AICPA Tax Insider.2020.02.20: Alert for IRAs Holding Master Limited Partnerships and More!

Alert for IRAs holding master limited partnerships

By Janet C. Hagy, CPA

Taxpayers who have invested their IRAs in master limited partnerships should be aware they may be getting the incorrect tax information on Schedules K-1.

IRS proposes rules to update income tax withholding, revises Form W-4

The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.

Final rules determine maximum vehicle values

The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.

Guidance and enforcement put virtual currencies front and center

By Jeff Borghino, CPA; Shamik Trivedi, J.D.; and Omair Taher, J.D.

The IRS has indicated that it will be paying more attention to the tax treatment of transactions involving virtual currencies, highlighting the need for taxpayers to ensure that they report any virtual currency transactions appropriately.

Recent nonstatutory state reactions to Wayfair

By Jamie C. Yesnowitz, J.D., LL.M., Chuck Jones, CPA, J.D., Lori Stolly, CPA, and Patrick K. Skeehan, J.D.

Three states have implemented new nexus standards by promulgating regulations, not enacting statutes. Find out about those actions and how viable they are.

Comprehensive list of automatic method changes provides opportunities

By Sharon Kay, CPA, and Dennis St. Martin, CPA

Find out about the new automatic changes and favorable terms and conditions for making those changes in this annual update.

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

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