AICPA Tax Insider.2020.02.06: Current Partnership Developments; Understatement of Gain Doesn’t Extend Statute of Limitations; Employee or Independent Contractor

Current developments in partners and partnerships

By Hughlene A. Burton, CPA, Ph.D.

This annual update reviews and analyzes recent law changes as well as rulings and decisions involving partnerships, including developments affecting partnership audits and guidance issued under the law known as the Tax Cuts and Jobs Act.

Electronic filing mandated for Sec. 501(c)(3) applications

The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.

Bonus depreciation regs. are favorable for taxpayers

By Caleb Cordonnier, CPA, Olivia McCarthy, CPA, and Jason Seo, J.D., LL.M.

The new regulations include significant, taxpayer-favorable changes from earlier guidance, addressing self-constructed property, property acquisition dates, predecessor ownership, and some partnership rules.

Employee or independent contractor: What’s the difference?

By Sarah Shannonhouse, CPA, and Arthur Auerbach, CPA, CGMA

New gig work has brought the worker classification issue, always contentious, to the forefront. Here’s what to look for.

Cross-border M&As post-TCJA: Three things advisers should know

By Cory Perry, CPA, and Eileen Leyhane, CPA

Changes in foreign taxation under the law known as the Tax Cuts and Jobs Act has introduced new issues to reorganizations, including whether to make a Sec. 338(g) election.

Understatement of gain does not extend limitation period

By James A. Beavers, CPA, CGMA, J.D., LL.M.

The Tax Court held that an understatement of gain from a sham sale was not an omission of income that would extend the limitation period from 3 to 6 years.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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