Recent Claims Trend – Estimated Tax Requirements for California Taxpayers

Some tax practitioners who represent California taxpayers may not be aware of the rules for assessing penalties for underpayment of estimated tax for high income earners in California.

Generally, California taxpayers with an Adjusted Gross Income ("AGI") of $1 million or more may no longer use the prior year tax safe harbor rules. Although this is not a new rule (i.e., effective date was January 1, 2009), some tax practitioners who represent California taxpayers may not be aware of its impact.

In Memoriam: Tom Warner

Tom Warner Tom Warner, CAMICO's National Sales Manager – Agency, died unexpectedly on Dec. 9, 2020. Tom had been with CAMICO since 2016, was responsible for CAMICO's agency sales channel and agent relationships, and was a key member of CAMICO’s sales and marketing-communications team. He is deeply missed by his colleagues, who remember him as a generous team-player with a great sense of humor and creativity.

A&A Guidance Related to the Pandemic

The magnitude, duration and nature of the pandemic's impact on clients' financial results will necessitate you and your clients consider a variety of accounting treatments and whether additional or modified disclosures are warranted. The pandemic’s impact on their financial statements depends on the financial reporting framework each client has chosen. This article highlights some of those considerations.

Going Concern Uncertainty

Omitted Disclosures

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