CCH NEWS FEED

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At Safe Harbor CPA, We Are a Small Business Like Many Others Here in SF

Filed in CCH NEWS FEED by on August 4, 2020

At Safe Harbor, our CPA firm is a “small business.” We work hard for each and every client and focus on being the best CPA firm in San Francisco for other “small businesses.” If you are a “small” or “medium” sized business, we’re sure our philosophy will be in accord with yours.

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San Francisco Tax Preparation / CPA: Date Extended for Applying Foreign Branch Rules

Filed in CCH NEWS FEED by on July 10, 2020

A one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. The applicability date in the regulations will be amended, but taxpayers can rely on the notice until the regulations are amended. Final and temporary regulations were issued […]

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San Francisco Tax Preparation / CPA: IRS Provides COVID-19 Related Safe Harbors for Determining Tax Status of Arrangements that Hold Real Property as Trusts

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released a revenue procedure that describes temporary safe harbors for the purpose of determining the federal tax status of certain arrangements that hold real property as trusts in response to the COVID-19 emergency. Specifically, the Service has provided temporary relief to arrangements that are treated as trusts under Reg. §301.7701-4(c) which are, or have […]

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San Francisco Tax Preparation / CPA: Guidance Updated for Making Adequate Disclosure

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is “adequate” for reducing the understatement of income tax under Code Sec. 6662(d) regarding the substantial understatement aspect of the accuracy-related penalty, and for avoiding the tax return preparer […]

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San Francisco Tax Preparation / CPA: Deadlines Extended for Qualified Opportunity Funds and Investors

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has announced various extensions of deadlines for qualified opportunity funds and their investors due to the Coronavirus pandemic. 180-Day Investment PeriodGenerally taxpayers must reinvestment capital gain in a qualified opportunity fund (QOF) within 180 days after the gain is realized from a sale or exchange. Under the guidance, if the last day of […]

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San Francisco Tax Preparation / CPA: 2020 Foreign Housing Expense Limitations Released

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2020. Generally, a qualified individual whose entire tax year is within the applicable period is limited to maximum housing expenses of $32,280 for 2020. Similarly, the computation of the base housing amount is also tied to […]

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San Francisco Tax Preparation / CPA: IRS Releases 2020 Inflation-Adjusted Tax Tables, Other Amounts

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released the annual inflation adjustments for 2020 for over 60 tax provisions, including the income tax rate tables. The IRS issues these cost-of-living adjustments (COLAs) each year to reflect inflation. The adjustments apply to tax years beginning in 2020, and are generally used on returns that will be filed in 2021. Some […]

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San Francisco Tax Preparation / CPA: Proposed Regulations Issued Updating Definition of Qualifying Relative for Child-Related Tax Benefits

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has issued proposed regulations clarifying the definition of a qualifying relative for various tax benefits for tax years 2018 through 2025 in which the dependent exemption amount is zero. During these years, the exemption amount will be inflation adjusted as provided in annual IRS guidance in determining whether an individual is a qualifying […]

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San Francisco Tax Preparation / CPA: 2020 Standard Mileage Rates Released

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes. 2020 Standard Mileage RatesTaxpayers may use the standard mileage rates, instead of their actual expenses, to calculate certain deductions. The standard mileage rates for 2020 […]

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San Francisco Tax Preparation / CPA: 2020 Inflation Adjustments for Pension Plans, Retirement Accounts

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions. Highlights of 2020 Changes The contribution limit for employees who take part in 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan, has increased to $19,500. Employees age 50 and over who […]

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