The Internal Revenue Service (“IRS”) has recently released guidance regarding methods for reporting partnership tax capital accounts. Partnerships & limited liability companies filing Form 1065 for tax year 2020 must calculate partner capital accounts using the transactional approach for the tax-basis method. According to IRS data, most partnerships already use the tax basis method, but
President Trump announced four executive orders on Saturday, August 8th, 2020. One of the Orders included a payroll tax holiday that will start September 1st, and go through December 31st, 2020. The President directed the Secretary of the Treasury to defer the withholding deposit, and payment of Social Security taxes. Typically, employees and employers each
Every year the Internal Revenue Service (“IRS”) announces a list of twelve of the worst tax scams that taxpayer may encounter that year, it is referred to as the Dirty Dozen. This year’s list contains a special emphasis on scams related to Coronavirus tax relief. Taxpayers are encouraged to look out for these scams throughout
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