Loss Carryback Extension approved by Senate 
POSTED: 2008-04-17

The Senate bill to extend the loss carryback period to five years would allow businesses that would otherwise have to carry forward some of their unused 2006, 2007, and 2008 tax deductions — that is, use them at some point in the future — to instead benefit from these deductions immediately. This should immediately benefit contractors and other businesses that may be experiencing a downturn due to the fall out in the housing and residential construction markets. At a cost of $15 billion over 10 years, the Senate bill would give a $6 billion tax break to home builders by temporarily extending a rule that lets businesses count current losses against taxes from prior profitable years.

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New Manager 
POSTED: 2007-10-25

Congratulations to Jayanthi Bhandarkar who was recently promoted to Manager in our Danville office. Five years experience at JHS on a variety of audit and tax engagements has contributed her development as a staff leader, motivator and mentor. Jayanthi has contributed to the firms success by assisting the Orange office with a large audit engagement in Southern California.

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Chili in Danville 
POSTED: 2007-08-10

Despite peppered competition from the event organizer, Hope Bridgedale, and former Danville 4th of July Champion, Mike Huhn, Eric Yeoman's spiciest of the bunch, chili prevailed as the event champion. Although armed with an old family recipe handed down through generations of two steppin' cowboys, he admitted he had to turn up the fire on this batch to command the judges' attention, who recovered from searing lips and fried tongues, cast their votes and awarded "Tex" victory by the narrowest of margins. The entire Danville office staff congratulated Hope on her great idea and enjoyed the sunshine and country lunch of roasted corn, green salad, cornbread, hot dogs and three different chilis. Recipes from all over the planet are already being suggested for future group luncheons.

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Surety Control - Construction Accounting Trends 
POSTED: 2007-04-30

"What the Surety Industry Needs to Know About Current Construction Accounting Trends" was the topic presented by Michael Huhn to the Surety Association of Northern California at its breakfast meeting at Oakland's Waterfront Plaza Hotel Friday April 27. Mr. Huhn spoke on an assortment of topics including newly proposed IRS and California State Board of Equalization rules, FAS Interpretation #48, the impact of recent Statements on Auditing Standards, Sarbanes-Oxley, fraud and the top ten issues concerning CPA firms in audits and reviews of contractors. For those that were unable to attend but would like a copy of the Powerpoint presentation please e-mail Mike at mhuhn@jhs.com.

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Tax Control 
POSTED: 2007-04-19

A surprise appearance by one of the hottest acts in the early 70's, Sonny & Cher, thrilled all the revelers at the annual JHS post busy season soiree held at Blackhawk Grill Tuesday the 17th. The timelessly popular duet entertained the JHS staff and guests while performing their signature title, "I Got You Babe". Upon realizing the crowd was aware of Sonny's obvious use of a crib sheet to help him with the lyrics he had sung thousands of times throughout his career, Sonny confided, "The bump on the head he suffered at Heavenly a few years ago affected my memory". Nevertheless, the act was greatly appreceiated and drew overwhelming applause by all in attendance at the 70's and 80's themed event.

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Contractors and Taxes - Proposed Fed. Crack Down  PDF
POSTED: 2007-04-11

Federal Acqusition Regulation; FAR case 2006-011, Representations and Certifications - Tax Delinquency
This proposed rule requires offerors to also certify whether or not they have, within a three-year period preceding the offer, been convicted of or had a civil judgement rendered against them for violating any tax law or failing to pay any tax, or been notified of any delinquent taxes for which the liability remains unsatisfied. In addition, the offeror will be required to certify whether or not they have received a notice of tax lien against them for which the liability remains unsatisified or the lien has not been released.
Public comments will be accepted until May 29, 2007.

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TaxControl Update - New Rules Re: Charitable Donations 
POSTED: 2007-03-19

1. New laws regarding deductions for charitable donations will be in effect for tax years beginning after August 17, 2006. Calendar-year taxpayers will therefore not be held to these new rules until filing 2007 tax returns; however, New Year's Day has already come and gone so take note! The IRS will require taxpayers to have either a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution in order to take a deduction. A bank record includes canceled checks, bank or credit union statements and credit card statements. Under previous law, including that which governs 2006 tax returns soon to be filed, a taxpayer was only required to have a personal bank register, diary or note around the time of the contribution in order to take a deduction. For more information regarding the deduction of charitable donations, please refer to Publication 526 from the IRS. The full publication can be found at http://www.irs.gov/publications/p526/index.html.

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Careers Update: Staff Becomes CPA! 
POSTED: 2007-02-05

Congratulations to Ms. Antoinette R. Duerr who obtained her CPA license in November of 2006! Antoinette graduated from CSU, Chico in the fall semester of 2003 with a bachelor’s degree in Business Administration with a dual-option in Management Information Systems and Accounting. She has been with JHS for 3 years.