Form 1065 Archives | EA Journal

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

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

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