The Treasury and IRS have issued final regulations that limit the Code Sec. 245A dividends received deduction and the Code Sec. 954(c) exception on distributions supported by certain earnings and profits not subject to the integrated international tax regime created by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Proposed regulations and temporary regulations, issued on June 18, […]
San Francisco Tax Preparation / CPA: Distributions by Terminated S Corporations Addressed in Final Regs.
Treasury has issued final and amended regulations on the rules for distributions made by terminated S corporations during the post-termination transition period (PTTP). These regulations apply after an S corporation has become a C corporation. Generally, the regulations are applicable as of the date they are published in the Federal Register. Eligible Terminated S Corporation […]
San Francisco Tax Preparation / CPA: Final Regs. Clarify Ratable Rehabilitation Credit is Still a Single Credit
Final regulations clarify that the amount of the rehabilitation credit for a qualified rehabilitated building (QRB) is determined as a single credit in the year the QRB is placed in service. This is the case even though the credit is allocated ratably over a five-year period. The final regulations adopt without modification proposed regulations released […]
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If you have ever wondered why your business in San Francisco, California, gets charged so much tax, it is because successful businesses are where the money is and the government wants as much of it as possible.
Safe Harbor CPAs Announces Post on Multistate Tax Return Preparation for Remote and ‘Work from Home’ Workers
San Francisco, California – November 30, 2020. Safe Harbor CPAs, a top-rated accounting firm in San Francisco, California, at https://www.safeharborcpa.com/, is proud to announce a new post on multistate tax issues, specifically the complexities of tax return preparation for remote and ‘work from home’ workers.
The Pandemic has changed a lot of things, among them: tax exposure. Many San Francisco Bay Area residents are now working remotely, and this “remote work” can create some new tax liabilities. How so? Well, as is always true with taxation: it depends. Let’s look at some common scenarios: