Lee McDonald's Latest Posts
Safe Harbor LLP Announces New Post on Expat Tax Preparation and Need for an International Tax CPA Firm
October 2, 2020 – San Francisco, California. Safe Harbor LLP, a top-rated international CPA firm in California, is proud to announce a new post on expatriate tax return preparation and the need for a CPA firm with special expertise in international tax issues. During the current Pandemic, international taxes have become more complicated than ever.
Safe Harbor CPAs Announces New Post on Finding the Best Tax Accountant and CPA Firm in San Francisco in Preparation for 2020 Returns
San Francisco, California – September 30, 2020. Safe Harbor CPAs, a team of accountants in San Francisco, California, is proud to announce a new post on finding the best CPA in San Francisco for high income, business, and international tax needs.
You know what they say? Size doesn’t matter. Well, that’s definitely true when it comes to accounting firms.
September 11, 2020 – San Francisco, California. Safe Harbor CPAs, a team of accountants in San Francisco, California, is proud to announce a new post on finding a business tax CPA in San Francisco. Many businesses face the most complex tax environment ever, with an economic recession, COVID-19, and temporary tax relief and programs not […]
San Francisco Tax Preparation / CPA: Final and Proposed Regulations Issued on GILTI High-Tax Exclusion
The Treasury and IRS have issued final and proposed regulations under the global intangible low-taxed income (GILTI) and subpart F provisions for the treatment of high-taxed income. The final regulations provide guidance on determining the type of high-taxed income that is eligible for the exclusion (the “GILTI high-tax exclusion” or GILTI HTE). Proposed regulations generally […]
San Francisco Tax Preparation / CPA: CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs
The IRS has reminded taxpayers that the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) can provide favorable tax treatment for withdrawals from retirement plans and Individual Retirement Accounts (IRAs). Under the CARES Act, individuals eligible for coronavirus-related relief may be able to withdraw up to $100,000 from IRAs or workplace retirement […]
San Francisco Tax Preparation / CPA: Eligible Rollover Distribution Safe Harbor Explanations Modified
The IRS has modified two safe harbor explanations in Notice 2018-74, 2018-40 I.R.B. 529, that can be used to satisfy the requirement under Code Sec. 402(f) that certain information be provided to recipients of eligible rollover distributions. The modifications were necessary due to recent changes in law made by the Setting Every Community Up for […]
San Francisco Tax Preparation / CPA: Proposed Regulations Address Small Business Simplified Accounting Rules
Proposed regulations adopt the post-2017 simplified accounting rules for small businesses. Implementation The Tax Cuts and Jobs Act ( P.L. 115-97) put in place a single $25 million gross receipts test (adjusted annually for inflation after 2018) for determining whether certain taxpayers can use the cash method of accounting, are not required to use inventories, […]
San Francisco Tax Preparation / CPA: Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons
The IRS has released proposed regulations that implement new Code Sec. 7602(f), which bars non-government persons who are hired by the IRS from questioning a witness under oath whose testimony was obtained pursuant to a summons issued under Code Sec. 7602. The regulations prohibit any IRS contractors from asking a summoned person’s representative to clarify […]
The IRS has provided guidance on the special rules relating to funding of single-employer defined benefit pension plans, and related benefit limitations, under Act Sec. 3608 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136). The guidance clarifies application of the extended contribution deadline, and the optional use of the prior […]