CCH NEWS FEED

CCH news feed posts

San Francisco Tax Preparation / CPA: IRS Provides Answers to Question Pertaining to Treasury Grants and Related Taxes

Filed in CCH NEWS FEED by on August 28, 2021

The IRS has provided answers to questions that certain transportation companies may have regarding Treasury grants and related taxes, https://www.irs.gov/newsroom/coronavirus-economic-relief-for-transportation-services-certs-frequently-asked-questions. These companies must largely prioritize the use of the grants for payroll costs, though grants may be used for operating expenses, including the acquisition of services and any equipment needed to protect workers and customers from […]

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San Francisco Tax Preparation / CPA: IRS Highlights Website and Online Tools

Filed in CCH NEWS FEED by on August 28, 2021

The IRS reminded taxpayers that their website ( www.irs.gov) provides millions of visitors with the answers they need to fit their busy summer schedules. Taxpayers who requested an extension to October 15 or missed the May 17 deadline can still prepare and e-file tax returns for free with the IRS Free File tool. Further, taxpayers can view, […]

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San Francisco Tax Preparation / CPA: CTC Automatic Payments Being Sent

Filed in CCH NEWS FEED by on August 28, 2021

The IRS announced that eligible families would automatically begin receiving monthly child tax credit (CTC) payments starting July 15. These payments cover half of the credit families will likely qualify to receive when they file their 2021 federal income tax return. Each payment will be up to $300 per month for each child under age […]

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San Francisco Tax Preparation / CPA: IRS Extends Leave-Based Donation Program Treatment

Filed in CCH NEWS FEED by on August 28, 2021

The Treasury and IRS have extended the treatment provided in Notice 2020-46, I.R.B. 2020-27, 7, to cash payments made to Code Sec. 170(c) organizations after December 31, 2020, and before January 1, 2022. Under leave-based donation programs, employees can elect to forgo vacation, sick, or personal leave in exchange for cash payments. An employer’s donations under a leave-based […]

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San Francisco Tax Preparation / CPA: Identity Theft Awareness Campaign Announced

Filed in CCH NEWS FEED by on August 28, 2021

The IRS, state tax agencies, and the tax industry announced the annual campaign to raise awareness among tax professionals about data security. Continuing an effort to battle tax-related identity theft, the 2021 campaign begins as the number of data thefts reported by tax professionals to the IRS continued to climb. There have been 222 data […]

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San Francisco Tax Preparation / CPA: Temporary Use of Digital Signatures Extended

Filed in CCH NEWS FEED by on July 24, 2021

The IRS has extended the list of federal tax forms that cannot be filed electronically for which it is temporarily allowing digital signatures. The IRS has also extended filing period for which digital signatures on these forms will be accepted. These forms can be sent to the IRS with digital signatures if they are postmarked […]

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San Francisco Tax Preparation / CPA: CA – Taxpayer failed to provide resale certificates for claimed nontaxable sales for resale

Filed in CCH NEWS FEED by on July 24, 2021

For California sales and use tax purposes, a corporation’s (taxpayer’s) redetermination petition was denied because the taxpayer failed to provide resale certificates for its claimed nontaxable sales for resale. In this matter, the Department of Tax and Fee Administration (department) disallowed taxpayer’s claimed nontaxable sales for resale. The taxpayer manufactured and sold retail displays in […]

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San Francisco Tax Preparation / CPA: Supreme Court Rejects Affordable Care Act Challenge

Filed in CCH NEWS FEED by on July 24, 2021

The Supreme Court has reversed and remanded California v. Texas, holding that the Plaintiffs do not have standing to challenge the Patient Protection and Affordable Care Act’s (ACA) minimum essential coverage provision. In 2010, ACA, under the newly added Code Sec. 5000A, required most Americans to obtain minimum essential health insurance coverage, or pay a penalty. In […]

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San Francisco Tax Preparation / CPA: American Rescue Plan Tax Credit FAQs

Filed in CCH NEWS FEED by on July 24, 2021

The IRS issued two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and mid-sized employers) in claiming credits under the American Rescue Plan (ARP). These FAQs provide information on eligibility, computing the credit amounts and how to claim these important tax benefits. Enacted in March to assist families and small businesses with […]

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San Francisco Tax Preparation / CPA: Child Tax Credit Letters Being Sent

Filed in CCH NEWS FEED by on July 24, 2021

The IRS has started sending letters to over 36 million families who, based on tax returns filed, may be eligible to receive monthly child tax credit payments starting July. Eligibility of these families are being evaluated based on information provided by taxpayers in their 2019 or 2020 tax returns, or through the Non-Filers tool while […]

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