This week we look at:

• Fees to enter a daily fantasy sports contest is a wager in the view of the IRS

• Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling

• IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover

• Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund

• Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis

• CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty

• Short term extension granted to October 31 to file FBAR reports

An audio only version of this week’s broadcast can be streamed or downloaded below:

A PDF with the articles for this week’s updates can be downloaded below:

2020-10-26 Current Federal Tax Developments