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Federal Taxation

  • The Not-So-Basic Basis of Bases: Tax Basis Reporting Calculations and Analysis

    By:
    Dean L. Surkin, JD, LLM
    |
    Apr 1, 2022

    The IRS directed partnerships to report capital accounts on the tax basis starting in 2020. In this article, I’ll address the prior rule, why the IRS wasn’t happy, the change they wanted, how to process the transition, and the need to maintain both the former capital account and the IRS-prescribed method.

  • IRS Update – Practice, Procedures and Enforcement in the COVID Environment

    By:
    Michael J. Tedesco, Esq., JD
    |
    Mar 1, 2022
    The IRS is asked to do more with less as each year passes. During the COVID-19 pandemic, the strain on the IRS has been more severe than ever. Many service centers were shut down or operating at significantly diminished capacity for lengthy periods during the early days of the pandemic. These shutdowns put an already strained IRS several months further behind. Often, letters dated in March 2020 were not mailed until May or June 2020.
  • The IRS Updated Automatic Accounting Method Change Procedures

    By:
    Mathieu Aimlon, CPA
    |
    Mar 1, 2022
    Taxable income must be computed under the method of accounting regularly used by the taxpayer in keeping its books. An accounting method is a set of rules used to determine when and how income and expenses are taken into account for federal income tax purposes. A taxpayer filing its first return may adopt any permissible method of accounting. This method is binding typically after a year; but the taxpayer may elect to change to another permissible method. However, it must secure the consent of the Commissioner before changing [IRC section 446(e) and Treas. Reg. 1.446-1(e)].
  • PPP Loan Forgiveness: Preparing for and Responding to SBA Reviews, Appeals of Forgiveness Denials, and Other Governmental Scrutiny

    By:
    Reetuparna Dutta and Jason E. Markel
    |
    Feb 1, 2022
    Nearly two years ago, on March 27, 2020, the Paycheck Protection Program (PPP) was created with the enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act.1 The CARES Act substantially expanded eligibility for small business loans administered by the U.S. Small Business Association (SBA) under its existing Section 7(a) loan program.
  • Navigating the New Schedule K-2 and K-3 for Asset Management Clients

    By:
    Joe Zhou, CPA, Natallia Shapel, CPA, MST, MBA, and Stephen Arber, CPA, JD, LLM
    |
    Feb 1, 2022

    On June 3-4, 2021, the IRS released final versions of Schedules K-2 and K-3 for tax year 2021 (2022 tax filing season). Final instructions were released in early September of 2021, and additional changes and clarifications were released on January 18, 2022.

  • Sec 461(l) Excess Business Loss Limitation is Back

    By:
    Shashi Singal, CPA, MSA, CA
    |
    Feb 1, 2022

    The Tax Cuts and Jobs Act of 2017 (TCJA) added the excess business loss (EBL) limitation under sec 461(l) applicable to noncorporate taxpayers,  in addition to the already existing limitations of basis, at-risk and passive activity loss rules,  effective for taxable years beginning after December 31, 2017 and before January 1, 2026.

  • CPA Evolution and the Masters in Taxation: What's Next?

    By:
    Nina Terranova-Dorata, PhD, CPA
    |
    Feb 1, 2022

    The word is out that the CPA Evolution exam takes effect January 2024. According to the AICPA, the Evolution CPA exam will provide for a strong core in accounting, auditing, tax, and technology and a deeper knowledge in one of three disciplines: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP). Audrey Katcher, CPA/CITP, CGMA, AICPA Board of Examiners indicates that the overall purpose is “…to embrace what’s changing in the profession and the business environment and the skills a newly licensed CPA will need to possess for licensure.” Evolution expects to reflect the reality of practice and for TCP, that is knowing tax law and tax planning strategies.

 

 
Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.