CCH NEWS FEED

CCH news feed posts

San Francisco Tax Preparation / CPA: Taxpayers Urged to Create Emergency Preparedness Plans

Filed in CCH NEWS FEED by on June 23, 2021

The IRS reminds taxpayers that May includes National Hurricane Preparedness Week and National Wildfire Awareness Month. It urges taxpayers to create or review emergency preparedness plans for surviving natural disasters. The IRS advises taxpayers to do the following: Secure key documents such as tax returns, birth certificates, deeds, titles and insurance policies inside waterproof containers […]

Continue Reading »

San Francisco Tax Preparation / CPA: Late Filers Should File to Limit Penalties

Filed in CCH NEWS FEED by on June 23, 2021

The IRS reminded taxpayers who missed the recent tax-filing deadline but are due a refund that there is no penalty for filing late if a refund is due. Those who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest. The IRS also reminded taxpayers that an extension […]

Continue Reading »

San Francisco Tax Preparation / CPA: Dependent Care Carryover, Extended Claims Period Treatment Clarified

Filed in CCH NEWS FEED by on June 23, 2021

Dependent care assistance benefits carryovers and extended claims period amounts that would have been excluded from income if used during the preceding tax year will remain excludable in tax years ending in 2021 and 2022. In addition, these benefits will not be taken into account in determining the dependent care benefits exclusion limit for the […]

Continue Reading »

San Francisco Tax Preparation / CPA: Groups Urged to Share Tax Information With Those Without Permanent Addresses

Filed in CCH NEWS FEED by on June 23, 2021

In an ongoing effort to help those experiencing homelessness, the IRS has reminded people who do not have a permanent address or a bank account that they may still qualify for stimulus payments and other credits, including the advance child tax credit (ACTC) and the recovery rebate credit (RRC). To help people experiencing homelessness, the […]

Continue Reading »

San Francisco Tax Preparation / CPA: Treasury: Invest in IRS, Improve Compliance

Filed in CCH NEWS FEED by on June 23, 2021

The Treasury Department has released a statement discussing investment in the IRS and improving tax compliance. While roughly 99 percent of the taxes due on wages are remitted to the IRS, compliance across other forms of income is substantially less, because the IRS has had difficulty verifying whether income from unverified sources is properly reported. […]

Continue Reading »

San Francisco Tax Preparation / CPA: IRS Updates Plug-In Credit for 2022 Vehicles

Filed in CCH NEWS FEED by on June 23, 2021

The IRS has added new 2022 models to the list of vehicles for which the plug-in vehicle credit would be available. The vehicles added include BMW and Mini vehicles. The BMW 745e XDrive has a credit amount of $5,836. The MINI Cooper S E Countryman ALL4 has a credit of $5,002. . The plug-in vehicle […]

Continue Reading »

San Francisco Tax Preparation / CPA: Michael Jackson Estate Assets Valued

Filed in CCH NEWS FEED by on June 23, 2021

Michael Jackson’s image and likeness, as well as his interests in two trusts—one trust (NHT II) that held his interest in the Sony/ATV Music Publishing, LLC, and one trust (NHT III) that held Mijac Music—were valued for estate tax purposes. Image and Likeness The estate claimed that the decedent’s image and likeness was valued at […]

Continue Reading »

San Francisco Tax Preparation / CPA: Adjustments for CTC, EITC, PTC Table

Filed in CCH NEWS FEED by on June 23, 2021

The IRS has modified inflation-adjusted amounts for the child tax credit (CTC), the earned income tax credit (EITC/EIC), and the applicable percentage table for Code Sec. 36B for calculating a taxpayer’s premium tax credit (PTC). The changes reflect amendments made by the American Rescue Plan Act of 2021 ( P.L. 117-2). The changes include the […]

Continue Reading »

San Francisco Tax Preparation / CPA: 2022 HSA Amounts Released

Filed in CCH NEWS FEED by on June 23, 2021

The IRS has released the 2022 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2022, the annual limitation on deductions under Code Sec. 223(b)(2) for an individual with self-only coverage under a high-deductible plan is $3,650 ($7,300 for an individual with family coverage). A “high-deductible health plan” is defined […]

Continue Reading »

San Francisco Tax Preparation / CPA: Drafts of New Schedules K-2 and K-3 Released

Filed in CCH NEWS FEED by on June 23, 2021

The IRS and Treasury have released updated early drafts of new Schedule K-2 and Schedule K-3 for Form 1065, U.S. Return of Partnership Income, Form 1120-S, U.S. Income Tax Return for an S Corporation, and Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, for the 2022 filing season. These new schedules […]

Continue Reading »