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. Trending topics in this installment also include:
• Revised Practice Unit on when return position might be based on ‘reasonable cause’ and taxpayer acted ‘in good faith’
• IRS guidance on calculation of gain or loss from partnership distributions
• Reporting requirements on pandemic-related emergency financial aid provided to college students
• Information about various IRS letters sent to taxpayers about their impact payments and/or rebate credits … is there action required?
• FTC carryback and carryover instructions and how to apply ordering rules
• Race car expenses not ‘necessary’ in home construction and remodeling business
• IRS defines ‘restaurant’ for fully deductible business meal allowance
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