Will Form 1065 Schedule M 3 Hedging 2021-2023

Welcome to this week's current federal tax developments brought to you by Kaplan Professional Education and your State Society of CPAs. This week, we're going to be looking at some developments that have occurred. Interestingly enough, the big things have occurred in instructions and forms. I met Sollers from Phoenix, and we're going to look at a few things before we get to the forms and instructions. First, the IRS fixed a troublesome problem that was created when the Tax Cuts and Jobs Act went to 100 percent bonus depreciation with regard to what we all refer to as luxury auto rules. We'll take a little private letter ruling that allowed sub trust to qualify as a conduit trust for IRA distribution purposes. The AICPA this week sent out a letter to the IRS asking for some regulatory changes that would fix a problem we discussed last month regarding the syndicate rules and the potential that has for taking away a number of potential tax benefits from small businesses. Then, we'll get to our forms and instructions problem. First, we'll talk about the Form 1065 instructions that now require certain partnerships that were not reporting tax bases on Schedule K-1 for the partners to report that information if the tax basis number would be zero. Secondly, we're going to talk about not so much a new thing, it's something that has been true for S corporations for a number of years, but something that has now been added to Schedule E. If you're required to attach a basis computation, the IRS recently updated the instructions for Schedule E and added a requirement for cases where you're going to have to attach that basis computation. As you're probably all aware, this is the week when the brokers had to get their 1099 consolidated out....