CCH NEWS FEED

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San Francisco Tax Preparation / CPA: AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral

Filed in CCH NEWS FEED by on September 9, 2020

The American Institute of CPAs (AICPA) has urged the IRS and Treasury in an August 12 letter to issue guidance on President Trump’s payroll tax deferral memorandum. The executive action signed by the president on August 8 instructs Treasury to defer the collection and payment of payroll taxes from September 1 through years-end for eligible […]

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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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San Francisco Tax Preparation / CPA: Temporary and Proposed Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act

Filed in CCH NEWS FEED by on September 9, 2020

The Treasury and the IRS have issued temporary and proposed regulations to: reconcile advance payments of refundable employment tax credits provided under the Families First Coronavirus Response Act (Families First Act) ( P.L. 116-127) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136), and recapture the benefit of the credits when […]

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San Francisco Tax Preparation / CPA: Guidance on CARES Act Defined Benefit Plan Funding Relief

Filed in CCH NEWS FEED by on September 9, 2020

The IRS has provided guidance on the special rules relating to funding of single-employer defined benefit pension plans, and related benefit limitations, under Act Sec. 3608 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136). The guidance clarifies application of the extended contribution deadline, and the optional use of the prior […]

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San Francisco Tax Preparation / CPA: Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons

Filed in CCH NEWS FEED by on September 9, 2020

The IRS has released proposed regulations that implement new Code Sec. 7602(f), which bars non-government persons who are hired by the IRS from questioning a witness under oath whose testimony was obtained pursuant to a summons issued under Code Sec. 7602. The regulations prohibit any IRS contractors from asking a summoned person’s representative to clarify […]

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San Francisco Tax Preparation / CPA: Proposed Regulations Address Small Business Simplified Accounting Rules

Filed in CCH NEWS FEED by on September 9, 2020

Proposed regulations adopt the post-2017 simplified accounting rules for small businesses. Implementation The Tax Cuts and Jobs Act ( P.L. 115-97) put in place a single $25 million gross receipts test (adjusted annually for inflation after 2018) for determining whether certain taxpayers can use the cash method of accounting, are not required to use inventories, […]

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San Francisco Tax Preparation / CPA: Eligible Rollover Distribution Safe Harbor Explanations Modified

Filed in CCH NEWS FEED by on September 9, 2020

The IRS has modified two safe harbor explanations in Notice 2018-74, 2018-40 I.R.B. 529, that can be used to satisfy the requirement under Code Sec. 402(f) that certain information be provided to recipients of eligible rollover distributions. The modifications were necessary due to recent changes in law made by the Setting Every Community Up for […]

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San Francisco Tax Preparation / CPA: CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs

Filed in CCH NEWS FEED by on September 9, 2020

The IRS has reminded taxpayers that the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) can provide favorable tax treatment for withdrawals from retirement plans and Individual Retirement Accounts (IRAs). Under the CARES Act, individuals eligible for coronavirus-related relief may be able to withdraw up to $100,000 from IRAs or workplace retirement […]

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