CCH NEWS FEED

CCH news feed posts

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: 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: CBO reports on top tax incentives/expenditures

Filed in CCH NEWS FEED by on June 20, 2017

The Congressional Budget Office (CBO) issued a report in mid-March about current tax incentives. Tax expenditures, CBPO explained, reduce the amount of revenue that is collected for any given set of statutory tax rates. Tax incentives also affect the distribution of the tax burden in ways that may not always be recognized, both among people […]

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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: IRS updates 401(k) hardship distributions exam materials

Filed in CCH NEWS FEED by on June 20, 2017

The IRS Tax Exempt and Government Entities Division (TE/GE) has updated guidance used to determine whether a Code Sec. 401(k) plan hardship meets the safe-harbor standards set forth in applicable regulations. Specifically, the memorandum, TE/GE-04-0217-008, sets out the substantiation guidelines that IRS auditors are to use in conducting related examinations. Under Code Sec. 401(k), plans […]

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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: Employee consent requirements for employer refund claims released

Filed in CCH NEWS FEED by on June 20, 2017

The IRS recently issued the employee consent requirements that an employer need to adhere to in order to support a claim for refund of overpaid taxes under the Federal Insurance Contributions Act (FICA) and the Railroad Retirement Tax Act (RRTA). The guidance clarifies the basic requirements for both a request for employee consent and the […]

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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: New Offers in Compromise policy starts April 27

Filed in CCH NEWS FEED by on June 20, 2017

The IRS informed taxpayers and tax professionals of its updated policy with regards to the Offer in Compromise (OIC) application process. OIC applications received on or after March 27, 2017, will now be returned without further consideration in instances where the taxpayer has not filed all required tax returns, the Service explained. In addition, the […]

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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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