Form 1065 Archives | EA Journal

Feature Article

When Submitting a Tax Return Is Good Enough Versus When It Is Not

In recent years, taxpayers have had a dizzying array of court cases which define when a tax return is filed versus when it is not. Last year, on March 10, 2023, the full panel of the US Court of Appea... David Woods, EA, USTCP

Winter 2024, Feature Article, Tax Court, IP PIN, Form 1040, Form 1065, Seaview, Beard test, Boyle, e-file, §6229, §603, Fowler, identity protection personal identification number, Spottiswood v. US

ICYMI

A roundup of recent discussions from the NAEA WebBoard. QUESTION #1: I have a client who rents out land for a solar farm. I read that a land rental cannot qualify for the qualified business income (QBI) deduction but am trying to find a ... Tynisa Gaines, EA, and Patrick D. Dimmitt, EA

Winter 2024, ICYMI, s corporation, rental, QBI, partnership, depreciation, Schedule C, Schedule K-1, §6221(b), LLC, Form 1065, §121, Form 1120-S, Rev. Proc. 2013-30, §357(c), §351, Form 8832, Reg. §1.469-2T(f)(3), §167, qualified business income, §1016, Rev. Proc. 2019-38, Reg. §1.199A-1(b)(14), solar, Treas. Reg. §301.6221(b)-1, §4.02(6), §5.02, Reg. §1.351-3, §121(d)(10), §1.1250-3(a)(3), Reg. §1.1245-2(a)(4) a, §1250(b)(3), §121(d)(6), Rev. Proc. 2002-69, Schedule SE, Schedule F, §761(f)(2)(B), Badaracco v. Commissioner, §4.03, §721, qualified joint venture, §25D(e)(8), Form 13844, direct debit installment agreement, DDIA, QJV

ICYMI

A Roundup of Recent Discussions from the NAEA WebBoard.i

QUESTION #1: I have a new client, an S corporation with two shareholders (married couple) who moved to Texas last year, that have hired me to prepare their 2022 tax return. The corporation purchases aircraft... Patrick D. Dimmitt, EA

Winter 2023, ICYMI, s corporation, partnership, NIMS, §263A, LLC, Form 1065, Rev. Proc. 2013-30, §4.03(1), §732(b), §168(i)(7), §358(a), §5.03, §752(b), §731(a)(1), Reg. §1.357-2(a), §357(c), Reg. §301.7701-3(g)(1)(i), Reg. §1.351-3(b), Reg. §1.351-3(a), §731, §351, Reg. §301.7701-3(c)(1)(v)(C), Form 2553, Reg. §301.6109-1(h)(1), EIN, Internal Revenue Manual 21.13.4.3.1, Rev. Rul. 99-5, Reg. §301.6109-1(h)(2)(ii), §735(a), Rev. Rul. 77-412, §732(c), Rev. Rul. 67-65, §708(b)(1), National Incident Management System, inventory, Form 3115, Reg. §1.417-1(b)(6)(iii)(E), Reg. §1.471-1(b)(3), §471(c), Form 1125-A

Representation

When Is a Return Considered Filed?

In Seaview Trading, LLC v. Commissioner,i a three-judge panel of the Ninth Circuit Court heard an appeal from the Tax Court, which tasked the court with deciding when a return ... Josh Youngblood, EA

Nov/Dec 2022, Representation, return, Tax Court, partnership, Form 1065, Ninth Circuit, §7502, Seaview, Beard test, statute of limitations, assessments, FPAA, final partnership administrative adjustment, Reg. §1.6031(a)-1(e)(1), §1.6031(a)- 1(e), §6229(a)

Tax News Briefs

Tax Season News You Can Use

Schedules K-2 and K-3 The Internal Revenue Service (IRS) has posted changes to the 2021 partnership instructions for Schedules K-2 and K-3 (Form 1065) on its website, www.ir... TheTaxBook

Mar/Apr 2022, Tax News Briefs, S Corporations, self-employment, property, partnership, mileage, Form 1040, Form 1065, foreign earned income exclusion, Schedule K-2, Schedule K-3, Form 1116, base erosion and anti-abuse tax, Form 1120-S, §250, §864(c)(8), §721(c), §7874, IRC §469, Regulation §1.469-1T(d)(1), IRC §1401, IRC §1402(a)(1), Regulation §1.1402(a)-4(c)(2), IRC §911(a), IRC §162(a)(2), Form 2555

IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase

Preparation

IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase

The Internal Revenue Service (IRS) released three new revenue procedures last month clarifying Paycheck Protection Program (PPP) loan and other federal COVID-19 grant tax-exempt income recognition, expense deductions paid with COV... Jane Ryder, EA, CPA

Jan/Feb 2022, Preparation, s corporation, partnership, COVID-19, PPP, Paycheck Protection Program, SBA loans, Schedule K-1, Form 1065, net operating loss, NOL, COVIDTRA, COVID-related Tax Relief Act of 2020, tax-exempt income, loans, Rev. Proc. 2021-49, Emergency Economic Injury Disaster Loan, EIDL, SBA 7(a) loans, Rev. Proc. 2021-50, SBA Community Advantage loans, SBA microloan, Restaurant Revitalization grants, subsidiary member, Bipartisan Budget Act of 2015, carryback, pass-through

Avoid Penalties by Doing Your Due Diligence

Tax News Briefs

Avoid Penalties by Doing Your Due Diligence

New Due Diligence Requirements For tax year 2020, the Consolidated Appropriations Act, 2021, allows eligible taxpayers to elect to use their 2019 earned income to figure the 2020 earned income credit (EIC) or additional child tax cred... TheTaxBook

May/June 2021, Tax News Briefs, penalties, partnership, Schedule K-1, earned income tax credit, due diligence, EIC, additional child tax credit, ACTC, earned income, capital account, Form 1065, §6698, §6721, §6722, generally accepted accounting principles, GAAP, §6662, §704(b)