Take a closer look at the IRS administrative changes that impact taxes in 2020.
On December 9, 2019, the IRS announced in Notice 2019-66 that the expanded requirement to report partners’ shares of partnership capital on the tax basis method for all partners will not apply to 2019 returns. The one-year delay leaves intact the requirement to report partners’ shares of partnership capital on the tax basis method for those partners with negative tax basis capital balances. The IRS is also delaying certain other information reporting requirements that it previously announced for 2019 filings of Form 1065. This video these reporting requirement delays and discusses conservation easement enforcements, Section 199A updates, and proposed regulations on foreign partners and Section 451.
- Managing director in the CBIZ, Inc. MHM National Tax office
- Monitors federal tax legislation and consults nationally on a broad range of domestic tax services for businesses and individuals, including IRS procedural and controversy matters
- Authored numerous tax articles, edits all of the CBIZ MHM thought leadership articles, and lectures on a broad range of tax topics across the country
- Co-presents a business tax update every quarter entitled Eye on Washington
- Frequently quoted in nationally recognized publications including the Wall Street Journal, New York Times, Barron’s and the Washington Post, as an authority on tax topics and professional ethics; he has been profiled in Forbes, and appeared as a commentator on NPR, CNBC and Fox News and Fox Business
- In 2013, he was selected as a Washington D.C. Power Player by SmartCEO Magazine – one of a dozen lawyers, bankers and accountants selected in the inaugural year of the program’s existence; in 2017 he was honored again by SmartCEO Magazine as a Washington, D.C. Center of Influence
- Having entered through the honors program, he spent the first five years of his career with the Dept. of Justice, Tax Division, trying tax cases on behalf of the United States (including jury trials in federal district court)
- For over 30 consecutive years, he has received the preeminent ranking in legal ability and ethical standards from his peers, the highest rating available, from Martindale Hubbell, a division of Lexis-Nexis
- Graduated with his law degree, magna cum laude, Florida State University College of Law, where he won a National Moot Court Championship and chaired the new membership for the Law Review
- Active member of the California Bar, inactive member of the Florida Bar, and a member of the ABA Tax Section
- Can be contacted at 301-961-1943, [email protected] or @BillSmithTax1
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