Federal and California tax matters update

A follow-up to the recent letter we sent

Sometimes letters can fall through the cracks. We hope that anything arriving at your house or office with a Sobul, Primes & Schenkel logo on it will be treated with reverence. But we’re realists and know that you may not always read what we send you. A recent letter, dated August 18, 2010, was filled with important updates on Federal and California tax matters. Here’s a quick summary:

• The Health care act includes several federal tax provisions that become effective in 2010,  with additional provisions through 2018.
• The Hiring Incentives to Restore Employment Act (HIRE) has two key federal tax provisions to consider.
• There may be higher federal taxes in 2011 if the federal government does not make any changes to current law that resets important federal tax provisions to their 2000 levels.
• Starting in 2011, non-compliance of California electronic payment requirements will have penalties assessed for individuals required to pay their taxes electronically. Businesses that are required to pay California tax electronically are already subject to these penalties.
• While there is no federal estate tax for 2010, legislation may be coming to revise this retroactively to the beginning of the year and change the estate tax for the future. Stay tuned.

To see the full update, please visit sobulprimesandschenkel.com or call and we will be happy to send you a copy. And as always, please call us with any questions, issues or concerns you may have so we can help you plan for any upcoming changes!