https://vimeo.com/471938009
https://www.currentfederaltaxdevelopments.com/podcasts/2020/10/25/2020-10-26-tax-basis-capital-accounts-and-the-2020-form-1065
This week we look at:
- Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
- Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
- IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
- Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund
- Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
- CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
- Short term extension granted to October 31 to file FBAR reports