CCH NEWS FEED
CCH news feed posts
San Francisco Tax Preparation / CPA: IRS Reopens Registration Period for Economic Impact Payments for Certain Federal Beneficiaries
The IRS has announced that it will reopen the registration period for federal beneficiaries who did not receive $500 per child payments earlier this year, as it continues to look for ways to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments (EIPs) for […]
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: Taxpayers Can File Form 1040-X Electronically
The IRS has announced that taxpayers can now submit Form 1040-X electronically with commercial tax filing software. Until now, taxpayers were required to mail a completed Form 1040-X to the IRS for processing. The new electronic option allows the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form. […]
San Francisco Tax Preparation / CPA: IRS Reminds Individuals: Unemployment Compensation Taxable
The IRS has reminded individuals receiving unemployment compensation (beneficiaries) that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year. Quarterly Estimated Tax Payments If a beneficiary does not choose withholding, or if withholding is not enough, the […]
San Francisco Tax Preparation / CPA: Taxpayers Urged to Renew Expiring ITINs
The IRS announced that more than one million Individual Taxpayer Identification Numbers (ITINs) will expire at the end of 2020. ITINs are used by people who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. ITINs that have not been used on a federal tax […]
San Francisco Tax Preparation / CPA: IRS Reminds Employers of Payroll Service Provider Options
The IRS has reminded employers of their options when it comes to choosing payroll service providers. The IRS also summarized the different types of third party providers available, including: payroll service providers; reporting agents; Section 3504 agents; professional employer organizations; and certified professional employer organizations. Payroll Tax Duties Employers are responsible for withholding and paying […]
San Francisco Tax Preparation / CPA: CA – Taxpayers failed to establish error in assessment of additional tax
Taxpayers’ protest against a California personal income tax assessment by the Franchise Tax Board (FTB) was denied because the taxpayers failed to establish that the FTB’s assessment of additional tax which was based upon federal adjustments was erroneous. Generally, a taxpayer must concede the accuracy of the federal changes or prove that those changes, and […]
San Francisco Tax Preparation / CPA: AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral
The American Institute of CPAs (AICPA) has urged the IRS and Treasury in an August 12 letter to issue guidance on President Trump’s payroll tax deferral memorandum. The executive action signed by the president on August 8 instructs Treasury to defer the collection and payment of payroll taxes from September 1 through years-end for eligible […]
San Francisco Tax Preparation / CPA: Final Regs Issued on Charitable Contributions and SALT Benefits
The IRS has released final regulations that address the interaction of the $10,000/$5,000 cap on the state and local tax (SALT) deduction and charitable contributions. The regulations include: a safe harbor for individuals who have any portion of a charitable deduction disallowed due to the receipt of SALT benefits; a safe harbor for business entities […]
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 […]
