Lee McDonald's Latest Posts
Do you want a tax professional or a tax amateur? Are you seriously considering using Turbotax for your million-dollar business? Seriously? Or is Uncle Fred going to continue to do your taxes, which is his side gig?
San Francisco, California – March 2, 2021. Safe Harbor LLP, a San Francisco CPA firm focused on high net-worth individuals and Bay Area businesses at https://www.safeharborcpa.com/, is proud to announce a timely post on the value of a tax advisor during these difficult times.
San Francisco, California – March 1, 2021. Safe Harbor CPAs, a team of best-in-class accountants in San Francisco, California, is proud to announce new content on the paradoxes of the search for the ‘best’ cpa, ‘best’ accountant, and indeed ‘best’ tax service in San Francisco.
San Francisco Tax Preparation / CPA: Final Regulations Released on Small Business Simplified Accounting Rules
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 […]
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. […]
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. […]
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 […]
San Francisco Tax Preparation / CPA: Final Regs Address the Deduction Limit for Compensation in Excess of $1,000,000
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 […]
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 […]
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 […]