CCH NEWS FEED
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San Francisco Tax Preparation / CPA: IRS Updates Audit Techniques Guide on Retail Industry Examinations
The IRS has updated an Audit Techniques Guide (ATG) on its website that addresses conducting income tax examinations in the retail industry. An ATG focuses on developing highly trained examiners for particular market segments by presenting examination techniques, common and unique industry issues, business practices, industry terminology and other information. The ATG is available on […]
San Francisco Tax Preparation / CPA: CA – Filing requirements for small businesses discussed
The California Department of Tax and Fee Administration (department) issued a publication titled “Striking Gold in California” discussing the federal and the state tax filing requirements for small businesses set up as sole proprietorships. The publication discusses (1) taxes administered by the Internal Revenue Service; (2) income taxes administered by the Franchise Tax Board; (3) employee taxes […]
San Francisco Tax Preparation / CPA: IRS Extends Federal Tax Filing and Payment Deadlines for Certain Taxpayers Affected by COVID-19
The IRS has postponed the federal tax filing and payment deadlines, and associated interest, penalties, and additions to tax, for certain taxpayers who have been adversely affected by the Coronavirus Disease 2019 (COVID-19) pandemic. For individual taxpayers, the notice postpones to May 17, 2021, certain deadlines that would normally fall on April 15, 2021, such […]
San Francisco Tax Preparation / CPA: Guidance on Temporary Full Deduction for Business Meals
The IRS has provided guidance related to the temporary 100-percent deduction for business meals provided by a restaurant. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 ( P.L. 116-260) temporarily increased the deduction from 50 percent to 100 percent for a business’s restaurant food and beverage expenses for 2021 and 2022. All other food […]
San Francisco Tax Preparation / CPA: Guidance for Claiming Employee Retention Credit for First and Second Quarters in 2021
The IRS has issued guidance for employers claiming the employee retention credit under Act Sec. 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136), as modified by Act Secs. 206 and 207 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act) (Division EE of P.L. 116-260), for […]
San Francisco Tax Preparation / CPA: Amounts Paid for COVID-19 PPE Are Deductible Medical Expenses
The IRS has issued guidance clarifying that amounts paid for personal protective equipment—such as masks, hand sanitizer and sanitizing wipes—for the primary purpose of preventing the spread of the Coronavirus Disease 2019 (COVID-19 PPE) are treated as amounts paid for medical care under Code Sec. 213(d). Therefore, amounts paid by an individual taxpayer for COVID-19 PPE […]
San Francisco Tax Preparation / CPA: COBRA Premium Assistance Guidance
The U.S. Department of Labor has published a new webpage with guidance implementing the Continuation of Health Coverage premium assistance provisions of the American Rescue Plan (ARP), to provide full COBRA premium assistance to certain individuals who experienced a reduction in hours or involuntary termination of employment. This guidance, from the Labor Department’s Employee Benefits Security […]
San Francisco Tax Preparation / CPA: Suspension of Excess Advance Premium Tax Credit Repayment
The IRS has announced that, under the American Rescue Plan Act of 2021 (ARP) ( P.L. 117-2), the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) is suspended for tax year (TY) 2020. A taxpayer’s excess APTC is the amount by which […]
San Francisco Tax Preparation / CPA: Deposit Penalty Relief Extended for COVID-19 Employer Credits
The IRS has extended the penalty relief provided in Notice 2020-22, I.R.B. 2020-17, 664, for failure to deposit employment taxes, to eligible employers that reduce their required deposits in anticipation of the following credits: the paid sick and family leave credits under the Families First Coronavirus Response Act (Families First Act) ( P.L. 116-127), as amended by […]
San Francisco Tax Preparation / CPA: Individuals Experiencing Homelessness Can Receive EIPs
Continuing an ongoing effort to help those experiencing homelessness during the pandemic, the IRS has reminded people who do not have a permanent address or a bank account that may still qualify for Economic Impact Payments (EIP) and other tax benefits. While EIPs are made automatically to most people, payments cannot be issued to eligible […]
