Explaining the Most Common Tax Forms for 2022
Wading through the various forms with seemingly identical titles can be confusing, so here’s a breakdown of the forms most...
S corporation shareholder recomputation of basis
Mar 21, 2022
The IRS recently released draft Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, to complement Form 6198, At-Risk Limitations;...
State and local tax—State corporate tax implications of Section 174 changes for 2022
Mar 16, 2022
In brief The federal 2017 tax reform act enacted changes to Section 174 applicable for tax years beginning after 2021. ...
State and local tax—California updates P.L. 86-272 guidance due to “technological advancements”
Mar 14, 2022
The California Franchise Tax Board (FTB) recently issued a Technical Advice Memorandum (TAM) addressing whether the protections of P.L. 86-272...
New, lower Form 1099-K threshold prompts cautions, criticisms
Mar 12, 2022
The new-for-2022 law change that sharply reduced the reporting threshold at which third-party payment settlement entities must issue a Form...
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