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San Francisco Tax Preparation / CPA: FAQ: Can I still convert regular IRAs into Roth IRAs?

Filed in CCH NEWS FEED by on January 14, 2018

Yes, conversions from regular (traditional) tax-deferred individual retirement accounts (IRAs) to Roth IRAs are still allowed after enactment of the Tax Cuts and Jobs Act. In fact, in some instances, such Roth conversions are more beneficial than they were prior to 2018, since the tax rates on all income, including conversion income, are now lower. […]

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San Francisco Tax Preparation / CPA: January 2018 tax compliance calendar

Filed in CCH NEWS FEED by on January 14, 2018

January 4  Employers. Semi-weekly depositors must deposit employment taxes for Dec 27–Dec 29.   January 5  Employers. Semi-weekly depositors must deposit employment taxes for Dec. 30 and Dec. 31, Jan 1 and Jan 2.   January 10  Employees who work for tips. Employees who received $20 or more in tips during December must report them […]

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San Francisco Tax Preparation / CPA: IRS provides casualty loss safe harbors

Filed in CCH NEWS FEED by on January 14, 2018

The IRS has issued guidance for individuals who realized unreimbursed Code Sec. 165 casualty losses to their residences and personal belongings due to natural disasters. As an alternative to substantiating actual loss in value, the IRS now will allow use of seven safe harbor methods of calculating casualty loss deductions, depending upon the taxpayer’s situation. […]

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San Francisco’s Leading Accounting Firm for Estate & Tax Planning, Safe Harbor LLP, Announces January Newsletter

Filed in CPA Blog by on January 16, 2018

San Francisco, California – October 3, 2017. Safe Harbor LLP, recognized as one of the leading accounting firms in the San Francisco Bay Area for estate and tax planning both for businesses and for high net worth individuals, is proud to announce its October newsletter. The newsletter is available online to both clients and the general […]

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Tax Preparation 2018 – New Individual Income Tax Rates & Brackets

Filed in CPA Blog by on January 14, 2018

After unifying the House and Senate tax reform provisions into one piece of legislation, the Conference Committee released its Conference Report on the Tax Cuts and Jobs Act, H.R. 1 (“the Act”), on Friday, December 15, 2017. The nearly 1,100 page bill is has been approved by the House and Senate and signed into law by President […]

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San Francisco Tax Preparation / CPA: How Do I? Use Section 529 plans for elementary and secondary school tuition

Filed in CCH NEWS FEED by on January 14, 2018

The Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute up to $10,000 in tuition expenses incurred during the tax year for designated beneficiaries enrolled at a public, private, or religious elementary or secondary school. Section 529 plans used to only be allowed for college tuition, up […]

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