CCH NEWS FEED

CCH news feed posts

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 Tax Preparation / CPA: CI’s annual report shows impact of staffing declines

Filed in CCH NEWS FEED by on January 14, 2018

Significant staffing declines at IRS Criminal Investigation Division (CI) over the past several years have resulted in a significant decline in business results, Don Fort, Chief, IRS Criminal Investigation, told reporters in Washington, D.C. Fort spoke at the release of the IRS Criminal Investigation’s 2017 Annual Report. However, with CI’s identity-theft case load finally deceasing, […]

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San Francisco Tax Preparation / CPA: Taxpayer warned about Form W-2 e-mail scams

Filed in CCH NEWS FEED by on January 14, 2018

Just as efforts to meet the Form W-2 deadline at the end of January get into full tilt, scamsters are at it again. The IRS has issued its fourth reminder for “National Tax Security Awareness Week” urging taxpayers to avoid identity theft by watching out for W-2 email scams that often surge during filing season. […]

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San Francisco Tax Preparation / CPA: CA – Guidance for corporations starting business in California issued

Filed in CCH NEWS FEED by on January 14, 2018

For corporate income tax purposes, the California Franchise Tax Board (FTB) has updated a publication that provides guidance for corporations starting business in California. The publication, among other things, addresses many of the questions that arise during a corporation’s first year, such as minimum tax liability, estimated taxes, and election of annual accounting periods and […]

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San Francisco Tax Preparation / CPA: Standard mileage rates increase, while higher depreciation limits kick in

Filed in CCH NEWS FEED by on January 14, 2018

The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving and charitable purposes. Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 54.5 cents per mile […]

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San Francisco Tax Preparation / CPA: New year brings new tax code

Filed in CCH NEWS FEED by on January 14, 2018

January 1, 2018 not only brings a new year, it brings a new federal Tax Code. The just-passed Tax Cuts and Jobs Act makes sweeping changes to the nation’s tax laws. Many of these changes take effect January 1. Everyone – especially individuals and business owners – needs to review their tax strategies for the […]

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San Francisco Tax Preparation / CPA: Top 10 tax developments with impact on 2018

Filed in CCH NEWS FEED by on January 14, 2018

The start of a New Year presents a time to reflect on the past 12 months and, based on what has gone before, predict what may happen next. Here is a list of the top 10 developments from 2017 that may prove particularly important as we move forward into the New Year:   #1: Tax […]

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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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