2020-10-26 Tax Basis Capital Accounts and the 2020 Form 1065 - a podcast by The Ohio Society of CPAs

from 2020-10-25T16:30:44

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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