CCH NEWS FEED

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San Francisco Tax Preparation / CPA: IRS Urges E-Filing, Direct Deposit

Filed in CCH NEWS FEED by on March 24, 2021

The IRS has urged taxpayers to e-file their returns and use direct deposit to ensure filing accurate tax returns and expedite their tax refunds to avoid a variety of pandemic-related issues. The filing season opened on February 12, 2021, and taxpayers have until April 15 to file their 2020 tax return and pay any tax […]

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San Francisco Tax Preparation / CPA: House Ways and Means Advances COVID Relief Bill

Filed in CCH NEWS FEED by on March 24, 2021

On February 11, the House Ways and Means Committee finished marking up draft legislative text in the Fiscal 2021 budget resolution reconciliation, which contains tax law proposals based on President Joe Biden’s COVID relief package, the American Rescue Plan. The legislation now goes to the House Budget Committee where the budget resolution process requires its […]

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San Francisco Tax Preparation / CPA: IRS Guidance on Identity Theft Involving Unemployment Benefits

Filed in CCH NEWS FEED by on March 24, 2021

The IRS urges taxpayers who receive Forms 1099-G, Certain Government Payments, for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form. Some taxpayers who faced unemployment or reduced work hours due to COVID-19 pandemic applied for and received unemployment compensation from their state. […]

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San Francisco Tax Preparation / CPA: IRS Warns Taxpayers of “Ghost” Return Preparers

Filed in CCH NEWS FEED by on March 24, 2021

The IRS has reminded taxpayers to avoid “ghost” tax return preparers whose refusal to sign returns can cause an array of problems. Filing a valid and accurate tax return is important because the taxpayer is ultimately responsible for it. Ghost preparers get their name because they do not sign tax returns they prepare. Like a […]

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San Francisco Tax Preparation / CPA: IRS Spotlights Online Accounts for Taxpayers

Filed in CCH NEWS FEED by on March 24, 2021

The IRS has reminded taxpayers that they can securely access their IRS account information through their individual online account. Information that taxpayers can view online includes: the amount they owe, updated for the current calendar day; their balance details by year; their payment history and any scheduled or pending payments; key information from their most […]

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San Francisco Tax Preparation / CPA: International Mail Disruption Affects Form SSA-1099

Filed in CCH NEWS FEED by on March 24, 2021

The IRS has warned individuals who live outside of the United States and receive Social Security benefits that they may not receive Form SSA-1099, due to the temporary suspension of international mail to some locations caused by the COVID-19 pandemic. If individuals have not received Form SSA-1099 or Form SSA-1042S, they can access their information […]

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San Francisco Tax Preparation / CPA: CA – Report of 2020 federal laws enacted through December 2020 released

Filed in CCH NEWS FEED by on March 24, 2021

The California Franchise Tax Board (FTB) has released a report of 2020 federal income tax changes enacted prior to December 2020 and their impact for California tax purposes. The report analyzes changes made by the following federal laws: Families First Coronavirus Response Act (P.L. 116-127); Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136); […]

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San Francisco Tax Preparation / CPA: New Form for Self-Employed COVID-19 Leave Credits

Filed in CCH NEWS FEED by on March 24, 2021

The IRS has released new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. The form allows eligible self-employed individuals to calculate the amount to claim for qualified sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA) ( P.L. 116-127). They can claim the credits on […]

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San Francisco Tax Preparation / CPA: IRS Urges Employers to Claim Employee Retention Credit

Filed in CCH NEWS FEED by on March 24, 2021

The IRS is urging employers to take advantage of the newly-extended employee retention credit (ERC), which makes it easier for businesses that have chosen to keep their employees on the payroll despite challenges posed by COVID-19. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Division EE of P.L. 116-260), which was enacted December […]

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San Francisco Tax Preparation / CPA: Lenders Notified to File Corrected Forms 1099-MISC to Exclude Subsidized Loan Payments

Filed in CCH NEWS FEED by on March 24, 2021

The IRS has announced that lenders who had filed or furnished Form 1099-MISC, Miscellaneous Information, to a borrower, reporting certain payments on loans subsidized by the Administrator of the U.S. Small Business Administration (Administrator) as income of the borrower, must file and furnish corrected Forms 1099-MISC that exclude these subsidized loan payments. On January 19, […]

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