CCH NEWS FEED
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San Francisco Tax Preparation / CPA: IRS and Community Partners Provide Tax Assistance
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; […]
San Francisco Tax Preparation / CPA: 2.2 Million EIPs Disbursed Under American Rescue Plan
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 […]
San Francisco Tax Preparation / CPA: Routine Request Exception Applicable to Church Large Employer
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 […]
San Francisco Tax Preparation / CPA: CA – California Film and Television Tax Credit Program Expanded
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 […]
San Francisco Tax Preparation / CPA: IRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments
The IRS has announced the launch of two new online tools to help families verify, manage and monitor monthly payments of child tax credits under the American Rescue Plan Act (ARP) (P.L. 117-2). These are in addition to the Non-filer Sign-up tool announced last week, which helps families register for child tax credits. The tools […]
San Francisco Tax Preparation / CPA: Penalty Relief for Certain Pass-through Forms
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, […]
San Francisco Tax Preparation / CPA: No Surprise Billing Act Interim and Proposed Regulations
The Departments of the Treasury, Labor, and Health and Human Services (the Departments), have issued interim final rules and identical proposed regulations to implement provisions of the No Surprises Act. On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA), which included the No Surprises Act, was signed into law. The No Surprises Act provides […]
San Francisco Tax Preparation / CPA: IRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents
The IRS has proposed regulations that would amend the rules for filing electronically and affects persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns, registration statements, disclosure statements, notifications, actuarial reports, and certain excise tax returns. The proposed amendments reflect changes made by […]
San Francisco Tax Preparation / CPA: Treasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax
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 […]
San Francisco Tax Preparation / CPA: Farm NOL Election Procedures Provided
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 […]
