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February 2022 - The Tax Adviser

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  2. February 2022
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partners & partnerships

Current developments in partners and partnerships

The discussion covers developments in the determination of partners and partnerships, gain on disposal of partnership interests, partnership audits, and basis adjustments.

TAX CLINIC

corporations & shareholders

Shareholder’s forgiveness of insolvent corporation’s debt

credits against tax

Research credit refund claims: New documentation requirements

The research credit: Using statistical sampling

FOREIGN INCOME & TAXPAYERS

Tax credit did not independently arise under treaties

GAINS & LOSSES

IRS rules on cancellation of debt of a disregarded entity

Letter ruling provides clarity on Sec. 1202 definition of brokerage services

Recent IRS guidance on cryptoassets

INTEREST INCOME & EXPENSE

Opportunities for taxpayers with residential rental properties and residential living facilities

partners & partnerships

S corporation shareholder recomputation of basis

Reporting aspects of Sec. 743(b) adjustments

STATE & LOCAL TAXES

Recent developments involving limitations to state NOL usage

TAX ACCOUNTING

Revenue recognition: Time to implement the final regulations

COLUMNS

TAX PRACTICE RESPONSIBILITIES

Best practices for engagement letters, POAs, and tax return extensions

CAMPUS TO CLIENTS

Integrating technology into accounting curriculum as CPA Exam evolves

CASE STUDY

Outside basis of an LLC interest acquired by purchase, gift, or bequest

TAX TRENDS

Taking possession of coins in IRA causes a taxable distribution

Definition of ‘immediate supervisor’ clarified for penalty purposes

TAX PRACTICE MANAGEMENT

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2025 tax software survey

AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.

Tax Clinic

IRS generally eliminates 5% safe harbor for determining beginning of construction for wind and solar projects

IRS proposes using NAICS to determine lines of business for certain fringe benefit exclusions

IRS rules that community trust and affiliated nonprofit corporation can file a single Form 990

Prop. regs. issued on new qualified tips deduction

IRS rules for first time that REIT’s income from markup on electricity from EV charging stations is rents from real property