CCH NEWS FEED
CCH news feed posts
San Francisco Tax Preparation / CPA: IRS Extends Acceptance of Signature Images, Digital Signatures
The IRS has announced that it is extending its temporary acceptance of certain images of signatures (scanned or photographed) and digital signatures on documents related to the determination or collection of tax liability until June 30, 2021. Further, a temporary deviation has been implemented that allows IRS employees to accept documents via email and to […]
San Francisco Tax Preparation / CPA: CA – Remand to reduce assessed value did not warrant award of attorney fees
A California trial court’s postjudgment order awarding attorney fees to a taxpayer who successfully contested the property tax valuation of his property was reversed because the trial court had remanded the matter to reduce the assessed value and not to make new findings concerning the property’s value. In this matter, the trial court remanded the […]
San Francisco Tax Preparation / CPA: Guidance on Business Deductions of PPP Loan Recipients
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 […]
San Francisco Tax Preparation / CPA: Information Reporting Waived for Nontaxable COVID Assistance
The IRS has waived the requirement to file Form 1099 series information returns or furnish payee statements for certain COVID-related relief that is excluded from gross income. Reporting Affected The IRS waives the requirement to file Form 1099 series information returns, or furnish payee statements, for the following: forgiveness of covered loans under the original […]
San Francisco Tax Preparation / CPA: Relief for Automobile Lease Valuation Rule Users
Due to the COVID-19 pandemic, certain employers and employees who use the automobile lease valuation rule to determine the value of an employee’s personal use of an employer-provided automobile may switch to the vehicle cents-per-mile method. Background Under the general rule, an employer who provides an employee a vehicle must adopt one of the following […]
San Francisco Tax Preparation / CPA: Relief for Certain Excess Business Loss-Related Underpayments
Estimated tax underpayment penalties under Code Sec. 6654 are waived for certain excess business loss-related payments for tax years beginning in 2019. The relief is available to individuals, as well as trusts and estates that are treated as individuals for estimated tax payment penalty purposes. Rules Delayed Certain business losses were limited in tax years […]
San Francisco Tax Preparation / CPA: Period for Paying Deferred Employee Payroll Tax Extended
The IRS has extended the time period during which employers must withhold and pay the employee portion of Social Security tax that employers elected to defer on wages paid from September 1, 2020, through December 31, 2020. Specifically: the end date of the period for withholding and paying the deferred tax is postponed from April […]
San Francisco Tax Preparation / CPA: Reporting Penalty Relief for Partnerships
The IRS has issued guidance that provides partnerships with relief from certain penalties for the inclusion of incorrect information in reporting their partners’ beginning capital account balances on the 2020 Schedules K-1 (Forms 1065 and 8865). The IRS has also provided relief from accuracy-related penalties for any tax year for the portion of an imputed […]
San Francisco Tax Preparation / CPA: Final Regs Address the Deduction Limit for Compensation in Excess of $1,000,000
Final regulations provide guidance related to the limitation on the deduction for employee compensation in excess of $1 million. Specifically, the regulations address: what constitutes a publicly held corporation for purposes of Code Sec. 162(m)(2); the definition of a covered employee for purposes of Code Sec. 162(m)(3); the definition of compensation for purposes of Code […]
San Francisco Tax Preparation / CPA: Additional Final Regulations on Section 163(j) Issued
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 […]
