Lee McDonald

rss feed

Lee McDonald's Latest Posts

San Francisco Tax Preparation / CPA: Proposed Reliance Regs Define “Real Property”” for Like-Kind Exchanges

Filed in CCH NEWS FEED by on July 10, 2020

Proposed reliance regulations clarify the definitions of “real property” that qualifies for a like-kind exchange, including incidental personal property. Under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), like-kind exchanges occurring after 2017 are limited to real property used in a trade or business or for investment. Comments are requested. Real Property Defined for Like-Kind ExchangesUnder […]

Continue Reading »

San Francisco Tax Preparation / CPA: IRS Proposes Treating Payments for Direct Primary Care Arrangements and Health Care Sharing Ministry Memberships as Medical Care Payments

Filed in CCH NEWS FEED by on July 10, 2020

Proposed regulations would define expenditures for direct primary care arrangements and health care sharing ministry memberships as amounts paid for medical care. Thus, amounts paid for those arrangements may be deductible medical expenses. The proposed regulations also clarify that amounts paid for certain arrangements and programs, such as health maintenance organizations (HMO) and certain government-sponsored […]

Continue Reading »

San Francisco Tax Preparation / CPA: Proposed Regs Address Eliminated Qualified Transportation Fringe Deduction

Filed in CCH NEWS FEED by on July 10, 2020

Proposed regulations provide guidance regarding the elimination of the deduction for expenses related to qualified transportation fringe benefits (QTFs) provided to an employee. The Tax Cuts and Jobs Act (P.L. 115-97) eliminated the deduction, effective for amounts paid or incurred after December 31, 2017. In general, the proposed regulations refine guidance previously provided in Notice 2018-99, […]

Continue Reading »

San Francisco Tax Preparation / CPA: Proposed Regulations Issued Updating Definition of Qualifying Relative for Child-Related Tax Benefits

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has issued proposed regulations clarifying the definition of a qualifying relative for various tax benefits for tax years 2018 through 2025 in which the dependent exemption amount is zero. During these years, the exemption amount will be inflation adjusted as provided in annual IRS guidance in determining whether an individual is a qualifying […]

Continue Reading »

San Francisco Tax Preparation / CPA: Deadlines Extended for Qualified Opportunity Funds and Investors

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has announced various extensions of deadlines for qualified opportunity funds and their investors due to the Coronavirus pandemic. 180-Day Investment PeriodGenerally taxpayers must reinvestment capital gain in a qualified opportunity fund (QOF) within 180 days after the gain is realized from a sale or exchange. Under the guidance, if the last day of […]

Continue Reading »

San Francisco Tax Preparation / CPA: IRS Provides COVID-19 Related Safe Harbors for Determining Tax Status of Arrangements that Hold Real Property as Trusts

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released a revenue procedure that describes temporary safe harbors for the purpose of determining the federal tax status of certain arrangements that hold real property as trusts in response to the COVID-19 emergency. Specifically, the Service has provided temporary relief to arrangements that are treated as trusts under Reg. §301.7701-4(c) which are, or have […]

Continue Reading »

San Francisco Tax Preparation / CPA: IRS Temporarily Allows Certain Retirement Plan Participants to Sign Elections Remotely

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released guidance that provides temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Specifically, the guidance provides participants, beneficiaries, and administrators of qualified retirement plans and other tax-favored retirement arrangements with temporary relief from the physical presence requirement […]

Continue Reading »

San Francisco Tax Preparation / CPA: Coronavirus-Related Distributions and Plan Loan Guidance

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has issued guidance on coronavirus-related distributions and plan loans. The guidance presents the rules set out in Act Sec. 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136); adds three new categories to the list of individuals who qualify due to adverse financial consequences; provides analysis and examples of […]

Continue Reading »

San Francisco Tax Preparation / CPA: IRS Postpones More Deadlines Due to COVID-19 Emergency

Filed in CCH NEWS FEED by on July 10, 2020

The IRS is postponing deadlines for certain time-sensitive actions due to the Coronavirus Disease 2019 (COVID-19) emergency. This relief affects employment taxes, employee benefit plans, exempt organizations, individual retirement arrangements (IRAs), Coverdell education savings accounts, health savings accounts (HSAs), and Archer and Medicare Advantage medical saving accounts (MSAs). With certain exceptions, the relief postpones deadlines […]

Continue Reading »

San Francisco Tax Preparation / CPA: Treasury, SBA Issue Updated PPP Guidance, Revised Application and Forgiveness Forms, New EZ Forgiveness Form

Filed in CCH NEWS FEED by on July 10, 2020

In consultation with Treasury Department, the Small Business Administration (SBA) has issued: new and revised guidance for the Paycheck Protection Program (PPP); revised PPP application forms; a revised PPP loan forgiveness application; and a new “EZ” PPP loan forgiveness application. New, Revised PPP GuidanceThe guidance implements the Paycheck Protection Program Flexibility Act (PPPFA) ( P.L. 116-142), which President […]

Continue Reading »