IRS Still Processing 6.7 Million Returns from Last Year
1) IRS Still Processing 6.7 Million Returns from Last Year, Could Extend Tax Deadline for 2021
https://www.taxpracticeadvisor.com/individual-income-taxes/news/21212072/irs-still-processing-67-million-returns-from-last-year-could-extend-tax-deadline-for-2021
2) Tax Provisions in the American Rescue Plan Act:
https://www.journalofaccountancy.com/news/2021/feb/tax-provisions-american-rescue-plan-act.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=27Feb2021&utm_content=button
3) Revenue Ruling 2021-06 provides the rates for interest determined under Section 6621 of the code for the calendar quarter beginning April 1, 2021, will be 3 percent for overpayments (2 percent in the case of a corporation), 3 percent for underpayments, and 5 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 0.5 percent.
Revenue Ruling 2021-06 will be in IRB: 2021-12, dated March 22, 2021.
4) Form 1099 NEC California Issues:
We discovered the IRS is not forwarding the Forms 1099-NEC to most states…as it has for Forms 1099-MISC in past years. This is because the form is new and, oddly, the normal document sharing process between the I.R.S. and state tax authorities has not been established for this particular form.
For California filing purposes, I have attached the link to California FTB 1099 info sheet for your reference.
https://www.ftb.ca.gov/file/business/information-returns.html
The 1099-NECs are due to California 2/28/21 per the attachment. Since that date is a Sunday, it is extended to Monday, 3/1/21.
If you used a service to process your 1099s, please check with them to see if they can (or did) e-file the state copy for you. If you did them manually, you can mail the paper form. The address to file the paper forms is:
Franchise Tax Board
PO Box 942840
Sacramento, CA 94240-6090
As an additional option, GROCO does have an FTB Swift e-filing account. To use this, we will need to input your company information and details from your Tax Year 2020 IRS Form 1099s in our system before we can e-file them. Please let us know if you would like this option.
If you are located in a different state and need assistance with that state’s requirements, please contact us:
Greenstein Rogoff Olsen & Co
rcohen@groco.com
510-797-8661
Hidden Costs of Estate Settlement
Hidden Costs of Estate Settlement As you look for ways to improve the financial outlook for your family, give extra attention to your choice of an executor for your will. Generally, the fee for settling an estate relates to the responsibilities of the job, not to who does the job. That means that anyone you…
United States Tax Laws – A Perspective for Foreign Companies and Individuals Doing Business or Living in the United States
United States Tax Laws – A Perspective for Foreign Companies and Individuals Doing Business or Living in the United States A Greenstein, Rogoff, Olsen & Co. Analytical Report This document has been prepared for the assistance of those interested in residing, investing and/or doing business in the United States. The United States tax laws are…
U.S. Income Tax Issues Faced by Foreign Owned Corporations
U.S. Income Tax Issues Faced by Foreign Owned Corporations — Foreign company tax in USA Part 1: United States Tax Laws – A Perspective for Foreign Companies and Individuals Doing Business or Living in the United States Accounting year for tax purposes: U.S. Tax Law requires that a U.S. corporation controlled by a foreign corporation…
Foreword to United States Tax Laws
Foreword to United States Tax Laws United States Tax Laws – A Perspective for Foreign Companies and Individuals Doing Business or Living in the United States Greenstein, Rogoff, Olsen & Co. is a respected and well-recognized leader among the San Francisco Bay Area accounting firms by providing distinctive high quality tax and accounting consulting services.…