2020-10-26 Tax Basis Capital Accounts and the 2020 Form 1065


Manage episode 275306124 series 1291270
Player FM과 저희 커뮤니티의 Kaplan Professional Education, Edward Zollars, and CPA 콘텐츠는 모두 원 저작자에게 속하며 Player FM이 아닌 작가가 저작권을 갖습니다. 오디오는 해당 서버에서 직접 스트리밍 됩니다. 구독 버튼을 눌러 Player FM에서 업데이트 현황을 확인하세요. 혹은 다른 팟캐스트 앱에서 URL을 불러오세요.

This week we look at:

  • Fees to enter a daily fantasy sports contest is a wager in the view of the IRS

  • Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling

  • IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover

  • Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund

  • Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis

  • CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty

  • Short term extension granted to October 31 to file FBAR reports

An audio only version of this week’s broadcast can be streamed or downloaded below:

A PDF with the articles for this week’s updates can be downloaded below:

2020-10-26 Current Federal Tax Developments

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