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June 2020 - The Tax Adviser

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  2. June 2020
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TAX ACCOUNTING

Cost recovery changes in the TCJA

This article discusses changes to the law and IRS guidance issued in Rev. Proc. 2019-8 on how to elect to expense qualified real property and change the depreciation of certain assets to ADS.

partners & partnerships

A guide to changing previously filed partnership returns

This article explains the procedures for making adjustments to previously filed partnership returns, a process that changed significantly with the creation of the centralized partnership audit regime.

TAX CLINIC

DEPRECIATION

Elective capitalization as a TCJA planning tool

employee benefits & pensions

Considerations for financial firms that waive investment fees for employees

expenses & deductions

Disallowance of deduction for FDIC premiums under Sec. 162(r)

GAINS & LOSSES

Hedging transactions: Timing of gain or loss

GROSS INCOME

Swaps with nonperiodic payments: Back to the old way for some NPCs

partners & partnerships

Administrative adjustment requests under the BBA

Deduction limitations of Sec. 162(m) to compensation paid by partnerships in Up-C and UPREIT structures

State considerations when amending BBA partnership returns

Withholding and reporting of partnership distributions to non-US partners

procedure & administration

Taxpayer First Act: Important new protections for taxpayer information

STATE & LOCAL TAXES

State considerations of Sec. 163(j) carryforwards

COLUMNS

NEWS NOTES

Responding to the pandemic crisis and calls from practitioners, IRS issues broader tax deadline relief

IRS issues Form 7200 for advance payment of employer tax credits, explains employee retention credit

Partnerships can file amended returns to get CARES Act benefits

TAX PRACTICE MANAGEMENT

Helping young professionals build a foundation for success

PERSONAL FINANCIAL PLANNING

Four financial planning opportunities to take advantage of in 2020

CASE STUDY

LLC mergers

50TH ANNIVERSARY

50 years ago in The Tax Adviser

TAX TRENDS

Taxpayer’s failure to report foreign accounts was willful

No loss deduction for reduction of federal disability annuity

INDIVIDUALS

Current Developments in Taxation of Individuals: Part 1

This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.

Tax Clinic

Planning for domestication transactions

Planning for new charitable contribution limits

Effect of the new pro rata share rules

Determining when a debt instrument has zero basis

Structuring partnership mergers