CCH NEWS FEED

CCH news feed posts

San Francisco Tax Preparation / CPA: Senate Fails to Pass “Skinny” COVID-19 Relief Bill

Filed in CCH NEWS FEED by on October 22, 2020

On September 10, 2020, the Senate failed to pass the Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act. This bill was described as a targeted proposal, and included provisions that carry broad support. Its price tag, however, was about half of the $1 trillion dollar bill proposed by the Senate as “CARES 2” in […]

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San Francisco Tax Preparation / CPA: Final Regulations Provide Additional BEAT Guidance

Filed in CCH NEWS FEED by on October 22, 2020

Final regulations provide additional guidance on the base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The regulations also address certain aspects of the BEAT under Code Secs. 1502 and 6031. The final regulations retain the basic approach and structure of the 2018 proposed regulations ( NPRM REG-112607-19), with certain revisions. The final regulations generally provide rules addressing the […]

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San Francisco Tax Preparation / CPA: Higher Penalties on 2019 Returns Filed After September 14

Filed in CCH NEWS FEED by on October 22, 2020

The IRS has warned taxpayers who have not yet filed their 2019 tax returns that higher penalties will be imposed if they file after September 14. Taxpayers who submitted an extension of time to file their returns have until October 15 to file and do not face the failure to file penalty if they file […]

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San Francisco Tax Preparation / CPA: E-Signatures Temporarily Approved for Certain Forms

Filed in CCH NEWS FEED by on October 22, 2020

The IRS has announced that it is temporarily allowing the use of digital signatures on certain forms that normally require a handwritten signature. The following forms can be submitted with digital signatures if signed and postmarked beginning on or after August 28, 2020, through December 31, 2020: Form 3115, Application for Change in Accounting Method; Form 8832, […]

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San Francisco Tax Preparation / CPA: Digital Signatures Allowed on More Forms

Filed in CCH NEWS FEED by on October 22, 2020

The IRS had announced that it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically; the Service has now added several additional forms to that list. The IRS took these steps during the COVID-19 pandemic to reduce in-person contact and lessen the risk to taxpayers and tax professionals, allowing both groups to […]

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San Francisco Tax Preparation / CPA: IRS Suspends Mailing Notices to Taxpayers with Balances Due

Filed in CCH NEWS FEED by on October 22, 2020

The IRS has temporarily suspended the mailing of three notices—CP501, CP503, and CP504—to taxpayers who have a balance due on their taxes. The IRS is taking this step to avoid confusion for taxpayers who previously received a balance due notice (CP14) and mailed a payment to the IRS, but whose payment may still be unopened […]

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San Francisco Tax Preparation / CPA: IRS Launches Partnership Audit Website

Filed in CCH NEWS FEED by on October 22, 2020

The IRS announced the launch of the Bi-Partisan Budget Act (BBA) Centralized Partnership Audit Regime website. The website intends to be a one-stop location for anything BBA-related including regulations and guidance on electronic submission instructions of forms. Under the BBA, the IRS generally assesses and collects any understatement of tax (called an imputed underpayment) at the […]

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San Francisco Tax Preparation / CPA: Final Regs Issued on Charitable Contributions and SALT Benefits

Filed in CCH NEWS FEED by on September 9, 2020

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 […]

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San Francisco Tax Preparation / CPA: Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit

Filed in CCH NEWS FEED by on September 9, 2020

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 […]

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San Francisco Tax Preparation / CPA: IRS Issues Proposed Regulations on Partnership Carried Interests

Filed in CCH NEWS FEED by on September 9, 2020

The IRS has issued proposed regulations that implement the “carried interest” rules under Code Sec. 1061 adopted by Congress as part of the Tax Cuts and Jobs Act of 2017 ( P.L. 115-97). Some key aspects of the lengthy proposed regulations include the definition of important terms, how the rules work in the context of […]

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