More about Paul Neiffer
Blog Posts by Paul Neiffer:
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Update on K2/K3 Filing
After doing our post on K2/K3 this morning we got additional guidance on which returns do not need to file these forms. It is still good news.
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Most K2/K3 Forms Don’t Need to be Filed This Year
The IRS announced on February 15 that we may not need to file Form K2/K3 for most of our returns for this year. This is good news.
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You Get to Keep the $12.060 Million Exemption
We respond to a reader’s question on portability for after 2025.
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Do I Need a Bypass Trust?
Portability was enacted in 2011. Many farmers assume they now don’t need a Bypass Trust. This may not be the case and we go over some of the reasons why.
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California Pass-Through Entity Elective Tax Benefits Update
Several states have enacted laws to allow partnerships and S corporation to deduct state income taxes. California just tweaked their law passed back in July of 2021.
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IRS to Stop Sending Notices
Welcome news! The IRS is suspending sending out certain notices. We go over the details.
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More Guidance on K2 and K3 Forms
We respond to a couple of questions we got on our last post on the new Schedule K2/K3 forms.
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K-2 and K-3 Reporting Requirements
The IRS is requiring additional information for partnership and S corporation tax returns this year. However, some returns may not be required to file this extra information. We summarize the details for you.
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Will This be the Last Year of 100% Bonus Depreciation
100% bonus depreciation is scheduled to go to 80% in 2023 and then be reduced by 20% each year. We review how Section 179 and bonus depreciation interact also.
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Will We See an Increase in Section 2032A
The original text of the Build Back Better Act proposed increasing the Section 2032A reduction to $11.7 million. We review how this might work.