San Francisco Tax Preparation / CPA: Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit
The IRS has issued final regulations regarding the limitation for the business interest expense deduction under Code Sec. 163(j), including recent legislative amendments made for the 2019 and 2020 tax years. Also, a safe harbor has been proposed allowing taxpayers managing or operating residential living facilities to qualify as a real property trade or business […]
San Francisco Tax Preparation / CPA: IRS Issues Proposed Regulations on Partnership Carried Interests
The IRS has issued proposed regulations that implement the “carried interest” rules under Code Sec. 1061 adopted by Congress as part of the Tax Cuts and Jobs Act of 2017 ( P.L. 115-97). Some key aspects of the lengthy proposed regulations include the definition of important terms, how the rules work in the context of […]
San Francisco Tax Preparation / CPA: Temporary and Proposed Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act
The Treasury and the IRS have issued temporary and proposed regulations to: reconcile advance payments of refundable employment tax credits provided under the Families First Coronavirus Response Act (Families First Act) ( P.L. 116-127) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136), and recapture the benefit of the credits when […]
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The Size of a CPA Is Not Important. What Counts Is Expertise
You know what they say? Size doesn’t matter. Well, that’s definitely true when it comes to accounting firms.
Safe Harbor CPAs Announces Post on Finding a Business Tax CPA in San Francisco
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 […]
