.com/2012/02/15/49ers-moving-to-santa-clara-stadium_n_1280504.html

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Important federal incentives (R&D Credit/100% Bonus Deprec) not likely to receive extension during 2011

http://finance.yahoo.com/news/business-tax-breaks-boot-payroll-101300201.html

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Annual Letter to Clients, Colleagues, & Associates

FOR IMMEDIATE RELEASE Contact: Shamen R. Dugger, Esq, CPA Shamen@cliftondouglas.com 84 South First Street, Third Floor San Jose, California 95113 Phone: 408-293-2401 Clifton Douglas Releases Annual Letter to Clients, Colleagues, and Associates San Jose, CA — February 16, 2012 — … Continue reading

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U.S. District Court Denies Taxpayer Sampling to Ease Research Credit Substantiation Burden

In refund suit involving Code Sec. 41 credits for qualified research expenses (QREs), amended statistical sampling motion which taxpayer/multinational health and science corp. brought in response to allegedly unduly burdensome govt. discovery request, requesting that taxpayer identify each business component … Continue reading

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Deal reportedly reached to extend payroll tax cut

It’s been reported that a tentative deal has been reached to extend the payroll tax cut through the end of 2012. The deal also would extend unemployment insurance, and implement the “doc-fix” (which prevents Medicare reimbursement rates to doctors from … Continue reading

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FinCEN gives certain investment advisor employees and officers even more time to file FBARs

Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced in a Notice that certain employees and officers of an investment advisor with only signature authority over certain foreign financial accounts, who are required to file Form TD F 90-22.1, Report of … Continue reading

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House Republicans introduce “backup plan” for extending payroll tax cut only

Very little progress has been made by the committee in charge of coming up with a bill to extend the payroll tax cut through the end of 2012, as well as extend unemployment insurance and put in place another Medicare … Continue reading

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President’s FY 2013 budget proposals carry numerous tax changes

On February 13, the President released his federal budget proposals for fiscal year 2013, and, on the same day, the Treasury released its “General Explanations of the Administration’s Fiscal Year 2013 Revenue Proposals” (the so-called “Green Book”). The revenue proposals … Continue reading

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February Tax Alert – Issue 1

What’s New: Proposed Regulations Relax FATCA Requirements Potential Impact: Moderate. The Foreign Account Tax Compliance Act (“FATCA”) was originally enacted during 2010 as a fiscal offset to the “HIRE Act’s” job creation measures. FATCA’s objective is to combat offshore tax … Continue reading

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