News & Resources

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

CA Estimated Tax Underpayment Penalty Assessments

Many of our clients have been receiving notices from the FTB assessing a penalty for underpayment of estimated tax. Many of these notices are unwarranted, and it seems the FTB is taking the stance that it is the taxpayer’s responsibility to prove they don’t owe a penalty that should never have been assessed! Read more

Gotcha – Use of TurboTax Is Not a Defense

The Tax Court rejected a taxpayer’s argument that their use of TurboTax to prepare their returns caused them to misstate their income, which resulted in an IRS assessment and an accuracy related penalty. In the case Aileen Yat Muk Lam , TC Memo 2010-82 (Tax Ct.) the wife argued that they consistently filled out their tax returns using TurboTax and she consistently confused capital gains and losses with ordinary income and expenses. The court rejected her argument noting that “tax preparation software is only as good as the information one inputs into it.” Just one more reason to use a professional tax preparer!

Forensic Accountants and Divorce

Divorce can be an uncomfortable topic to discuss, especially with your accountant, but forensic accountants can play a key role in a marital dissolution. Although not required for all marital dissolutions, many of the more complicated cases can greatly benefit from the services of a forensic accountant. Read more