Tax Warrior Chronicles

New Partnership Tax Capital Reporting May Prove Problematic

Posted on Mon, Nov 23, 2020

By: Chris Catarino, CPA, MT and Joseph Criscuolo, CPA, MT

 

On October 22, 2020, the IRS released draft instructions to Form 1065, U.S. Return of Partnership Income, for the 2020 tax year. The draft instructions provide additional clarity on the new tax capital reporting requirements partnerships will face this upcoming filing season. Partnerships that have not previously tracked partners' tax capital accounts, especially older partnerships, will face significant challenges complying with these new rules.

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"Back to Basis"- Basis Schedule of S Corporation

Posted on Fri, Jul 26, 2019

By: Febby A. Sugianto

 

Since the sweeping changes in the Tax Cuts and Jobs Act of 2017 went into effect, many businesses have rethought how they are structured. S Corporations have a certain appeal and may be a good fit for some. Today, we’ll help you understand the importance of tracking your basis in an S Corporation.

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