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

Filed in CCH NEWS FEED by on October 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 October 2017. October 4 Employers. Semi-weekly depositors must deposit employment taxes for Sept 27–Sept 29. […]

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San Francisco Tax Preparation / CPA: FAQ: Can I claim the adoption credit for a foreign adoption?

Filed in CCH NEWS FEED by on October 20, 2017

Yes, however, there are special timing rules for foreign adoptions. These rules differ from the timing rules for domestic adoptions and impact when you may claim qualified adoption expenses. The Tax Code provides a nonrefundable credit for qualified adoption expenses. The credit is subject to income limitations, which means that some taxpayers may not qualify […]

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San Francisco Tax Preparation / CPA: How Do I? Get a payroll credit for increasing research expenses

Filed in CCH NEWS FEED by on October 20, 2017

IRS Chief Counsel, in generic legal advice (AM-2017-003), recently described when a qualified employer may take into account the payroll tax credit for increasing research activities. The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) created the payroll credit aimed at start-ups with little or no income tax liabilities. This tax break allows […]

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San Francisco Tax Preparation / CPA: IRS exam staffing falls; audit coverage declines

Filed in CCH NEWS FEED by on October 20, 2017

IRS Exam staffing in fiscal year (FY) 2016, the latest tax year with statistics available, reached a 20-year low. As a result, the Treasury Inspector General for Tax Administration (TIGTA) has reported that the IRS undertook fewer audits. Staffing “Examination is a vitally important aspect of maintaining a voluntary tax compliance system because 85 percent […]

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San Francisco Tax Preparation / CPA: Disaster tax relief unveiled in Congress

Filed in CCH NEWS FEED by on October 20, 2017

As millions of Americans recover from Hurricanes Harvey, Irma and Maria, Congress is debating disaster tax relief. The relief would enhance the casualty loss rules, relax some retirement savings rules, and make other temporary changes to the tax laws, all intended to help victims of these recent disasters. At press time, a package of temporary […]

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San Francisco Tax Preparation / CPA: Congressional tax writers set to take up reform proposals

Filed in CCH NEWS FEED by on October 20, 2017

Tax writers in Congress are set to begin debating and writing tax reform legislation. On September 27, the White House and GOP leaders in Congress released a framework for tax reform. The framework sets out broad principles for tax reform, leaving the details to the two tax-writing committees: the House Ways and Means Committee and […]

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San Francisco Tax Preparation / CPA: CA – Goodwill included in business assets to establish California water’s-edge election

Filed in CCH NEWS FEED by on October 20, 2017

The California Franchise Tax Board (FTB) ruled that goodwill recorded as a result of a corporation’s acquisition of another corporation should be included as a business asset of the target corporation for purposes of applying the “deemed water’s-edge election” business asset test. California requires unitary groups to file on a worldwide combined basis unless an election is […]

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San Francisco Tax Preparation / CPA: Over- and underpayment interest rates remain same for fourth quarter 2017

Filed in CCH NEWS FEED by on October 20, 2017

The IRS has announced that the interest rates on overpayments and underpayments of tax for the calendar quarter beginning October 1, 2017, will remain unchanged. The rates will be: 4 percent for overpayments, other than corporations; 3 percent for overpayments by corporations (except 1.5 percent of the portion of a corporate overpayment exceeding $10,000); 4 […]

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San Francisco Tax Preparation / CPA: Projections for 2018 inflation-adjusted tax amounts available

Filed in CCH NEWS FEED by on October 20, 2017

The Tax Code requires that federal income tax brackets and certain other figures be adjusted for inflation annually. Wolters Kluwer has projected the 2018 standard deduction, tax bracket amounts and other inflation-adjusted tax figures based on the relevant inflation data just released by the U.S. Department of Labor (DOL). Comment. These projections reflect current law. […]

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San Francisco Tax Preparation / CPA: IRS again revises passport certification start date

Filed in CCH NEWS FEED by on October 20, 2017

The IRS has announced on its website that passport certifications to the U.S. State Department are expected to begin in January 2018. Previously, the agency reported that passport certifications would begin this year. Background. The Fixing America’s Surface Transportation Act of 2015 (FAST Act) requires the Treasury Department, upon receiving certification by the IRS that […]

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