Will Form 1065 Schedule M 3 Hedging 2021-2023

Instructions and Help about Will Form 1065 Schedule M 3 Hedging

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 interesting 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 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 a lot of 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 problem of 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 and secondly we're going to talk about not so much a new thing it's something's been true on S corporations for a number of years but something that is now been added a new box has been added to Schedule E if you're required to attach a basis computation and the IRS then recently added updated the instructions for Schedule E and they added a requirement more requirements I should say for cases where you're going to have to...