CPB Business Management , Inc. - CPB Management

CPB Business Management , Inc.

Robert S Brown, CPA

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Tax Gap Closer to $1 Trillion – IRS Commissioner Rettig
The gap between taxes owed and taxes collected by the Internal Revenue Service could be approaching $1 trillion, IRS Commissioner Charles Rettig told members of the House Committee on Oversight and Re...

IRS’ Rettig Reiterates Backlog, Hiring Progress Before Senate Finance Committee
Internal Revenue Service Commissioner Charles Rettig remained positive that the agency will be able to return to a normal backlog of unprocessed returns and other mail correspondence by the end of the...

IRS Dispels Common Tax Refund Myths, IR-2022-80
The IRS addressed the following common myths about tax refunds:...

IRS Provides Reasons Why Some Tax Refunds Filed Electronically Take Longer than 21 Days, IR-2022-65
The IRS has informed taxpayers that the agency issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit. However, some refunds may take longer. The IRS ...

IRS Provides Information About 2022 Educator Deduction Increase, IR-2022-70
The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return for tax year 2022. This is the first time the ...

Letters Going Out to Taxpayers Missing Qualified Opportunity Fund Information, IR-2022-79
Taxpayers who may need to take additional actions related to Qualified Opportunity Funds (QOFs) should begin receiving letters from the IRS in April. Taxpayers who attached Form 8996, Qualified Opport...

IRS to Send Notices to Help Payers Correct Backup Withholding Errors, IR-2022-87
The IRS informed taxpayers that it will send Notices CP2100 and CP2100A notices to financial institutions, businesses, or payers who filed certain types of information returns that do not match IRS re...

Government Employees Who Receive Returns or Return Information Subject to Disclosure Restrictions, Rev. Rul. 2022-7
The IRS has issued a guidance stating that government employees who receive returns or return information pursuant to disclosures under Code Sect. 6103(c), are subject to the disclosure restrictions,...

Eligibility Requirements Waived for Individuals in Certain Countries Claiming Foreign Earned Income Exclusion, Rev. Proc. 2022-18
The IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign cou...

Filing Deadline for Petition to Review CDP Determination Nonjurisdictional, Eligible for Equitable Tolling, P.C. Boechler, SCt, 2022-1 USTC ¶50,142
The Supreme Court reversed and remanded a Court of Appeals decision and held that Code Sec. 6330(d)(1)’s 30-day time limit to file a petition for review of a collection due process (CDP) determinat...

GAO: IRS Faced Multiple Challenges During 2021 Tax Filing Season, GAO Report: Tax Filing—2021 Performance Underscores Need for IRS to Address Persistent Challenges (GAO-22-104938)
The Government Accountability Office (GAO) has issued a report on IRS’ performance during the 2021 tax filing season. The report assessed IRS’ performance during the 2021 filing season on: (1) pro...

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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