Tax & Accounting Blog
Tax & Accounting Blog
1975
Draft Form 1065 instructions for tax year 2020 direct taxpayers to calculate partner capital accounts using a tax basis method. Previously, partnerships could report capital…
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As I reported in an earlier blog, in April, the IRS issued Notice 2032 https://www.irs.gov/pub/irs-drop/n-20-32.pdf stating their position that a deduction would not be allowed…
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Draft instructions for Form 1040 include a few new details about how taxpayers should answer the question about virtual currency transactions. Virtual Currency Transaction Question…
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The Setting Every Community Up for Retirement Enhancement (SECURE) Act set a trap for the unwary when it comes to post-70 ½ IRA contributions. The…
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COVID-19 and ACA SCOTUS arguments may impact healthcare selections In light of the COVID-19 pandemic, health insurance coverage is particularly important this year. The Internal…
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On October 8th, the SBA and Treasury rolled out a simpler PPP forgiveness process for loans $50,000 or less. Instructions for the new $50k PPP…
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Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, has been significantly revised. The revised Form 941-X allows employers to correct COVID-19…
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Real estate professionals who own short-term rental properties that are managed by a third party may find it more difficult to escape the grasp of…
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The Small Business Association (SBA) has said that it began approving PPP loan forgiveness applications on Friday, October 2nd. More than 5 million small- to…
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Tax considerations surround production, sale and use at state / federal level Many states have legalized marijuana for medicinal purposes, and a growing number of…
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