CCH NEWS FEED

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San Francisco Tax Preparation / CPA: Accounting Method Change Procedures Updated

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and supersedes the current list of automatic changes found in Rev. Proc. 2018-31, I.R.B. 2018-22, 637. Subject to a transition rule, this latest guidance is effective […]

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San Francisco Tax Preparation / CPA: Proposed Reliance Regs Define “Real Property”” for Like-Kind Exchanges

Filed in CCH NEWS FEED by on July 10, 2020

Proposed reliance regulations clarify the definitions 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. Comments are requested. Real Property Defined for Like-Kind ExchangesUnder […]

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San Francisco Tax Preparation / CPA: IRS Launches Assistant to Help Small Businesses Withhold Tax

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers’ pay. Known as the Income Tax Withholding Assistant for Employers, the new spreadsheet-based tool was designed to help employers easily transition to the redesigned withholding system […]

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San Francisco Tax Preparation / CPA: Proposed Updated RMD Tables Issued

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, and would apply for distribution calendar years beginning on or after January 1, 2021, with transition relief. Effect of Proposed Tables Distribution periods under the new rules […]

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San Francisco Tax Preparation / CPA: IRS Launches Gig Economy Tax Center

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has announced the launch of the new Gig Economy Tax Center on its website, to help individuals in this growing area meet their tax obligations through more streamlined information. It is intended to make it easier for taxpayers to find information about the tax implications for the companies that provide the services and the individuals […]

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San Francisco Tax Preparation / CPA: Joint Directive on Work Opportunity Tax Credit Issued

Filed in CCH NEWS FEED by on July 10, 2020

The IRS Large Business and International Division (LB&I) and Small Business/Self-Employed Division (SBSE) have issued a joint directive to provide instructions to LB&I and SBSE examiners on the treatment of Work Opportunity Tax Credit (WOTC) examinations under Code Sec. 51. The directive is effective for all LB&I and SB/SE taxpayers claiming the WOTC in the […]

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San Francisco Tax Preparation / CPA: IRS Provides Procedures to Claim Fuel Credits

Filed in CCH NEWS FEED by on July 10, 2020

The IRS has provided a process for eligible taxpayers to make a one-time claim for the credits and payments allowed under Code Secs. 6426(c), 6426(d) and 6427(e) for biodiesel (including renewable diesel) mixtures and alternative fuel sold or used during calendar years 2018 and 2019. These credits had expired after 2017 but were retroactively reinstated by the Further Consolidated Appropriations […]

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San Francisco Tax Preparation / CPA: New LB&I Campaign on Deferred Foreign Income

Filed in CCH NEWS FEED by on July 10, 2020

The IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called “IRC 965.” The campaign’s goal is to promote compliance with Code Sec. 965, Treatment of Deferred Foreign Income Upon Transition to Participation Exemption System of Taxation, which was part of the Tax Cuts and Jobs Act (TCJA) […]

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San Francisco Tax Preparation / CPA: IRS to Return Sequestered Funds Affected by OMB Determination

Filed in CCH NEWS FEED by on July 10, 2020

The IRS will return sequestered funds to businesses that were affected by a recent Office of Management and Budget (OMB) determination regarding the Balanced Budget and Emergency Deficit Control Act of 1985, as amended. The OMB determination corrects and reverses the previous determination by which refund payments issued to, and credit elect and refund offset […]

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San Francisco Tax Preparation / CPA: IRS Highlights Steps For Smooth Processing of Taxpayers’ 2019 Federal Tax Returns

Filed in CCH NEWS FEED by on July 10, 2020

The IRS urged taxpayers to act now to ensure the smooth processing of their 2019 federal tax return. This reminder, first in a series, was aimed to help taxpayers get ready for the upcoming tax filing season. Consequently, a special page, newly updated and available on IRS.gov, outlined things taxpayers can do to prepare for […]

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