Current Federal Tax Developments

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2023-07-24 IRS Makes Clear Its Position on Extended Supply Chain ERC Claims

July 23, 2023 by Ed Zollars, CPA

This week we look at:

  • IRS memo makes it clear the agency is very skeptical about extended supply chain ERC claims

  • Third Circuit rules that equitable relief is available for failure to file Tax Court petition in 90 day period for a deficiency

  • IRS asked by Tax Court to justify suspense account method for losses deducted in excess of basis in closed years

  • Taxpayers had to pay tax on funds taken from IRA/pension funds that were paid to fraudster

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

A copy of the slides and links to articles for this week’s updates can be downloaded below:

2023-07-24 Current Federal Tax Developments

July 23, 2023 /Ed Zollars, CPA
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