Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to provide current information about developments in U.S. tax law, such as cases, ruling, IRS pronouncements and expert comments on hot topics.
Trending in this edition:
Updated FAQs on Paid Sick Leave and Paid Family Leave Credits
Annuity Contract Fees are not “Amounts Received by Annuitant
Some COVID-19 SBA/Bank Lenders Must Amend Forms 1099-MISC
Special Topic: Partner’s “Tax Capital” Calculation Required for All but Smallest Partnerships; Penalties Apply for Failure
Lynn provides a further explanation of “Partnership Tax Basis Capital Accounts” in this post on the SCACPA blog. Partner “tax capital accounts” are a requirement for large partnerships in 2020 returns.
The commentary is brief, and you should not take a position on the items discussed until you thoroughly examine it with authoritative sources. All topics can be found discussed in further length at Tax Notes Today.
“I have relied on Tax Analysts® to provide reliable and timely analysis of Federal tax developments for over 30 years. The ‘headnotes’ you see here are from ‘Tax Notes Today,’ the preeminent source of accurate information and analysis of important developments and trends in Federal taxation,” Nichols says.
A federal tax specialist for 50 years, Lynn Nichols provides tax consulting services to CPA firms on complex federal income tax issues, professional standards in tax practice and effective tax practice management. Check out his Tax Updates video playlist.