San Francisco Tax Preparation / CPA: Final Regs. Clarify Ratable Rehabilitation Credit is Still a Single Credit

Final regulations clarify that the amount of the rehabilitation credit for a qualified rehabilitated building (QRB) is determined as a single credit in the year the QRB is placed in service. This is the case even though the credit is allocated ratably over a five-year period. The final regulations adopt without modification proposed regulations released […]

San Francisco Tax Preparation / CPA: Final Regulations Update Definition of Qualifying Relative

The IRS has released final regulations that clarify the definition of a “qualifying relative” for purposes of various provisions for tax years 2018 through 2025. These regulations generally affect taxpayers who claim federal income tax benefits that require a taxpayer to have a qualifying relative. Effective DateThese regulations are effective on the date of publication in the […]

San Francisco Tax Preparation / CPA: Medicaid Coverage of COVID Testing Is Not Minimum Essential Coverage

The IRS has announced that Medicaid coverage of Coronavirus Disease 2019 (COVID-19) testing and diagnostic services is not minimum essential coverage for purposes of the premium tax credit under Code Sec. 36B. Under the Affordable Care Act (ACA), certain taxpayers who obtain their coverage through an Exchange may claim a premium tax credit under Code Sec. 36B. […]

If You Enjoy Paying Taxes to California or the Federal Government, Raise Your Right Hand Now!

If you were at the San Francisco Symphony just before a performance and someone on the stage asked everyone who enjoyed paying taxes to raise their hand, how many hands would you expect to see?

Safe Harbor LLP Announces Post on Complexity of Business Tax Return Preparation for San Francisco Corporations

December 1, 2020 – San Francisco, California. Safe Harbor LLP, California’s top-rated San Francisco tax CPA firm is proud to announce a new post on the complexity of business and corporate tax return preparation in light of the Pandemic. The new post encourages businesses to stay strong and reach out to a tax advisor to […]

Successful California Businesses Get Charged a Lot of Tax for Being Successful!

If you have ever wondered why your business in San Francisco, California, gets charged so much tax, it is because successful businesses are where the money is and the government wants as much of it as possible.