A quarterly magazine from the National Association of Enrolled Agents
Spring 2024 vol.42 no.1
Debt Basis: Is It What You Think It Is?
Preparation

Debt Basis: Is It What You Think It Is?

With the creation of Form 7203, basis has become a hot topic. In 2019, the Internal Revenue Service (IRS) started sending Letter 5969i which said: “Our research indicates you may have claimed pass-through loss o... LuSundra Everett, EA, NTPI Fellow®

Spring 2024, Preparation, §1.1366-2(a)(1)(i), loans, §1.1366-2(a)(1)(ii), debt, Form 7203, Letter 5969, §1366(d)(1), §1.1366-2(a)(2)(i), §385(a), s corporation, Notice 94-97, basis, §1.1366-2(a)(2)(ii)
Recent Passport Cases in the Tax Court
Tax Court

Recent Passport Cases in the Tax Court

In 2015, Congress added §7345 to the Internal Revenue Code (IRC). Under §7345(a), if the Internal Revenue Service (IRS) certifies that a taxpayer has a “seriously delinquent tax debt,” a taxpayer may h... Thomas Gorczynski, EA, USTCP

Winter 2023, Tax Court, debt, §7345(d), Tax Court, §6331, collection, §7459(d), Passport, §6213, §7345, deficiency case, offer in compromise, installment agreement, §6015, Meduty, innocent spouse relief, §7345(a)