Federal Tax Update: Importance of Keeping Records

https://vimeo.com/717352265

https://www.currentfederaltaxdevelopments.com/blog/2022/6/4/aicpa-letter-gives-recommendation-on-guidance-on-upcoming-tcja-requirement-to-amortize-rather-than-expense-rampd-expenses

 

This week we look at:

• AICPA letter on Section 174 guidance from the IRS - TCJA changes
• Form 7203 - impact on tax season and dealing with lack of basis records