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San Francisco Tax Preparation / CPA: Relief for Certain Excess Business Loss-Related Underpayments

Filed in CCH NEWS FEED by on February 27, 2021

Estimated tax underpayment penalties under Code Sec. 6654 are waived for certain excess business loss-related payments for tax years beginning in 2019. The relief is available to individuals, as well as trusts and estates that are treated as individuals for estimated tax payment penalty purposes. Rules Delayed Certain business losses were limited in tax years […]

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San Francisco Tax Preparation / CPA: Relief for Automobile Lease Valuation Rule Users

Filed in CCH NEWS FEED by on February 27, 2021

Due to the COVID-19 pandemic, certain employers and employees who use the automobile lease valuation rule to determine the value of an employee’s personal use of an employer-provided automobile may switch to the vehicle cents-per-mile method. Background Under the general rule, an employer who provides an employee a vehicle must adopt one of the following […]

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San Francisco Tax Preparation / CPA: Information Reporting Waived for Nontaxable COVID Assistance

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has waived the requirement to file Form 1099 series information returns or furnish payee statements for certain COVID-related relief that is excluded from gross income. Reporting Affected The IRS waives the requirement to file Form 1099 series information returns, or furnish payee statements, for the following: forgiveness of covered loans under the original […]

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San Francisco Tax Preparation / CPA: Guidance on Business Deductions of PPP Loan Recipients

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has issued guidance clarifying that taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct their business expenses, even if their PPP loans are forgiven. The IRS previously issued Notice 2020-32 and Rev. Rul. 2020-27, which stated that taxpayers who received PPP loans and had those loans forgiven would not be able […]

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San Francisco Tax Preparation / CPA: CA – Remand to reduce assessed value did not warrant award of attorney fees

Filed in CCH NEWS FEED by on February 27, 2021

A California trial court’s postjudgment order awarding attorney fees to a taxpayer who successfully contested the property tax valuation of his property was reversed because the trial court had remanded the matter to reduce the assessed value and not to make new findings concerning the property’s value. In this matter, the trial court remanded the […]

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San Francisco Tax Preparation / CPA: IRS Extends Acceptance of Signature Images, Digital Signatures

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has announced that it is extending its temporary acceptance of certain images of signatures (scanned or photographed) and digital signatures on documents related to the determination or collection of tax liability until June 30, 2021. Further, a temporary deviation has been implemented that allows IRS employees to accept documents via email and to […]

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San Francisco Tax Preparation / CPA: IRS Releases Final Regulations on Recovery of Misdirected Direct Deposit Refund

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has released final regulations with the procedures under Code Sec. 6402(n) for identification and recovery of a misdirected direct deposit refund. This guidance reflects modifications to the law made by the Taxpayer First Act ( P.L. 116-25). The final regulations affect taxpayers who have made a claim for refund, requested the refund be […]

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San Francisco Tax Preparation / CPA: SBA, Treasury Announce PPP Re-Opening

Filed in CCH NEWS FEED by on February 27, 2021

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) would re-open during the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on […]

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San Francisco Tax Preparation / CPA: 2021 Standard Mileage Rates Released

Filed in CCH NEWS FEED by on February 27, 2021

The IRS released the optional standard mileage rates for 2021. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, medical, and charitable purposes. Some members of the military may also use these rates to compute their moving expense deductions. 2021 Standard Mileage Rates The standard mileage rates for 2021 […]

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San Francisco Tax Preparation / CPA: All Taxpayers Now Eligible for IP PINs

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers’ personally identifiable information. Taxpayers who […]

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