The Internal Revenue Services has released an early draft of instructions on Form 1065 for tax year 2020 regarding the reporting of capital accounts to partners in K-1s. Revised instructions require partnerships to calculate partner capital accounts using the transactional approach for the tax basis method.

Gabriel Hernandez, the partner-in-charge of tax division for BDO Puerto Rico, has been indicted on ten counts of wire fraud. That means the two men who founded the organizatoin that became a BDO firm has been indicted on multiple charges this year.

The American Institute of CPAs has awarded $50,000 in educational grants to undergraduate and graduate accounting students who have suffered financially because of the pandemic. Twenty-five AICPA Student Affiliate members have received $2,000 each.