Dear Valued Client,

Happy March and welcome to a new feature of this newsletter where we will be showcasing at least one client business a month.  

Apropos to March, which heralds the on-set of our beautiful Bay Area Spring, this month we'd like to introduce you to client and friend, Cynthia Tanyan, Principal Designer with Mozaic Landscapes.  With over 18 years experience, a Master's in Sustainable Design, and featured gardens in Sunset and People magazines, Cynthia can help you transform any landscape liability into an asset.  For a limited time (til March 15th) she's extending her special offer to any of my clients looking to improve their home gardens.  Check out her  "Fresh Look" promotion  and the opportunity for a free landscape consultation (view Mozaic Landscape designs slideshow here as well) at http://mozaiclandscapes.com/freshlook.html.

P.S.  Cynthia is one of a handful of certified Green Roof Professionals (GRP).  She designed a Green Roof for a private residence in Sunol that was featured in People Magazine. Check it out (it’s truly fabulous):  http://www.greenroofs.com/projects/pview.php?id=796

Now, back to our favorite seasonal topic (yes, still taxes). For you consultants out there, Deborah J Hoard of Net Results (www.get-net-results.com) shared this with our Women In Consulting on-line group this last week – 

 Hey, folks:

            Read an interesting article in the February 18th San Francisco Chronicle. Seems that every business with gross receipts over $100,000 has to register with the Board of Equalization by April 15th, even though the business is not required to hold a seller's permit or certificate of registration for use tax. The law came into effect in July 2009, but they had no money to advertise the fact so it may come as a surprise to many self-employed consultants like us! 

            According to the Board of Equalization, you must obtain a use tax account if you meet all of the following conditions: Receive at least $100,000 in gross receipts from business operations per calendar year. Note: Gross receipts are the total of all receipts from both in-state and out-of-state business operations.

  • ·         Are not required to hold a seller's permit or certificate of registration for use tax (under section 6226 of the Revenue and Taxation Code)
  • ·         Are not a holder of a use tax direct payment permit as described in section 7051.3 of the Revenue and Taxation Code
  • ·         Are not otherwise registered with the BOE to report use tax

            This is to collect use taxes on supplies purchased out of state (usually over the Internet). Since 1930, it's been up to the business and individual to pay use tax on items purchased out of state even though the vendor does not charge you sales tax. They are requiring that businesses go back 3 years (2007-2009) and pay any use taxes that they neglected to pay for those years. However, there may be a penalty for the late 2007 and 2008 taxes and an investigation if the Board feels that there was an intent to defraud.

For more info:

Good luck on the 15th – Let us know if there’s anything we can do to help!


Sincerely,

Holly DeVito
Sum of All Numbers

2010 Brings Increased Deduction for Domestic Production Activities

The domestic production deduction was created to encourage manufacturing and production within the U.S., and it provides a substantial business deduction equal to 9% (up from 6% in 2009) of the lesser of: (1) the taxpayer’s net income from qualified production activities or (2) the taxable income (modified adjusted gross income for individual taxpayers) without regard to this deduction for the tax year. (Read More)
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The New Vehicle Sales and Excise Tax Deduction
If you purchased a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase. (Read More)
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Substantial Penalty for Late Partnership and S-Corporation Returns
Income from both partnership and S corporation returns passes through to the partners or stockholders. Therefore, filing these returns late creates hardships for the partners or stockholders to timely meet their own filing obligations. (Read More)
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Many Business Tax Breaks Expired at the End of 2009

Although there is some talk of extension, unless Congress acts to retroactively restore them, the following business tax breaks that expired on December 31, 2009 will not be available in 2010. (Read More)
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Circular 230 Disclosure, United States Treasury regulations effective June 21, 2005 require us to notify you that to the extent of this communication, or any of its attachments, contains or constitutes advice regarding any U.S. Federal tax issue, such advice is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that can be imposed by the Internal Revenue Service.
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