CCH NEWS FEED
CCH news feed posts
San Francisco Tax Preparation / CPA: Form 1024-A Revised for Electronic Submission
The IRS has announced that it is revising Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4) of the Internal Revenue Code, to allow electronic filing for the first time, as part of an ongoing effort to improve service for the tax-exempt community. The IRS expects electronic filing to be available early in 2021, at […]
San Francisco Tax Preparation / CPA: CA – Relief available for taxpayers affected by wildfires discussed
California has issued a release reminding taxpayers with property damaged by the wildfires that they may be eligible for property tax relief. To qualify for the relief, taxpayers must file a claim with their county assessor’s office within the time specified in your county ordinance or 12 months from the date of damage or destruction, […]
San Francisco Tax Preparation / CPA: Final Regs Define “Real Property” for Like-Kind Exchanges
Final regulations clarify the definition of “real property” that qualifies for a like-kind exchange, including incidental personal property. Under the Tax Cuts and Jobs Act (TCJA, P.L. 115-97), like-kind exchanges occurring after 2017 are limited to real property used in a trade or business or for investment. The final regulations largely adopt regulations that were proposed in June […]
San Francisco Tax Preparation / CPA: PPP Deduction Safe Harbor if Loan Not Forgiven
The IRS has released rulings concerning deductions for eligible Paycheck Protection Program (PPP) loan expenses. The rulings: deny a deduction if the taxpayer has not yet applied for PPP loan forgiveness, but expects the loan to be forgiven; and provide a safe harbor for deducting expenses if PPP loan forgiveness is denied or the taxpayer […]
San Francisco Tax Preparation / CPA: Final Regulations Address Transportation Fringe Benefits
The IRS has issued final regulations under Code Sec. 274 relating to the elimination of the employer deduction of for transportation and commuting fringe benefits by the Tax Cuts and Jobs Act ( P.L. 115-97), effective for amounts paid or incurred after December 31, 2017. The final regulations address the disallowance of a deduction for the expense of […]
San Francisco Tax Preparation / CPA: IRS Spotlights Upcoming Tax Filing Season
As part of a series of reminders, the IRS has urged taxpayers get ready for the upcoming tax filing season. A special page ( https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes), updated and available on the IRS website, outlines steps taxpayers can take now to make tax filing easier in 2021. Taxpayers receiving substantial amounts of non-wage income like self-employment income, investment […]
San Francisco Tax Preparation / CPA: IRS Warns Taxpayers and Tax Professionals Against Scams and Identity Theft Schemes
This year marks the 5th Annual National Tax Security Awareness Week-a collaboration by the IRS, state tax agencies and the tax industry. The IRS and the Security Summit partners have issued warnings to all taxpayers and tax professionals to beware of scams and identity theft schemes by criminals taking advantage of the combination of holiday […]
San Francisco Tax Preparation / CPA: IRS Proposes Regs on Centralized Partnership Audit Regime
NPRM REG-123652-18 The IRS has issued proposed regulations for the centralized partnership audit regime that: clarify that a partnership with a QSub partner is not eligible to elect out of the centralized audit regime; add three new types of “special enforcement matters” and modify existing rules; modify existing guidance and regulations on push out elections […]
San Francisco Tax Preparation / CPA: Final Regs on Silo Rules for Calculating UBTI
The IRS has issued final regulations with guidance on how a tax-exempt organization can determine whether it has more than one unrelated trade or business, how it should identify its separate trades and businesses, and how to separately calculate unrelated business taxable income (UBTI) for each trade or business – often referred to as “silo” rules. Since […]
San Francisco Tax Preparation / CPA: IRS Extends Term of Gaming Industry Tip Compliance Agreement
The IRS has modified Rev. Proc. 2007-32, I.R.B. 2007-22, 1322, to provide that the term of a Gaming Industry Tip Compliance Agreement (GITCA) is generally five years, and the renewal term of a GITCA is extended from three years to a term of up to five years. A GITCA executed under Rev. Proc. 2003-35, 2003-1 CB 919 […]
