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The Size of a CPA Is Not Important. What Counts Is Expertise

Filed in CPA Blog by on September 15, 2020

You know what they say? Size doesn’t matter. Well, that’s definitely true when it comes to accounting firms.

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Safe Harbor CPAs Announces Post on Finding a Business Tax CPA in San Francisco

Filed in CPA Blog by on September 11, 2020

September 11, 2020 – San Francisco, California. Safe Harbor CPAs, a team of accountants in San Francisco, California, is proud to announce a new post on finding a business tax CPA in San Francisco. Many businesses face the most complex tax environment ever, with an economic recession, COVID-19, and temporary tax relief and programs not […]

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San Francisco Tax Preparation / CPA: Final and Proposed Regulations Issued on GILTI High-Tax Exclusion

Filed in CCH NEWS FEED by on September 9, 2020

The Treasury and IRS have issued final and proposed regulations under the global intangible low-taxed income (GILTI) and subpart F provisions for the treatment of high-taxed income. The final regulations provide guidance on determining the type of high-taxed income that is eligible for the exclusion (the “GILTI high-tax exclusion” or GILTI HTE). Proposed regulations generally […]

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San Francisco Tax Preparation / CPA: CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs

Filed in CCH NEWS FEED by on September 9, 2020

The IRS has reminded taxpayers that the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) can provide favorable tax treatment for withdrawals from retirement plans and Individual Retirement Accounts (IRAs). Under the CARES Act, individuals eligible for coronavirus-related relief may be able to withdraw up to $100,000 from IRAs or workplace retirement […]

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San Francisco Tax Preparation / CPA: Eligible Rollover Distribution Safe Harbor Explanations Modified

Filed in CCH NEWS FEED by on September 9, 2020

The IRS has modified two safe harbor explanations in Notice 2018-74, 2018-40 I.R.B. 529, that can be used to satisfy the requirement under Code Sec. 402(f) that certain information be provided to recipients of eligible rollover distributions. The modifications were necessary due to recent changes in law made by the Setting Every Community Up for […]

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San Francisco Tax Preparation / CPA: Proposed Regulations Address Small Business Simplified Accounting Rules

Filed in CCH NEWS FEED by on September 9, 2020

Proposed regulations adopt the post-2017 simplified accounting rules for small businesses. Implementation The Tax Cuts and Jobs Act ( P.L. 115-97) put in place a single $25 million gross receipts test (adjusted annually for inflation after 2018) for determining whether certain taxpayers can use the cash method of accounting, are not required to use inventories, […]

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San Francisco Tax Preparation / CPA: Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons

Filed in CCH NEWS FEED by on September 9, 2020

The IRS has released proposed regulations that implement new Code Sec. 7602(f), which bars non-government persons who are hired by the IRS from questioning a witness under oath whose testimony was obtained pursuant to a summons issued under Code Sec. 7602. The regulations prohibit any IRS contractors from asking a summoned person’s representative to clarify […]

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San Francisco Tax Preparation / CPA: Guidance on CARES Act Defined Benefit Plan Funding Relief

Filed in CCH NEWS FEED by on September 9, 2020

The IRS has provided guidance on the special rules relating to funding of single-employer defined benefit pension plans, and related benefit limitations, under Act Sec. 3608 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136). The guidance clarifies application of the extended contribution deadline, and the optional use of the prior […]

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San Francisco Tax Preparation / CPA: Temporary and Proposed Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act

Filed in CCH NEWS FEED by on September 9, 2020

The Treasury and the IRS have issued temporary and proposed regulations to: reconcile advance payments of refundable employment tax credits provided under the Families First Coronavirus Response Act (Families First Act) ( P.L. 116-127) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136), and recapture the benefit of the credits when […]

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San Francisco Tax Preparation / CPA: IRS Issues Proposed Regulations on Partnership Carried Interests

Filed in CCH NEWS FEED by on September 9, 2020

The IRS has issued proposed regulations that implement the “carried interest” rules under Code Sec. 1061 adopted by Congress as part of the Tax Cuts and Jobs Act of 2017 ( P.L. 115-97). Some key aspects of the lengthy proposed regulations include the definition of important terms, how the rules work in the context of […]

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