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Safe Harbor LLP, a Leading California Tax Preparation Service for Expat Tax Returns, Including Canadian Tax Returns, Announces Information Update

Filed in CPA Blog by on April 27, 2017

San Francisco, CA – April 26, 2017. Safe Harbor LLP, long considered one of the leading accounting firms in the San Francisco Bay Area and in California for international tax issues, is proud to announce an update to its information page on “expat tax return preparation” in California.

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

Filed in CCH NEWS FEED by on April 24, 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 April 2017. April 1 Individuals. Taxpayers who turned 70½ during 2016 must start to receive […]

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San Francisco Tax Preparation / CPA: FAQ…What are miscellaneous itemized deductions?

Filed in CCH NEWS FEED by on April 24, 2017

Miscellaneous itemized deductions are certain nonbusiness expenses that individuals as taxpayers who otherwise itemize deductions may take against their taxable income. Such miscellaneous expenses are allowed only to the extent that they exceed 2-percent of a taxpayer’s adjusted gross income. Miscellaneous itemized deductions may also be limited by the overall itemized deduction phase-out. These expenses […]

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San Francisco Tax Preparation / CPA: How do I? Maximize start-up deductions for a new business

Filed in CCH NEWS FEED by on April 24, 2017

Starting a new business venture can prove exciting, but rather costly. There are certain tax advantages that can help alleviate some of the financial burden associated with entrepreneurship. A taxpayer may start a business by forming an entirely new business or acquiring an existing business. One of the most important decisions a business owner should […]

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San Francisco Tax Preparation / CPA: Lack of contemporaneous written acknowledgement nixes donation

Filed in CCH NEWS FEED by on April 24, 2017

In a case that provides a lesson to anyone donating property to charity for which a deduction of more than $500 is claimed – get proof in writing and get it at the time you donate the property. After-the-fact substantiation, no matter how convincing, is not acceptable under the tax law to support a deduction. […]

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San Francisco Tax Preparation / CPA: IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits

Filed in CCH NEWS FEED by on April 24, 2017

The IRS has released the inflation-adjusted limitations on depreciation deductions for business-use passenger automobiles, light trucks, and vans first placed in service during calendar year 2017. All limitations are inflation-adjusted based upon October 2016 CPI amounts, with rounding conventions that account for almost all 2016 limits remaining the same for 2017 (only the third-year limitation […]

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San Francisco Tax Preparation / CPA: Tax reform proceeds to possible summer enactment

Filed in CCH NEWS FEED by on April 24, 2017

Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress and be signed into law by the President before summer. At the same time a “mini” tax reform package in an Affordable Care Act (ACA) repeal and replacement plan appears to have stalled in Congress. Tax reform Tax reform for individuals […]

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San Francisco Tax Preparation / CPA: CA – BOE summarizes 2016 litigation

Filed in CCH NEWS FEED by on April 24, 2017

The California State Board of Equalization (BOE) discusses two previously reported court of appeals property tax cases from 2016. In the first decision, the court ruled that, although the value indicated in a 2010 assessment of a partially constructed garage was a “base year value” and the property owner had filed a timely appeal of […]

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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 April 24, 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 April 24, 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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