New Tax Law Alerts

Fraudulent E-Mails– Phony e-mails claiming to be from the IRS have been circulating. As fraudulent e-mails containing harmful viruses or requesting personal information in an identity theft scam are becoming more and more frequent we want to remind our clients that the IRS does not send unsolicited e-mails to any taxpayers nor do they request personal information via e-mail. Visit www.irs.gov/privacy for more information.

Report of Foreign Bank and Financial Accounts (FBAR)-If you have an interest in or signature authority over a foreign financial account, you may have a FBAR filing requirement if the aggregate value of these accounts was $10,000 or more at any time during 2009. FBARs are due by June 30, 2010 and there are hefty penalties for failing to file a timely FBAR. Some taxpayers may be eligible for an extension to file until June 30, 2011. Read more

Health Care Reform

RIA’s Complete Analysis of the Tax and Benefits Provisions of the 2010 Health Care Act as Amended by the 2010 Health Care Reconciliation Act

The following sections contain RIA’s Complete Analysis of the Tax and Benefits Provisions of H.R. 3590, the Patient Protection and Affordable Care Act, as signed into law by the President on Mar. 23, 2010 ( PL 111-148, 3/23/2010 ), as Amended by H.R. 4872, the Health Care and Education Reconciliation Act of 2010, as signed into law by the President on Mar. 30, 2010 ( PL 111-152, 3/30/2010 . H.R. 3590, the Patient Protection and Affordable Care Act, is generally referred to in the Analysis as the “2010 Health Care Act,” while H.R. 4872, the Health Care and Education Reconciliation Act of 2010, which amends the 2010 Health Care Act, is generally referred to in the Analysis as the “2010 Reconciliation Act”. Read more

Tax Record Retention

Retaining and storing your income tax records is an important final step of your tax filing responsibility. We would like to remind you of the rules for keeping your tax records along with some information on storage options.

 When determining how long to keep most of your income tax records, we look at the time frame over which the IRS can audit a return and assess a tax deficiency or that you can file an amended return. For most taxpayers, this period is three years from the original due date of the return or the date the return is filed, if later. For example, if you file your 2009 Form 1040 on or before April 15, 2010, the IRS has until April 15, 2013 to audit the return and assess a deficiency. However, if a return includes a substantial understatement of income, which is defined as omitting income exceeding 25% of the amount reported on the return, the statute of limitations period is extended to six years. Read more

Featured Staff – A. Collin Plehiers, Staff Accountant

Collin is no stranger to the San Francisco Bay Area. He was born and raised in Emerald Hills, attending local Bay Area schools such as St. Francis High School and San Jose State University. He graduated from SJSU in late 2007, majoring in Business Administration with a concentration in Management.

Following his graduation Collin began a managerial internship during one of the toughest down real estate markets in history, assisting a real estate investor specializing in distressed and damaged properties. His responsibilities included maintaining properties held for development and managing numerous Bay Area rentals. Read more

Loan Modification and Foreclosure Rescue Scams – Report from TIGTA

FOR IMMEDIATE RELEASE
June 17, 2010

FinCEN Analysis: Foreclosure Rescue Scam Reports Increase
Nature of Foreclosure Rescue Scams Shifts

VIENNA, Va. – The Financial Crimes Enforcement Network (FinCEN) today
released its first analysis of suspicious activity reports (SARs) containing
information about potential foreclosure rescue scams. The report,
<http://www.fincen.gov/news_room/rp/files/MLFLoanMODForeclosure.pdf> Loan
Modification and Foreclosure Rescue Scams – Evolving Trends and Patterns in
Bank Secrecy Act Reporting , involved an analysis of more than 3,500 SARs
filed from 2004 through 2009, of which the great majority, 3,000, were filed
last year. Additionally, FinCEN today also provided updated guidance
<http://www.fincen.gov/statutes_regs/guidance/html/fin-2010-a006.html> to
the financial industry concerning new scam techniques that financial
professionals should watch for and report. Read more