This week we look at:

  • Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
  • Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
  • IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
  • Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund
  • Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
  • CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
  • Short term extension granted to October 31 to file FBAR reports

Copyright 2020, Kaplan, Inc.

Direct download: 2020-10-27_Tax_Basis_Capital_Accounts_and_the_2020_Form_1065.mp3
Category:general -- posted at: 12:30pm EST

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