CPB Business Management , Inc. - CPB Management

CPB Business Management , Inc.

Robert S Brown, CPA

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Newsletters

April 30, 2021

IRS Extends Federal Tax Filing and Payment Deadlines for Certain Taxpayers Affected by COVID-19
The IRS has postponed the federal tax filing and payment deadlines, and associated interest, penalties, and additions to tax, for certain taxpayers who have been adversely affected by the Coronavirus ...

Guidance on Temporary Full Deduction for Business Meals
The IRS has provided guidance related to the temporary 100-percent deduction for business meals provided by a restaurant. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 ( P.L. 116-260) te...

Guidance for Claiming Employee Retention Credit for First and Second Quarters in 2021
The IRS has issued guidance for employers claiming the employee retention credit under Act Sec. 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136), as modified...

Amounts Paid for COVID-19 PPE Are Deductible Medical Expenses
The IRS has issued guidance clarifying that amounts paid for personal protective equipment—such as masks, hand sanitizer and sanitizing wipes—for the primary purpose of preventing the spread of th...

COBRA Premium Assistance Guidance
The U.S. Department of Labor has published a new webpage with guidance implementing the Continuation of Health Coverage premium assistance provisions of the American Rescue Plan (ARP), to provide ful...

Suspension of Excess Advance Premium Tax Credit Repayment
The IRS has announced that, under the American Rescue Plan Act of 2021 (ARP) ( P.L. 117-2), the requirement that taxpayers increase their tax liability by all or a portion of their excess advance pay...

Deposit Penalty Relief Extended for COVID-19 Employer Credits
The IRS has extended the penalty relief provided in Notice 2020-22, I.R.B. 2020-17, 664, for failure to deposit employment taxes, to eligible employers that reduce their required deposits in anticipa...

Individuals Experiencing Homelessness Can Receive EIPs
Continuing an ongoing effort to help those experiencing homelessness during the pandemic, the IRS has reminded people who do not have a permanent address or a bank account that may still qualify for E...

Split-Dollar Insurance Benefits Were Compensation, Not Distribution
Death benefits that an S corporation provided to its sole shareholder under a split-dollar life insurance arrangement were employee compensation rather than a corporate distribution. In reaching this ...

Empowerment Zone Designations Automatically Extended Through 2025
The termination date for an empowerment zone designation under Code Sec. 1391 is generally deemed to extend until December 31, 2025. However, the state or local government that nominated the zone ma...

How do I? Claim a casualty loss deduction for storm or drought damage
When disaster strikes, a casualty tax loss may provide some comfort. A casualty is the damage or destruction of property resulting from an identifiable event that is sudden, unexpected, or unusual. Da...

Prepare to implement important provisions in the Affordable Care Act
When Congress passed the Patient Protection and Affordable Care Act and its companion bill, the Health Care and Education Reconciliation Act (collectively known as the Affordable Care Act) in 2010, la...

Maximizing the benefits of dependency tax status not always straightforward
The dependency exemption is a valuable deduction that may be lost in many situations simply because some basic rules for qualification are not followed. Classifying someone as a dependent can also e...

How do I....Make matching contributions to a SIMPLE IRA plan?
A SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) IRA is a retirement savings plan designed specifically for small employers. A SIMPLE IRA is an IRA-based plan with ease of use ...

How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in the trade or business and from involuntary conversions. Normally, you have to determine whether property is a capital asset or is ordin...

FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall tax burden of family members. Family members who contribute property or services to a partnership in exchange for partnership interes...

FAQ: What tax breaks come with raising a child?
Taxpayers with children should be aware of the numerous tax breaks for which they may qualify. Among them are: the dependency exemption, child tax credit, child care credit, and adoption credit. As th...

IRS streamlined offer-in-compromise program aims to cut red tape
The IRS's streamlined offer-in-compromise (OIC) program is intended to speed up the processing of OICs for qualified taxpayers. Having started in 2010, the streamlined OIC program is relatively new. T...

Scope of information reporting continues to expand
Information reporting continues to expand as Congress seeks to close the tax gap: the estimated $350 billion difference between what taxpayers owe and what they pay. Despite the recent rollback of exp...

IRS offers fixes to new 100 percent bonus depreciation
Taxpayers that place new business assets other than real property in service through 2012 may claim a "bonus" depreciation deduction. Although the bonus depreciation deduction is generally equal to 50...

Next year's tax return starts with good recordkeeping
As the 2015 tax filing season comes to an end, now is a good time to begin thinking about next year's returns. While it may seem early to be preparing for 2016, taking some time now to review your rec...

FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created under state law. Every state and the District of Columbia have LLC statutes that govern the formation and operation of LLCs....

Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to withholding or if not enough tax is being withheld from a person's salary, pension or other income. Income not subject to withholding ...

President's FY 2012 proposals: Higher taxes on wealthy, limited tax breaks for businesses
President Obama unveiled his fiscal year (FY) 2012 federal budget recommendations in February, proposing to increase taxes on higher-income individuals, repeal some business tax preferences, reform in...

FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a federal income tax return can be complicated, with many requirements involving who qualifies for the deduction and who qualifies to ta...

FAQ: Are scholarships/tuition aid packages taxable?
If one of your children received a full scholarship for all expenses to attend college this year, you may be wondering if this amount must be reported on his or her income tax return. If certain condi...

How do I…Set up a retirement plan for employees of my small business?
Many small employers want to offer their employees the opportunity to save for retirement but are unsure of how to go about setting up a retirement plan. In this article, we’ll explore three options...

Planning for the 3.8 percent Medicare tax on investment income
The health care reform package (the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010) imposes a new 3.8 percent Medicare contribution tax on the ...

FAQ: What constitutes income from the cancellation of debt?
Debt that a borrower no longer is liable for because it is discharged by the lender can give rise to taxable income to the borrower. Debt forgiveness income or cancellation of debt income ("COD" incom...

Withdrawals from retirement savings: Tough rules may change
In response to the economic downturn that has affected the retirement portfolios of millions of individuals across the country, Congress has been considering a variety of alternatives to offer relief ...

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