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The IRS has released the draft version of the Form 1065 instructions for 2020 partnership returns. The new instructions reflect the requirement to report a partner’s capital account using the tax basis method.
IRC section 465 generally limits loss deductions to the amount for which the taxpayer is considered “at risk.” A taxpayer is considered at risk in an activity to the extent of: 1) The amount of money and the adjusted basis of other property contributed by the taxpayer to the activity, and 2) The amounts borrowed…
Although the April filing deadline has passed, scam artists remain hard at work, and theIRS is advising taxpayers to be on the lookout for a spring surge of evolving phishingemails and telephone scams. The IRS is seeing signs of two new variations of tax-related scams. One involves SocialSecurity Numbers related to tax issues and another…
Prior to the Tax Cuts and Jobs Act (TCJA), in general, an NOL could be carried back two years and carried forward up to 20 years. Effective for NOLs occurring after December 31, 2017, the 2-year carryback provision is repealed (with certain exceptions for farming and casualty insurance companies). NOL carryovers are limited to 80%…
When the actual expense method is used for deducting the business use of a vehicle, the cost of the vehicle is depreciated under MACRS using a 5-year recovery period. The Section 179 deduction is also allowed for business vehicles. The annual deduction for depreciation, including any Section 179 deduction or special depreciation allowance is limited…
On February 14, 2020, a federal court in Ocala Florida entered a permanent injunction against Philip Mott Harris II and his business, 24/7 Tax Services LLC, barring them from preparing federal tax returns for others and owning or operating a tax preparation business. The court also ordered that Harris and 24/7 Tax Services LLC disgorge…
