CCH NEWS FEED

CCH news feed posts

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

Filed in CCH NEWS FEED by on April 24, 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: FAQ…What are miscellaneous itemized deductions?

Filed in CCH NEWS FEED by on April 24, 2017

Miscellaneous itemized deductions are certain nonbusiness expenses that individuals as taxpayers who otherwise itemize deductions may take against their taxable income. Such miscellaneous expenses are allowed only to the extent that they exceed 2-percent of a taxpayer’s adjusted gross income. Miscellaneous itemized deductions may also be limited by the overall itemized deduction phase-out. These expenses […]

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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 April 24, 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: April 2017 tax compliance calendar

Filed in CCH NEWS FEED by on April 24, 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 April 2017. April 1 Individuals. Taxpayers who turned 70½ during 2016 must start to receive […]

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San Francisco Tax Preparation / CPA: Tax returns lacking ACA coverage status will not be rejected

Filed in CCH NEWS FEED by on April 24, 2017

The IRS has announced that it will continue to process individual returns that do not report the taxpayer’s health coverage status under the Affordable Care Act (ACA). The IRS will accept returns that fail to indicate coverage, an exemption or a shared responsibility payment. The IRS had planned to reject these returns (known as “silent […]

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San Francisco Tax Preparation / CPA: Dentist persuades Tax Court of material participation in real estate business

Filed in CCH NEWS FEED by on April 24, 2017

The Tax Court determined, in Zarrinnegar v. Commissioner, TC Memo. 2017-34, that a dentist by profession, was a real estate professional, and therefore could deduct rental real estate losses. As such, the losses were not barred by the passive activity rules. The taxpayer was a dentist married to another dentist with whom he shared a […]

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San Francisco Tax Preparation / CPA: IRS confirms automatic six-month extension for C corporations

Filed in CCH NEWS FEED by on April 24, 2017

The IRS has confirmed that a new revision of the Instructions for Form 7004 correctly reflects that calendar year C corporations are eligible for an automatic six-month extension. Code Sec. 6081(a) provides that the IRS may grant a reasonable extension of time for filing returns, so long as the extension is not more than six […]

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San Francisco Tax Preparation / CPA: Future pension payouts not counted as asset in determining insolvency exclusion

Filed in CCH NEWS FEED by on April 24, 2017

The Tax Court, in Schieber v. Commissioner, TC Memo. 2017-32, found that the right to a continuing monthly payment state pension plan was not an asset in determining insolvency for purposes of exclusion from cancellation of indebtedness income. The court rejected the IRS’s argument that the ability of the taxpayers to use their monthly pension […]

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San Francisco Tax Preparation / CPA: CA – BOE summarizes 2016 litigation

Filed in CCH NEWS FEED by on April 24, 2017

The California State Board of Equalization (BOE) discusses two previously reported court of appeals property tax cases from 2016. In the first decision, the court ruled that, although the value indicated in a 2010 assessment of a partially constructed garage was a “base year value” and the property owner had filed a timely appeal of […]

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San Francisco Tax Preparation / CPA: CBO reports on top tax incentives/expenditures

Filed in CCH NEWS FEED by on April 24, 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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