Ian Taylor, CPA, MST

[Ian Taylor, CPA, MST @iantaylor2221]

@ForemanTaxLaw La Mer and Great Below back to back is a great combo

[Ian Taylor, CPA, MST @iantaylor2221]

@cbriancpa As someone who makes their living determining those special allocations, I’m glad they exist. And the desire for most to stay away from them certainly provides good job security for those of us who are crazy enough to enjoy it.

[Ian Taylor, CPA, MST @iantaylor2221]

@rhythmaccountng Spent 10 years as a generalist but got really intrigued by some of the larger partnership clients we had. Wanted to learn more so found a firm that has a group that focuses just on partnership tax concepts. No more dealing with forms, just able to do focus on the law and Excel.

[Ian Taylor, CPA, MST @iantaylor2221]

@taxgirl Ian Taylor, pass-through tax consultant at RSM that actually enjoys partnership taxation. Based out of RSM’s NYC office but mainly work from home in NY state.

[Ian Taylor, CPA, MST @iantaylor2221]

@GlenBirnbaum Looks like the final paragraph of the tip indicates you just move the PPP expenses over to OAA on the current year M-2. I have some concern that the wording states this can be done only if the loan was forgiven in 2021.

[Ian Taylor, CPA, MST @iantaylor2221]

@kjb_cpa Separate adjustment for each property so the partners can recover their adjustments if a property is sold. Easier to do now then in 10 years when it’s 9/14 and you wish you had tracked by property.

[Ian Taylor, CPA, MST @iantaylor2221]

@justinmilleresq

[Ian Taylor, CPA, MST @iantaylor2221]

@MGoldstick @GlenBirnbaum Got one yesterday for a high income individual. We efiled his return and have record of it.

[Ian Taylor, CPA, MST @iantaylor2221]

@TaxHacker QNRF has to be borrowed in a real property business under 465(b)(6). That may be the case for minority of borrowers. The CARES Act states that the loan is nonrecourse unless used for an ineligible purpose. Where are you seeing that SBA has power to seize?

[Ian Taylor, CPA, MST @iantaylor2221]

@amiekcpa I'll also add that I am planning to report a figure in 20AG even if current receipts are less than $5M unless I prepare the returns for all owners and know their receipts don't aggregate to more than $26M.

[Ian Taylor, CPA, MST @iantaylor2221]

@amiekcpa I do not have any clients large enough to be subject to 59A but after a quick read it seems to me that 20AG and 16 AA ask for the same number and average of 16AB-AD is the same as our normal 163j gross receipts disclosure. Small chart I made for receipts reporting.

[Ian Taylor, CPA, MST @iantaylor2221]

@GlenBirnbaum new draft 1065 and k-1 instructions uploaded as well.
https://t.co/w83dRAtOUM
https://t.co/Gp2r5kHePZ

[Ian Taylor, CPA, MST @iantaylor2221]

@GlenBirnbaum I don't have a copy of the prior draft '20 instructions but this final instruction adds a gross receipts disclosure. Partnerships have new boxes for this as well but the partnership version calls for current receipts as opposed to 3 year average.

[Ian Taylor, CPA, MST @iantaylor2221]

@GlenBirnbaum Not sure if it was a mistake, but draft 1120S instructions were also uploaded at the same time. https://t.co/AksAZzvxWW

[Tax Notes @TaxNotes]

Read @Eric_Yauch's piece for free here: https://t.co/9TGiD9l1ni

[Ian Taylor, CPA, MST @iantaylor2221]

@GlenBirnbaum Yeah that seems logical. Which makes me wonder what the IRS intended with 20-43. Did they want us to do an outside basis calc or PTC calc every year and not just use those methods as a starting point and roll the starting point forward?

[Glen Birnbaum @GlenBirnbaum]

#163j final regs are out https://t.co/b2utFg3Ocg #TaxTwitter

[Anne Sraders @AnneSraders]

Ineligible businesses for Sen. Rubio’s second ppp loan proposal include public companies and those affiliated with Chinese entities