Current Federal Tax Developments

Keeping CPAs Up to Date on Tax Matters

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2024-06-10 Estate Tax Problems for Buy Sells Funded by Life Insurance

June 09, 2024 by Ed Zollars, CPA

This week we look at:

  • US Supreme Court rules that a requirement to redeem the decedent’s shares cannot be considered to reduce the value of the entity, but life insurance proceeds received by the entity to fund the buyout will increase the value

  • Taxpayer denied relief for late rollover when funds were accidentally transferred from employer plan to Roth IRA

  • IRS rules certain payments related to East Palestine, Ohio derailment are §139 disaster payments

  • What options exist for an employer with a pending ERC claim?

An audio only broadcast for this week’s update can be streamed or downloaded below:

A PDF with the slides and links to the documents cited can be downloaded below.

2024-06-09 Current Federal Tax Developments

June 09, 2024 /Ed Zollars, CPA
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