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San Francisco Tax Preparation / CPA: Trump Signs Paycheck Protection Program Flexibility Act Into Law

Filed in CCH NEWS FEED by on July 10, 2020

President Donald Trump signed into law the bipartisan Paycheck Protection Program Flexibility Act of 2020 (P.L. 116-142) on June 5. The legislation aims to expand usability of the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s ( P.L. 116-136) headliner small business loan program. PPP in the HouseThe bipartisan, bicameral-crafted P.L. 116-142 makes several changes to the rapidly […]

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San Francisco Tax Preparation / CPA: CA – Taxpayer’s protest for adjustments to determined measure of tax denied

Filed in CCH NEWS FEED by on July 10, 2020

A fast food restaurant operator’s (taxpayer’s) protest for adjustments to the determined measure of California sales tax was denied because the taxpayer failed to establish any error in the measure of tax or in the audit methodology used to compute it. Generally, when the California Department of Tax and Fee Administration (CDTFA) is not satisfied […]

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San Francisco Tax Preparation / CPA: IRS Highlights Steps For Smooth Processing of Taxpayers’ 2019 Federal Tax Returns

Filed in CCH NEWS FEED by on July 10, 2020

The IRS urged taxpayers to act now to ensure the smooth processing of their 2019 federal tax return. This reminder, first in a series, was aimed to help taxpayers get ready for the upcoming tax filing season. Consequently, a special page, newly updated and available on IRS.gov, outlined things taxpayers can do to prepare for […]

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San Francisco Tax Preparation / CPA: New LB&I Campaign on Deferred Foreign Income

Filed in CCH NEWS FEED by on July 10, 2020

The IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called “IRC 965.” The campaign’s goal is to promote compliance with Code Sec. 965, Treatment of Deferred Foreign Income Upon Transition to Participation Exemption System of Taxation, which was part of the Tax Cuts and Jobs Act (TCJA) […]

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San Francisco Tax Preparation / CPA: Joint Directive on Work Opportunity Tax Credit Issued

Filed in CCH NEWS FEED by on July 10, 2020

The IRS Large Business and International Division (LB&I) and Small Business/Self-Employed Division (SBSE) have issued a joint directive to provide instructions to LB&I and SBSE examiners on the treatment of Work Opportunity Tax Credit (WOTC) examinations under Code Sec. 51. The directive is effective for all LB&I and SB/SE taxpayers claiming the WOTC in the […]

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San Francisco Tax Preparation / CPA: Proposed Updated RMD Tables Issued

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, and would apply for distribution calendar years beginning on or after January 1, 2021, with transition relief. Effect of Proposed Tables Distribution periods under the new rules […]

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San Francisco Tax Preparation / CPA: Accounting Method Change Procedures Updated

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and supersedes the current list of automatic changes found in Rev. Proc. 2018-31, I.R.B. 2018-22, 637. Subject to a transition rule, this latest guidance is effective […]

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San Francisco Tax Preparation / CPA: IRS Updates Guidance on Computing Deductions for Operating a Vehicle

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released guidance that updates Rev. Proc. 2010-51, I.R.B. 2010-51, 883 to reflect changes made to Code Secs. 67 and 217 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Rev. Proc. 2010-51 provides rules for using the standard mileage rates when calculating the deductible expenses of operating a vehicle for […]

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San Francisco Tax Preparation / CPA: 2020 Inflation Adjustments for Pension Plans, Retirement Accounts

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions. Highlights of 2020 Changes The contribution limit for employees who take part in 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan, has increased to $19,500. Employees age 50 and over who […]

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San Francisco Tax Preparation / CPA: IRS Releases 2020 Inflation-Adjusted Tax Tables, Other Amounts

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released the annual inflation adjustments for 2020 for over 60 tax provisions, including the income tax rate tables. The IRS issues these cost-of-living adjustments (COLAs) each year to reflect inflation. The adjustments apply to tax years beginning in 2020, and are generally used on returns that will be filed in 2021. Some […]

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