In any event, it is fairly clear that the IRS is resolved to move forward with the expanded reporting requirement for the 2020 tax year. The IRS requested comments on the new reporting requirement and indicated that it may update the instructions based on the comments it receives. The 2020 reporting requirement is broadened from years past, with all balances of tax capital (both positive and negative) required to be reported. The IRS news release summarizes proposed rules for the reporting requirement that are more fully described in draft Form 1065 instructions for the 2020 tax year. ![]() On October 22, the IRS made its opening foray into the expanded 2020 tax basis capital reporting requirement that will apply to all partnerships. Defined Contribution Administration Services.Defined Benefit Administration Services.Insurance Appraisals & Tangible Asset Valuation.Litigation Support, Economic Damages & Expert Testimony.COVID-19 Loan & Capital Assistance Services.Accounting, Bookkeeping and Business Process Outsourcing.Private Client Tax & Accounting Services.Frequently Asked Questions About Cost Segregation.Section 382: Use of Net Operating Losses.
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