Lee McDonald's Latest Posts
There are many large businesses in San Francisco and the Bay Area such as Twitter and Yelp which get all the press. However, there are thousands upon thousands of small businesses – Mom & Pop affairs – that are probably more in need of tax advice than the “big boys”.
San Francisco and the Bay Area is a hotbed of entrepreneurship, but when you are setting up a start-up you need to do it the right way in order to avoid headaches down the line.
July 28, 2017 – San Francisco, California. Safe Harbor LLP, considered one of the best CPA firms in San Francisco, is proud to announce its August, 2017, newsletter focused on tax and accounting issues.
The decision to engage with a CPA firm is not something that you should undertake lightly. If you are a small business owner in San Francisco, or perhaps you are a technology worker, you may have significant income, expenses, and complex tax issues. In fact, we work with many people who have international tax exposure, […]
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 July 2017. July 6Employers. Semi-weekly depositors must deposit employment taxes for Jun 28, 29 and […]
San Francisco Tax Preparation / CPA: How do I…work-around the IRS Data Retrieval Tool (DRT) being offline?
Every year, millions of post-secondary students access the IRS Data Retrieval Tool (DRT) to complete the Free Application for Federal Student Aid (FAFSA). This year, the DRT is unavailable for FAFSA filers because of cybersecurity concerns. The information needed to complete the FAFSA can be found on a previously filed federal income tax return. FAFSA […]
No. The IRS continues to treat virtual currency as property for U.S. federal tax purposes. However, last year, a government watchdog, and this year, a group of lawmakers, urged the IRS to clarify its virtual currency guidance. The IRS has described virtual currency as a “digital representation of value that functions as a medium of […]
San Francisco Tax Preparation / CPA: What’s next for IRS/Treasury regulations in response to Executive Orders?
With the release of regulations on centralized partnership audits, many taxpayers hope that it will signal the re-start of a regular flow of much-needed guidance from the Treasury Department and the IRS that has been virtually stopped dead in its tracks since January 20. Others caution that the floodgates have not been opened and that […]
San Francisco Tax Preparation / CPA: Centralized partnership audit rules finally released; impacts all partnerships
The much-anticipated regulations (REG-136118-15) implementing the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) have finally been released. The BBA regime replaces the current TEFRA (Tax Equity and Fiscal Responsibility Act of 1982) procedures beginning for 2018 tax year audits, with an earlier “opt-in” for electing partnerships. Originally issued on […]
Lawmakers from both parties spent much of June debating and discussing tax reform, but without giving many details of what a comprehensive tax reform package could look like before year-end. At the same time, several bipartisan tax bills have been introduced in Congress, which could see their way to passage. Tax reform House Speaker Paul […]