IRS Still Processing 6.7 Million Returns from Last Year

The Biden Administration Corporate Tax Proposal

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

8 Golden Techniques To Get People To Love The Rules

8 Golden Techniques To Get People To Love The Rules By Joseph Plazo Different things motivate different folks. Some people are motivated to enhance their appearance while others are motivated by prestige or conquest. Others are motivated by money. When it comes to work, many people are not motivated to do much of anything except…

HOW TO PREVENT, DETER AND DETECT FRAUD IN YOUR BUSINESS

How to Prevent, Deter and Detect Fraud in Your Business

How to Prevent, Deter and Detect Fraud in Your Business “Fraud has a direct impact on your company’s bottom line. It also threatens your company’s hard-earned reputation.” We have seen it all and we can help you become more savvy about preventing fraud and detecting it. Overview: What is Fraud? What are some warning signs…

Employer’s Quick Guide to Avoiding Sexual Harassment Liability

By Myron Curry Employers can be held liable for any sexual harassment that occurs in the workplace. However, if they take reasonable care to prevent and correct harassment, they will not be liable. The following article looks at the elements of reasonable care that will greatly reduce the risk of sexual harassment liability. Written Policy.…

Ten Tips to Create an Effective Blog

Ten Tips to Create an Effective Blog

Ten Tips to Create an Effective Blog By Greenstein, Rogoff, Olsen & Co., LLP Updated: 10/18/2011 In a world of rapid technology growth and development, it has become not only important but essential to submerge yourself in this ever changing world. According to job search site, Indeed.com, the top 10 fastest-growing job trends of 2010…