CCH NEWS FEED

CCH news feed posts

San Francisco Tax Preparation / CPA: Lawmakers continue tax reform debate and discussions

Filed in CCH NEWS FEED by on July 19, 2017

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 […]

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San Francisco Tax Preparation / CPA: Centralized partnership audit rules finally released; impacts all partnerships

Filed in CCH NEWS FEED by on July 19, 2017

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 […]

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San Francisco Tax Preparation / CPA: Employee consent requirements for employer refund claims released

Filed in CCH NEWS FEED by on July 19, 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: What’s next for IRS/Treasury regulations in response to Executive Orders?

Filed in CCH NEWS FEED by on July 19, 2017

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 […]

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San Francisco Tax Preparation / CPA: New Offers in Compromise policy starts April 27

Filed in CCH NEWS FEED by on July 19, 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: FAQ: Has the IRS’s treatment of virtual currency changed?

Filed in CCH NEWS FEED by on July 19, 2017

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 […]

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San Francisco Tax Preparation / CPA: Tax refund offsets may be used toward unpaid debts

Filed in CCH NEWS FEED by on July 19, 2017

A taxpayer who incurs an unpaid debt may notice a reduction in his or her federal tax refund. The Treasury Offset Program is allowed to use all or part of a taxpayer’s federal refund to settle unpaid federal or state debts, to include unpaid individual shared responsibility payments. For example, the IRS is prohibited from […]

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San Francisco Tax Preparation / CPA: How do I…work-around the IRS Data Retrieval Tool (DRT) being offline?

Filed in CCH NEWS FEED by on July 19, 2017

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 […]

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San Francisco Tax Preparation / CPA: Passport certifications will begin in early 2017, IRS posts on website

Filed in CCH NEWS FEED by on July 19, 2017

The IRS has informed taxpayers via its website that the agency will begin, in early 2017, to remit certifications to the U.S. State Department for individuals who are seriously delinquent in paying their tax debt. Such certification could impact an individual’s ability to obtain or keep a U.S. passport. At this time, the IRS has […]

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

Filed in CCH NEWS FEED by on July 19, 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 July 2017. July 6Employers. Semi-weekly depositors must deposit employment taxes for Jun 28, 29 and […]

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