Divide this text into sentences and correct mistakes: - Hey, it's Paddy Sharp, CPA and co-founder of Catching Clouds, the leader in e-commerce accounting. - Today, we're going to talk about a podcast episode from The Amazing Seller. It was posted on November 7th and was called "Huge Tax News for Sellers - Game Changer". - Of course, this is very exciting because everybody wants to know about game-changing tax legislation. Somebody brought it to my attention and asked if it was legit. If it's true, this could be a real game changer. - So, I thought I would break it down for everybody in this video. Make sure you stick around to the end because I found some interesting things along the way that I think you will find interesting too. - Alright, let's get started. I want to give you a little bit of background. If you want more details and background, go check out the video I did this summer called "Do the 2018 Tax Law Changes Affect When You Can Deduct Inventory?". That's what this whole thing is about. - However, when I did the video, I kind of did it based on gut feel and not too much research. I didn't pull out my tax books and dig through them. I just did it based on what I knew at the time. - So, when I heard this podcast, they were saying that you can now deduct all the money you spend on inventory. If you're buying inventory, you don't have to classify it as inventory anymore. You can write it off immediately. You don't have to match it against the income you receive. Instead of being inventory, it goes straight to cost of goods sold. - In my previous video, I argued against this and said it wasn't right. Since I am...
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Rev proc 2024 53 Form: What You Should Know
Employment earnings of the acquisition. Under Revenue Procedure 2004-53, an appropriate successor (buyer) employer (such as an acquiring subsidiary) shall report the proceeds of the acquisition to the successor in the following manner: 1) The total amount paid to acquire the taxpayer's (the predecessor's) employer and each of such employer's employees, 2) the amount and date (in years on the applicable calendar) paid from the acquisition proceeds to the taxpayer for the first interest paid on the taxpayer's securities and deposits, and 3) any tax, penalty, or other assessment imposed on the former taxpayer on account of the acquisition (including a claim for early disposition of any interest in the acquired property that was not realized) (the tax and penalty, together or separately), and 4) The aggregate amount of all taxes on any property purchased (and any amount paid in exchange for such property) and on interest, penalties, and amounts paid in the aggregate to acquire the taxpayer, including any claims for early disposition of assets sold in connection with the acquisition. For a discussion of the basis and method of accounting adjustments in this procedure, see Revenue Procedure 2004-53 under CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION. Under Revenue Procedure 2004-53, there is no requirement that the successor (buyer) and predecessor (seller) employers establish and maintain separate accounts as under Rev. Pro. 96–60, 1996–2 C.B. 399 that was a precursor of CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION. As such, the procedures set forth in Revenue Procedure 2004-53 replace Rev. Pro. 96–60, 1996–2 C.B. 399. This revenue procedure is a change in a number of aspects of the procedures set forth in Rev. Pro. 96–60, 1996–2 C.B. 399. For more information about the basis and method of accounting adjustments in this revenue procedure, see Rev. Pro. 2004-53. Procedure for the Reporting of Nonqualified Expenses and Profits of an Acquiring Subsidiary Revenue Procedure 2006-5 Taxpayers that have disposed of their securities may be subject to special reporting requirements. The general rule in general, however, is that such transactions may be reported on an amended return. There are significant limitations, however, related to the reporting of certain items on an amended return.
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