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♦ Important Reminders ♦
•Tax season is here! Schedule your appointment today at (661) 259-1967.
•Estimated tax payments are due Jan 15, 2012. Do I owe estimated taxes?
New 1099 Filing Requirements
On April 15, 2011, President Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4; 1099 Act). This new law may have a direct impact on you and your business. We have summarized some of the important changes that will become effective for 2011, and outlined the procedures that you should follow. There are significant fines for failure to file properly completed forms, so please be sure to follow the guidelines outlined herein. 
New 1099 Filing.pdf
The information contained in this letter, as well as more detailed information on HR 4, can be found at: IRS Guide to Information Returns
Personal Finance News
JPMorgan, Citi, BofA sued for $949 million by Sealink
(Reuters)
1 hour 6 min ago
Reuters - JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and more than a half dozen other major banks are being hit with a new lawsuit over $949 million in residential mortgage-backed securities.
Consumer-finance watchdog probes overdraft fees
(AP)
1 hour 6 min ago
AP - The government's new consumer-watchdog agency is launching a probe into costly overdraft fees charged by big banks.
U.S. mortgage applications sagged last week: MBA
(Reuters)
1 hour 6 min ago
Reuters - Applications for U.S. home mortgages tumbled last week as demand for loan refinancing sagged, an industry group said on Wednesday.
U.S. proposes to reduce top corporate tax rate: report
(Reuters)
1 hour 6 min ago
Reuters - The Obama administration will propose slashing the top income tax rate for corporations to 28 percent from the current 35 percent, as part of a corporate tax reform plan that is set to be announced on Wednesday, the Wall Street Journal said.
"It's not what you look at that matters, it's what you see."
New Bill Impacts Businesses That Use Independent Contractors
California Senate Bill 459 was signed into law by the Governor on October 9, 2011. SB 459 prohibits the willful misclassification of individuals as independent contractors. The bill authorizes the assessment of civil penalties and other specific disciplinary actions against persons or employers violating these prohibitions.
Eight Facts on Penalties
IRS Tax Tip 2011-74, for April 14, 2011
When it comes to filing a tax return – or not filing one - the IRS can assess a penalty if you fail to file, fail to pay or both. Here are eight important points the IRS wants you to know about the two different penalties you may face if you do not file or pay timely. Read more...
USC Football News
Marvin Sanders, Scottie Hazelton Named USC Assistant Football Coaches
1 hour 6 min ago
Marvin Sanders and Scottie Hazelton, who both have served as defensive coordinators at previous coaching stops, have been named assistant football coaches at USC, Trojan head coach Lane Kiffin announced today (Feb. 16). Sanders will be USC's secondary coach, while Hazelton will coach the Trojan linebackers.
USC Football Announces 2012 Signing Class
1 hour 6 min ago
LOS ANGELES-Eleven high school football players and 1 junior college player signed to play with USC, Trojan head coach Lane Kiffin announced today (Feb. 1). Additionally, 3 high school players, a junior college player and a college transfer already enrolled at USC in January and will participate in the upcoming spring practice.
USC 2012 Football Season Tickets On Sale Now
1 hour 6 min ago
Season tickets for the 2012 USC football season are now on sale. Fans can go to ReturnOfTroy.com, a new interactive football ticketing microsite, to purchase or renew season tickets.
Lane Kiffin Named Southern California Coach Of The Year
1 hour 6 min ago
USC football coach Lane Kiffin has been named the 2011 Southern California Coach of the Year by the Los Angeles Sports Council and he will be presented with the award at the annual LA Sports Awards on March 15 at Club Nokia at L.A. Live.
