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,
foreign earned income exclusion, S Corporations, self-employment, property, partnership, mileage, Form 1040, Form 1065, Form 2555, 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)
Feature Article
Reconstructing Vehicle Mileage Logs
Reconstructing Vehicle Mileage LOGS By Bill Nemeth, EA Most examinations of personal tax returns involving Schedule C self-employment request information on car and truck expenses. IRS recommends contemporaneous mileage logs per IRC §1.274-5T(c)(1), but does not require them. The code makes the point that the records should be created in “close” proximity to the time of the activity. Adequat... Bill Nemeth, EA, NTPI