Will Form 4797 Advisor 2023-2024

Music. Applause. Hello and welcome to Simply Tax. We're wrapping up a week on picture planet guidance today with Jesse Palmer, the director of tax quality control at BKD. So let's see, so far this week we've covered the new proposed regulations under section 199 cap A and the guidance received on accounting method changes for small business taxpayers. That leaves the proposed regulations under Section 965 and Section 160 AK that we had going into the week. We previously discussed the repatriation under Section 965 for the so-called toll tax guest Chris Clifton back in episode 10 of the podcast. And I'll point through the four minute and 17-second on this provision being that the 249 pages of the 965 guidance released on August 1st primarily clarifying procedural guidance on aspects of the provision and that it incorporates guidance that was previously issued. We'll save a deeper look at the significant aspect of the TIC chef for a future episode once we start to receive more of the guidance that we'll need for the International aspects of it. And that just leaves the bonus depreciation breaks, or at least it did until we started seeing more TICS-related guidance this week as I alluded to when we kick things off on Monday because obviously we expect to continue to see the TICS-related guidance stuff in the weeks and months ahead. It's a quick recap of what we've seen since we started the week. The IRS issued notice 2018 - 67 providing guidance on determining which revenue streams are considered an activity for unrelated business income tax purposes. The notice also clarified that unrelated business income from transportation fringe benefits is not considered a trade or business, so this income is not required to report as a separate activity. Also, we received initial procedural guidance...