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San Francisco Tax Preparation / CPA: Farm NOL Election Procedures Provided

Filed in CCH NEWS FEED by on August 28, 2021

The IRS has provided a procedure for making elections and revocations under Act Sec. 2303(e) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136) for taxpayers with a net operating loss (NOL) for any tax year beginning in 2018, 2019, or 2020, all or a portion of which consists of a […]

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San Francisco Tax Preparation / CPA: Identity Theft Awareness Campaign Announced

Filed in CCH NEWS FEED by on August 28, 2021

The IRS, state tax agencies, and the tax industry announced the annual campaign to raise awareness among tax professionals about data security. Continuing an effort to battle tax-related identity theft, the 2021 campaign begins as the number of data thefts reported by tax professionals to the IRS continued to climb. There have been 222 data […]

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San Francisco Tax Preparation / CPA: Treasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax

Filed in CCH NEWS FEED by on August 28, 2021

Secretary of the Treasury Janet L.Yellen addressed the support for a global minimum tax for corporations at a press conference at the close of the G20 Finance Ministers and Central Bank Governors Meetings, on July 11, 2021, see https://home.treasury.gov/news/press-releases/jy0270. Secretary Yellen stated that now 132 countries, representing more than 90 percent of global GDP have agreed […]

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San Francisco Tax Preparation / CPA: IRS Extends Leave-Based Donation Program Treatment

Filed in CCH NEWS FEED by on August 28, 2021

The Treasury and IRS have extended the treatment provided in Notice 2020-46, I.R.B. 2020-27, 7, to cash payments made to Code Sec. 170(c) organizations after December 31, 2020, and before January 1, 2022. Under leave-based donation programs, employees can elect to forgo vacation, sick, or personal leave in exchange for cash payments. An employer’s donations under a leave-based […]

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San Francisco Tax Preparation / CPA: IRS and Community Partners Provide Tax Assistance

Filed in CCH NEWS FEED by on August 28, 2021

The IRS has partnered with non-profit organizations and others in 12 cities to help eligible families file a 2020 return or register for the monthly Advance Child Tax Credit ( ACTC) payments using the new Non-filer Sign-up Tool. The special events will take place on June 25-26 and July 9-10, 2021. Events will be held in Atlanta; New York; […]

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San Francisco Tax Preparation / CPA: IRS Provides Answers to Question Pertaining to Treasury Grants and Related Taxes

Filed in CCH NEWS FEED by on August 28, 2021

The IRS has provided answers to questions that certain transportation companies may have regarding Treasury grants and related taxes, https://www.irs.gov/newsroom/coronavirus-economic-relief-for-transportation-services-certs-frequently-asked-questions. These companies must largely prioritize the use of the grants for payroll costs, though grants may be used for operating expenses, including the acquisition of services and any equipment needed to protect workers and customers from […]

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San Francisco Tax Preparation / CPA: 2.2 Million EIPs Disbursed Under American Rescue Plan

Filed in CCH NEWS FEED by on August 28, 2021

The IRS, Treasury and Bureau of the Fiscal Service announced disbursing more than 2.2 million additional Economic Impact Payments (EIPs) under the American Rescue Plan (ARP) ( P.L. 117-2). The IRS will continue to disburse Economic Impact Payments on a weekly basis. Ongoing payments will be sent to eligible taxpayers for whom the Service previously did […]

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San Francisco Tax Preparation / CPA: Routine Request Exception Applicable to Church Large Employer

Filed in CCH NEWS FEED by on August 28, 2021

The IRS Chief Counsel ruled that when sent to a church applicable large employer, Letter 226-J is a routine request under Reg. §301.7611-1, Q&A-4. The letter was an initial communication with an applicable large employer (ALE) necessary for the ALE to know that they may have a tax obligation. It also provides a preliminary employer […]

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San Francisco Tax Preparation / CPA: CA – California Film and Television Tax Credit Program Expanded

Filed in CCH NEWS FEED by on August 28, 2021

California expanded its film and television tax credit program. A new law makes the following corporation franchise and income and personal income tax changes: provides an additional $75 million in credits each year for fiscal years 2021-22 and 2022-23 for recurring television series; provides an additional $15 million in credits each year for fiscal years […]

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San Francisco Tax Preparation / CPA: Penalty Relief for Certain Pass-through Forms

Filed in CCH NEWS FEED by on August 28, 2021

Partnerships, S corporations, and U.S. persons with interests in foreign partnerships may rely on transition relief from penalties for tax years beginning in 2021 with respect to new Schedules K-2 and K-3. These schedules may be required for: Form 1065, U.S. Return of Partnership Income, Form 1120-S, U.S. Income Tax Return for an S Corporation, […]

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