CCH NEWS FEED

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San Francisco Tax Preparation / CPA: Additional Final Regulations on Section 163(j) Issued

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has issued final regulations providing additional guidance on the limitation on the deduction for business interest under Code Sec. 163(j). The regulations finalize various portions of the proposed regulations issued in 2020 with few modifications. They address the application of the limit in the context of calculating adjusted taxable income (ATI) with respect […]

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San Francisco Tax Preparation / CPA: Final Regulations Address Deductibility of Fines and Penalties

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has released final regulations that address the changes made to Code Sec. 162(f) by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), concerning the deduction of certain fines, penalties, and other amounts. The final regulations also provide guidance relating to the information reporting requirements for fines and penalties under Code Sec. […]

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San Francisco Tax Preparation / CPA: Filing Season Begins February 12

Filed in CCH NEWS FEED by on February 27, 2021

The IRS will begin accepting and processing 2020 tax year returns for individual filers on Friday, February 12, 2021. This start date will allow the IRS time to do additional programming and testing of its systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits. […]

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San Francisco Tax Preparation / CPA: Safe Harbor for Electing Real Property Trade or Business

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has provided a safe harbor allowing a trade or business that manages or operates a qualified residential living facility to be treated as a “real property trade or business” solely for purposes of qualifying to make the Code Sec. 163(j)(7)(B) election. This guidance formalizes the proposed safe harbor issued in Notice 2020-59, I.R.B. […]

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San Francisco Tax Preparation / CPA: All Taxpayers Now Eligible for IP PINs

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers’ personally identifiable information. Taxpayers who […]

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San Francisco Tax Preparation / CPA: Final Regulations Released on Small Business Simplified Accounting Rules

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has released final regulations addressing the post-2017 simplified accounting rules for small businesses. The final regulations adopt and modify proposed regulations released in August 2020. Implementation of the Rules The Tax Cuts and Jobs Act ( P.L. 115-97) put in place a single $25 million gross receipts test for determining whether certain taxpayers […]

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San Francisco Tax Preparation / CPA: 2021 Standard Mileage Rates Released

Filed in CCH NEWS FEED by on February 27, 2021

The IRS released the optional standard mileage rates for 2021. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, medical, and charitable purposes. Some members of the military may also use these rates to compute their moving expense deductions. 2021 Standard Mileage Rates The standard mileage rates for 2021 […]

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San Francisco Tax Preparation / CPA: SBA, Treasury Announce PPP Re-Opening

Filed in CCH NEWS FEED by on February 27, 2021

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) would re-open during the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on […]

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San Francisco Tax Preparation / CPA: IRS Releases Final Regulations on Recovery of Misdirected Direct Deposit Refund

Filed in CCH NEWS FEED by on February 27, 2021

The IRS has released final regulations with the procedures under Code Sec. 6402(n) for identification and recovery of a misdirected direct deposit refund. This guidance reflects modifications to the law made by the Taxpayer First Act ( P.L. 116-25). The final regulations affect taxpayers who have made a claim for refund, requested the refund be […]

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San Francisco Tax Preparation / CPA: Guidance on Business Deductions of PPP Loan Recipients

Filed in CCH NEWS FEED by on February 1, 2021

The IRS has issued guidance clarifying that taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct their business expenses, even if their PPP loans are forgiven. The IRS previously issued Notice 2020-32 and Rev. Rul. 2020-27, which stated that taxpayers who received PPP loans and had those loans forgiven would not be able […]

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