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In Order to Save Taxes in the Bay Area, You Need a Top-rated Accountant

Filed in CPA Blog by on January 11, 2022

Fair enough, the Bay Area is not as big as the LA area. Nonetheless, it is home to what is arguably the most dynamic start-up scene in the US. We have loads of new businesses here in the San Francisco Bay Area, and they all have one thing in common. That is that when they […]

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Post on Tax Preparation for San Francisco Residents Amidst Inflation Announced by Safe Harbor CPAs

Filed in CPA Blog by on January 9, 2022

Safe Harbor LLP, a top-rated San Francisco CPA firm is proud to announce a new post on inflation and its impact on tax preparation for 2021. Cost-of-living adjustments will occur for SSI and other government benefits in 2022. The Bay Area CPA team is ready to support tax preparation for individuals and business owners in […]

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San Francisco Tax Preparation / CPA: IRS Commissioner Rettig Makes Case For More Funding, Applicants

Filed in CCH NEWS FEED by on January 7, 2022

Internal Revenue Service Commissioner Charles Rettig praised the work of agency employees throughout the COVID-19 pandemic but stated that there simply are not enough of them as the agency is slowly working through the backlog the pandemic caused. Rettig used that as the foundation to call for not only more funding for the agency, but […]

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San Francisco Tax Preparation / CPA: IRS Official Details Enforcement Agenda For High Earners

Filed in CCH NEWS FEED by on January 7, 2022

The Internal Revenue Service is keeping the pressure on high income taxpayers who do not file their taxes as well as other high wealth taxpayers who may otherwise be hiding their earnings to avoid paying taxes. And while agents are actively pursuing these people, Darren Guillot, Commissioner of the IRS Small Business/Self-Employed – Collection division […]

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San Francisco Tax Preparation / CPA: Distribution of Coins from Self-Directed Check Book IRA Taxable; Penalties Imposed

Filed in CCH NEWS FEED by on January 7, 2022

A. Mcnulty, 157 TC —, No. 10, Dec. 61,950 Delivery of coins to the owner of a self-directed “Check Book IRA” was taxable income even though she took the coins as manager of the IRA’s LLC. While an IRA owner may act as a conduit or agent of the IRA custodian, she may do so only as long […]

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San Francisco Tax Preparation / CPA: IRS Updates Offer In Compromise Policies

Filed in CCH NEWS FEED by on January 7, 2022

An offer in compromise (OIC) happens when the IRS and the taxpayer settle past due taxes for an amount that is less than the full amount owed. This typically happens when the agency agrees with the taxpayer that the payment in full will create a financial burden. “For taxpayers facing an economic hardship, the anticipation […]

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San Francisco Tax Preparation / CPA: Taxpayers Requested to Join IRS Identity Protection Personal Identification Number Program

Filed in CCH NEWS FEED by on January 7, 2022

The IRS has reminded taxpayers that they can get extra protection starting in January by joining the Service’s Identity Protection Personal Identification Number (IP PIN) program. The IRS has made recent changes to the program to make it easier for more taxpayers to join. The fastest and easiest way to receive an IP Pin is […]

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San Francisco Tax Preparation / CPA: Tax Pros, Taxpayers Advised to Use Secure Online Account and Digital Signature Options

Filed in CCH NEWS FEED by on January 7, 2022

The IRS has reminded tax professionals and taxpayers that they can use digital signatures on a variety of common IRS forms and access a secure online platform to view and make changes to their account. The IRS has balanced the e-signature option with critical security and protection needed against identity theft and fraud. The Service […]

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San Francisco Tax Preparation / CPA: IRS Guidance on Retroactive Termination of COVID-19 Employee Retention Credit

Filed in CCH NEWS FEED by on January 7, 2022

The IRS has issued guidance for employers on the retroactive termination of the COVID-19 employee retention credit against the employer’s share of Medicare tax. The Infrastructure Investment and Jobs Act (P.L. 117-58) amended Code Sec. 3134 so that for most employers the credit applies only to wages paid before October 1, 2021. If the employer is a […]

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San Francisco Tax Preparation / CPA: IRS Extends E-Signature Availability for Certain Forms Through October 31, 2023

Filed in CCH NEWS FEED by on January 7, 2022

The IRS has extended the availability of electronic signatures on certain audit and non-audit forms. Through October 31, 2023, taxpayers and their authorized representatives may electronically sign documents and email documents to the IRS. This is an exception to normal policy. Previously, the IRS had allowed e-signatures through the end of 2021. Audit or Collection […]

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