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San Francisco Tax Preparation / CPA: White House Proposes $1.8 Trillion American Families Plan

Filed in CCH NEWS FEED by on June 23, 2021

On April 28, 2021, the White House released details on President Biden’s new $1.8 trillion American Families Plan. The proposal follows the already passed $1.9 trillion American Rescue Plan Act and the recently proposed $2.3 trillion infrastructure-focused American Jobs Plan. The details were released in advance of President Biden’s address to a joint session of […]

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San Francisco Tax Preparation / CPA: CA – Exclusion of unemployment benefits from federal AGI may increase California tax credits

Filed in CCH NEWS FEED by on June 23, 2021

Individuals who received unemployment benefits in 2020 may qualify to receive more money from California through: the California earned income tax credit (CalEITC); the young child tax credit; and the Golden State Stimulus payment. This is because the American Rescue Plan Act of 2021 excludes a certain amount of unemployment benefits from federal adjusted gross […]

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San Francisco Tax Preparation / CPA: Temporary Use of Digital Signatures Extended

Filed in CCH NEWS FEED by on June 23, 2021

The IRS has extended the list of federal tax forms that cannot be filed electronically for which it is temporarily allowing digital signatures. The IRS has also extended filing period for which digital signatures on these forms will be accepted. These forms can be sent to the IRS with digital signatures if they are postmarked […]

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San Francisco Tax Preparation / CPA: Drafts of New Schedules K-2 and K-3 Released

Filed in CCH NEWS FEED by on June 23, 2021

The IRS and Treasury have released updated early drafts of new Schedule K-2 and Schedule K-3 for Form 1065, U.S. Return of Partnership Income, Form 1120-S, U.S. Income Tax Return for an S Corporation, and Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, for the 2022 filing season. These new schedules […]

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San Francisco Tax Preparation / CPA: 2022 HSA Amounts Released

Filed in CCH NEWS FEED by on June 23, 2021

The IRS has released the 2022 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2022, the annual limitation on deductions under Code Sec. 223(b)(2) for an individual with self-only coverage under a high-deductible plan is $3,650 ($7,300 for an individual with family coverage). A “high-deductible health plan” is defined […]

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San Francisco Tax Preparation / CPA: Adjustments for CTC, EITC, PTC Table

Filed in CCH NEWS FEED by on June 23, 2021

The IRS has modified inflation-adjusted amounts for the child tax credit (CTC), the earned income tax credit (EITC/EIC), and the applicable percentage table for Code Sec. 36B for calculating a taxpayer’s premium tax credit (PTC). The changes reflect amendments made by the American Rescue Plan Act of 2021 ( P.L. 117-2). The changes include the […]

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San Francisco Tax Preparation / CPA: IRS Updates Plug-In Credit for 2022 Vehicles

Filed in CCH NEWS FEED by on June 23, 2021

The IRS has added new 2022 models to the list of vehicles for which the plug-in vehicle credit would be available. The vehicles added include BMW and Mini vehicles. The BMW 745e XDrive has a credit amount of $5,836. The MINI Cooper S E Countryman ALL4 has a credit of $5,002. . The plug-in vehicle […]

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San Francisco Tax Preparation / CPA: Groups Urged to Share Tax Information With Those Without Permanent Addresses

Filed in CCH NEWS FEED by on June 23, 2021

In an ongoing effort to help those experiencing homelessness, the IRS has reminded people who do not have a permanent address or a bank account that they may still qualify for stimulus payments and other credits, including the advance child tax credit (ACTC) and the recovery rebate credit (RRC). To help people experiencing homelessness, the […]

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San Francisco Tax Preparation / CPA: Late Filers Should File to Limit Penalties

Filed in CCH NEWS FEED by on June 23, 2021

The IRS reminded taxpayers who missed the recent tax-filing deadline but are due a refund that there is no penalty for filing late if a refund is due. Those who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest. The IRS also reminded taxpayers that an extension […]

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San Francisco Tax Preparation / CPA: First Monthly Child Tax Credit Payment Coming in July

Filed in CCH NEWS FEED by on June 23, 2021

The IRS and the Treasury Department have announced that the first monthly payment of the new refundable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. The increased CTC payments will be made on the 15th of each month unless the 15th falls on a weekend or holiday. Eligible […]

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