Tax Updates

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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...

Reporting aspects of Sec. 743(b) adjustments

Mar 4, 2022

The reporting rules for partnerships regarding basis adjustments under Sec. 743(b) have been in place for over 20 years, but,...