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Taxes Get Ever More Complicated, and This Year We Have COVID as Well

Filed in CPA Blog by on February 16, 2021

Tax time is here! You may need a top-rated CPA in San Francisco to do your taxes as they seem to get more complicated every year. This year, we have a number of unusual tax provisions due to the Pandemic, so you can’t just take your business taxes down to the big box tax guys.

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2020 Has Gone – Thank Heavens – but Taxes Are Still Here!

Filed in CPA Blog by on February 5, 2021

Corporations are rushing to get their taxes filed on time for 2021. What a year 2020 was, right? Well, for corporations in San Francisco it was the best of times (for some) and the worst of times (for others).

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Safe Harbor CPAs Announces Post on International Business Tax Return Preparation in San Francisco

Filed in CPA Blog by on February 2, 2021

San Francisco, California – February 2, 2021. Safe Harbor CPAs, a top-rated accounting firm in San Francisco, California at is proud to announce a new post on tax return preparation for San Francisco businesses.

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San Francisco Tax Preparation / CPA: Final Regulations Released on Small Business Simplified Accounting Rules

Filed in CCH NEWS FEED by on February 1, 2021

The IRS has released final regulations addressing the post-2017 simplified accounting rules for small businesses. The final regulations adopt and modify proposed regulations released in August 2020. Implementation of the Rules The Tax Cuts and Jobs Act ( P.L. 115-97) put in place a single $25 million gross receipts test for determining whether certain taxpayers […]

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San Francisco Tax Preparation / CPA: Safe Harbor for Electing Real Property Trade or Business

Filed in CCH NEWS FEED by on February 1, 2021

The IRS has provided a safe harbor allowing a trade or business that manages or operates a qualified residential living facility to be treated as a “real property trade or business” solely for purposes of qualifying to make the Code Sec. 163(j)(7)(B) election. This guidance formalizes the proposed safe harbor issued in Notice 2020-59, I.R.B. […]

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San Francisco Tax Preparation / CPA: Final Regulations Address Deductibility of Fines and Penalties

Filed in CCH NEWS FEED by on February 1, 2021

The IRS has released final regulations that address the changes made to Code Sec. 162(f) by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), concerning the deduction of certain fines, penalties, and other amounts. The final regulations also provide guidance relating to the information reporting requirements for fines and penalties under Code Sec. […]

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San Francisco Tax Preparation / CPA: Additional Final Regulations on Section 163(j) Issued

Filed in CCH NEWS FEED by on February 1, 2021

The IRS has issued final regulations providing additional guidance on the limitation on the deduction for business interest under Code Sec. 163(j). The regulations finalize various portions of the proposed regulations issued in 2020 with few modifications. They address the application of the limit in the context of calculating adjusted taxable income (ATI) with respect […]

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San Francisco Tax Preparation / CPA: Final Regs Address the Deduction Limit for Compensation in Excess of $1,000,000

Filed in CCH NEWS FEED by on February 1, 2021

Final regulations provide guidance related to the limitation on the deduction for employee compensation in excess of $1 million. Specifically, the regulations address: what constitutes a publicly held corporation for purposes of Code Sec. 162(m)(2); the definition of a covered employee for purposes of Code Sec. 162(m)(3); the definition of compensation for purposes of Code […]

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San Francisco Tax Preparation / CPA: Reporting Penalty Relief for Partnerships

Filed in CCH NEWS FEED by on February 1, 2021

The IRS has issued guidance that provides partnerships with relief from certain penalties for the inclusion of incorrect information in reporting their partners’ beginning capital account balances on the 2020 Schedules K-1 (Forms 1065 and 8865). The IRS has also provided relief from accuracy-related penalties for any tax year for the portion of an imputed […]

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San Francisco Tax Preparation / CPA: Period for Paying Deferred Employee Payroll Tax Extended

Filed in CCH NEWS FEED by on February 1, 2021

The IRS has extended the time period during which employers must withhold and pay the employee portion of Social Security tax that employers elected to defer on wages paid from September 1, 2020, through December 31, 2020. Specifically: the end date of the period for withholding and paying the deferred tax is postponed from April […]

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