2023-12-11 First ERC Challenge in Court

This week we look at:

• IRS sends out a batch of 20,000 ERC rejection letters

• Employer files suit claiming IRS ERC guidance violated the Administrative Procedures Act

• SCOTUS hears oral arguments in the Moore case

• Draft K-2/K-3 instructions are published with no major changes to the domestic filing exception for 2023

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

A PDF with the slides and links for this week can be downloaded below:

2023-12-11 Current Federal Tax Developments

2023-12-04 State Law Limited Partners and Self Employment Tax

This week we look at:

• FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024

• Tax Court rules that a state law limited partner is not automatically covered by IRC §1402(a)(13) self-employment tax exemption

• OPR due diligence alert on FBAR

• Annual business MeF shutdown date announced IRS denies request for automatic accounting method change late election relief

• Tax Court finds that if date to file a Tax Court petition falls on a date that the clerk’s office is inaccessible, the taxpayer qualifies for extended filing relief even though electronic option had been available on the due date

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

A copy of the slides and links to the materials can be downloaded below:

2023-12-04 Current Federal Tax Developments

2023-11-27 FinCEN Becomes Part of ERC Fraud Enforcement

This week we look at:

• IRS delays certain parts of expanded Form 1099-K filings added in ARPA to 2024 tax years

• FinCEN enters the ERC fraud enforcement game, publishing 10 red flags for financial institutions to use to identify suspicious transactions that may need to be reported to FinCEN

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

Slides and links to materials for this week’s update can be downloaded below:

2023-11-27 Current Federal Tax Developments

2023-11-20 FinCEN FAQ Update for BOI Reporting

This week we look at:

• IRS clarified FAQ on §139A and backpay for wrongfully incarcerated members of the armed services

• FinCEN adds to the FAQ on beneficial ownership information reporting

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

This week’s slides and citations can be downloaded below:

2023-11-20 Current Federal Tax Developments

2023-11-13 IRS Completes Inflation Adjusted Number Lists for 2024

This week we look at:

• Inflation adjusted numbers for 2024 issued by the IRS

• Minor revisions made in final BOI FinCEN Identifier rules

• The IRS issues its second ERC-related GLAM, this time taking aim at OSHA related partial shutdown theories

• If a Notice isn’t binding on the courts, does that mean we can just pretend it doesn’t exist when advising our clients?

The slides and links to documents and articles can be downloaded below.

2023-11-13 Current Federal Tax Developments

2023-11-06 Retirement Plan Numbers Released for 2024

This week we look at:

• 2024 inflation adjusted retirement numbers released by the IRS

• MeF 1040 shutdown date announced by the IRS

• Trust found liable for transferee tax in failed Son-of-BOSS shelter to offset stock sale gain

• IRC §41 refund claim grace period extended for yet another year

• Tax Court refuses to expand equitable relief for missing 90-day deadline to file petition

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

A copy of the slides and links to the documents can be found below:

2023-11-04 Current Federal Tax Developments

2023-10-30 Boyle Decision Applies to Electronic Filing

This week we look at

• Taxpayers can’t rely on paid preparer as reasonable cause for late filing, even when using electronic filing

• IRS could assert negligence penalty (and obtain supervisory approval) after failing to obtain approval for substantial underpayment penalty

• IRS makes “temporary” electronic signature program permanent by moving it into the Internal Revenue Manual

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

The slides and links to documents for this week’s update can be downloaded at:

2023-10-30 Current Federal Tax Developments

2023-10-23 An Offer The Actor Should Have Refused

This week we look at

• PTIN renewals are now open for 2024

• IRS announces program to allow for withdraw of ERC claims

• Actor’s estate loses in attempt to claim he had validly rolled over a non-traditional investment held in his IRA

This week’s slides and supporting document links:

2023-10-23 Current Federal Tax Developments

2023-10-09 EV Credit Transfer to Dealer Guidance Issued

This week we look at

• Sloppy records cost CPA the vast majority of his business deductions

• IRS issues warning about art deduction tax promotions aimed at high-income taxpayers

• IRS gives details on transfers of electrical vehicle credits to dealers beginning in 2024

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

The slides and links to the documents discussed can be downloaded via the link below:

2023-10-09 Current Federal Tax Developments

2023-10-02 Limited Delay in Some CTA BOI Initial Report Filing Dates

This week we look at:

• IRS reduces PTIN fees substantially

• Wash sale rules do not apply to losses on disposition of money market funds

• IRS highlights new capabilities added to TaxPro accounts

• Employers can set up leave-based donation programs for 2023 Hawaii wildfire relief

• FinCEN grants 60 additional days for entities created in 2024 to file initial reports

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

A PDF of the slides and links to supporting materials can be downloaded below:

2023-10-02 Current Federal Tax Developments

2023-09-25 FinCEN Issues Guide for Small Business CTA BOI Reporting

This week we look at:

• FinCEN provides guide to small businesses for beneficial ownership reporting under the Corporate Transparency Act

• Taxpayer cannot rely on the mailbox rule to prove timely mailing/filing of tax return, as §7502 is the sole way of proving timely postmark and get presumption of delivery

• Impact of receipt of a CP2100/2100A notice on backup withholding

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

A PDF with the slides and links to articles can be downloaded below:

2023-09-25 Current Federal Tax Developments

2023-09-18 Halt in ERC Claim Processing for New Claims

This week we look at:

• Just having a CPA prepare a taxpayer’s return does mean the taxpayer will get reasonable cause relief for assessments

• IRS announces halt to processing of new ERC claims until after 2023, will slow processing of claims currently in progress

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

A PDF of this week’s slides and links to articles on the developments.

2023-09-18 Current Federal Tax Developments

2023-09-11 Better Late Than Never Section 174 Guidance Arrives

This week we look at:

• IRS make last minute change to K-2/K-3 FAQ for 2022 returns

• Preliminary guidance for §174 changes made in TCJA that took effect in 2022 issued by the IRS

The audio version of this week’s broadcast can be streamed or downloaded below.

You can download the slides and links to the documents and articles below.

2023-09-11 Current Federal Tax Developments

2023-09-05 Electronic Filing of Information Return Mandate Issues

This week we look at:

• HHS sends letter to DEA recommending that marijuana be reclassified as a Schedule III drug

• General guidance issued determining tax status of 2023 state payments - and IRS asks for comments prior to giving additional guidance

• IRS clarifies limits of 2007 CCA on ESBTs and NOLs

• News release on electronic filing of Form 8300

The slides and this week’s article links can be downloaded below:

2023-09-05 Current Federal Tax Developments

2023-08-28 Week of IRS Delaying Requirements

This week we look at:

• Proposed regulations issued for digital asset broker reporting on Form 1099-DA

• IRS delays requirement for high income employees to make employer plan catch-up contribution to designated Roth accounts until plan years beginning after December 31, 2025

• 2024 health care premium tax credit percentages published by the IRS

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

Links to the articles for this week’s update and the slides can be downloaded below.

• 2023-08-28 Current Federal Tax Developments

2023-08-21 Renting The Owners' Homes To Their Business Didn't Work As Well As Expected

This week we look at:

• Limited relief likely coming for beneficial ownership reporting

• IRS being challenged in an attempt to treat state law limited partners as receiving SE income

• Rent your home to your business for 13 days each year plan mainly failed

• Advance memo states IRS objection to a marketed trust tax avoidance plan

• IRS memo explains credit unions can only claim COVID ERC on 2021 wages

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

A copy of the slides and links to supporting articles can be downloaded below:

2023-08-21 Current Federal Tax Developments

2023-08-14 IRS Issues Warning for Certain ESOP Programs

This week we look at:

• Deduction for non-qualified deferred compensation not accelerated for the seller when the liability is transferred to the buyer of a business

• Tax professionals and taxpayers warned about issues with certain employee stock ownership plan (ESOP) arrangements

• Reduction of non-recourse debt amount was added to sales proceeds, not a cancellation of debt so no §108 relief was available

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

A PDF of the slides and links to articles for each update can be downloaded below:

2023-08-14 Current Federal Tax Developments

2023-08-07 IRS Finally Tells Us Their Position on Staking Rewards

This week we look at:

• IRS rules cryptocurrency staking rewards are taxable when taxpayer obtains dominion and control

• Interim guidance issued for home energy audit tax credit under IRC §25C added by IRA 2022

• Proposed regulations issued to add monetized installment sales to listed transactions

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

The slides for this week’s broadcast and links to articles can be downloaded below:

2023-08-07 Current Federal Tax Developments

2023-07-31 The ERC Hearing Before Congress Left for the August Recess

This week we look at:

• Oversight Subcommittee of House Ways & Means Committee holds a hearing on ERC issues, discusses potential amnesty program

• IRS ending most announced revenue officer visits

• Taxpayer finds out that there may very well be a tax consequence when you borrow against your life insurance policy and then let the policy lapse

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

Copies of slide and links to articles on the topics and certain other items can be downloaded below:

2023-07-31 Current Federal Tax Developments

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

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