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Skip the Drama with Top IRS Audit Defense in San Francisco

Filed in CPA Blog by on June 27, 2017

It seems social media is rife with misunderstandings creating unnecessary angst in people. Someone posts a snarky comment and then someone else misreads the post and fires back with a nasty reply. This downhill posting string creates a tangle of attacks and confusion.

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San Francisco Tax Preparation / CPA: June 2017 tax compliance calendar

Filed in CCH NEWS FEED by on June 20, 2017

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2017. June 1Employers. Semi-weekly depositors must deposit employment taxes for payroll dates May 24–26.  […]

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San Francisco Tax Preparation / CPA: FAQ: What are passive losses?

Filed in CCH NEWS FEED by on June 20, 2017

Individuals, trusts, estates, personal service corporations and closely held C corporations may only deduct passive activities losses from passive activity income. The rules do not apply to S corporations and partnerships but do apply to their respective shareholders and partners. In general, limited partners are not deemed to materially participate in partnership activities. Thus, a […]

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San Francisco Tax Preparation / CPA: How do I? Safeguard tax benefits against natural disasters

Filed in CCH NEWS FEED by on June 20, 2017

As “hurricane season” officially begins, the IRS has released a number a tax tips, reminders and other advice to help taxpayers weather the storm of natural disasters and similar emergencies. The underlying theme for all IRS “tax tips” is that recordkeeping has generally become easier in the digital age. However, it remains the primary responsibility […]

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San Francisco Tax Preparation / CPA: Business meals and entertainment: how to maximize tax deductions

Filed in CCH NEWS FEED by on June 20, 2017

Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost of doing business. The same goes for taking business associates or even employees out to lunch once in a while after an especially tough assignment has been completed successfully. It’s easy […]

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San Francisco Tax Preparation / CPA: Debate over health care and taxes moves to Senate

Filed in CCH NEWS FEED by on June 20, 2017

The future of the Affordable Care Act and its associated taxes has moved to the Senate following passage of the American Health Care Act (AHCA) in the House in April. Traditionally, legislation moves more slowly in the Senate than in the House, which means that any ACA repeal and replacement bill may be weeks if […]

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San Francisco Tax Preparation / CPA: Trump’s FY 2018 budget outlines tax reform proposals

Filed in CCH NEWS FEED by on June 20, 2017

Since taking office in January, President Trump has called for comprehensive tax reform. The President’s recently released fiscal year (FY) 2018 outlines some of his key tax reform principles. At the same time, White House officials said that more tax reform details will be released in coming weeks. These details are expected to describe rate […]

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San Francisco Tax Preparation / CPA: CA – Amended returns, notices, audits, power of attorney and more discussed

Filed in CCH NEWS FEED by on June 20, 2017

In its June 2017 issue of Tax News, the California Franchise Tax Board (FTB) discusses a variety of corporation franchise and income and personal income tax issues, including the following: amended returns; notices; audits; power of attorney (POA); stale-dated warrants; FTB Notice 2017-03 ; interest rates on overpayments and underpayments ; and business entity return due date […]

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San Francisco Tax Preparation / CPA: Future pension payouts not counted as asset in determining insolvency exclusion

Filed in CCH NEWS FEED by on June 20, 2017

The Tax Court, in Schieber v. Commissioner, TC Memo. 2017-32, found that the right to a continuing monthly payment state pension plan was not an asset in determining insolvency for purposes of exclusion from cancellation of indebtedness income. The court rejected the IRS’s argument that the ability of the taxpayers to use their monthly pension […]

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San Francisco Tax Preparation / CPA: IRS confirms automatic six-month extension for C corporations

Filed in CCH NEWS FEED by on June 20, 2017

The IRS has confirmed that a new revision of the Instructions for Form 7004 correctly reflects that calendar year C corporations are eligible for an automatic six-month extension. Code Sec. 6081(a) provides that the IRS may grant a reasonable extension of time for filing returns, so long as the extension is not more than six […]

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