2024-05-20 ERC Battles Continue

This week we look at:

• DOJ issues proposed rule that would remove cannabis businesses from loss of most business deductions under IRC §280E

• Filing date relief issued for those impacted by Ohio tornadoes from March

• IRS National Fraud Counsel speaks on ERC exams in ABA Tax Section webinar

• Tax adviser files suit to attempt to force the IRS to start processing ERC claims

• Tax Court imposes penalty for raising frivolous claims against taxpayer who argued wages are not income (among other things)

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

A PDF with a copy of the slides and links to the supporting documents can be downloaded below:

2024-05-20 Current Federal Tax Developments

2024-05-13 Changes to CAFs and Process for Tax Pros to Obtain Transcripts

This week we look at:

• IRS gives update on final results for ERC voluntary compliance program and discusses the future

• The taxpayer’s contract did not make payment contingent on the success of research

• DOJ announces CPA firm barred from promoting CRAT/single premium annuity shelter

• IRS provides information on CAF “under review status” and changes to requesting transcripts

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

A PDF containing copies of this week’s slides and links to documents cited this week can be downloaded below:

2024-04-13 Current Federal Tax Developments

2024-05-06 IRS Can Assess Penalties for Failure to File Form 5471 per DC Circuit

This week we look at:

• IRS releases Fact Sheet on disaster provisions for retirement accounts added by SECURE 2.0 Act

• DC Circuit reverses Tax Court ruling that IRS does not have assessment authority for failure to file a report under IRC §6038(b) (Form 5471)

• Electric vehicle final regulations issued

• Department of Justice begins process to move marijuana from Schedule I to Schedule III which would cause §280E to no longer limit deductions for cannabis businesses

• Lack of any written records on time President/COO spent on activities or even estimate time spent on qualified research activities doomed attempt to claim a credit under IRC §41(a)

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

A PDF of this week’s slide and citation links can be downloaded below:

2024-05-06 Current Federal Tax Developments

2024-04-29 No Minimum Attention Required for Supervisor Approval of Penalties per Tax Court

This week we look at:

• Final regulations issued on credit transfer provisions of the Inflation Reduction Act

• Tax Court rules the law does mandate a minimum level of attention by a supervisor when approving a proposed penalty

• IRS announces the end of the Direct File pilot and will announce the next steps shortly

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

A PDF with this week’s slides and links to citations can be downloaded below.

2024-04-29 Current Federal Tax Developments

2024-04-22 IRS Extends Limited RMD Relief But Warns They Expect This to Be the Last Time

This week we look at:

• IRS again waives penalties for certain RMD distributions for inherited IRAs and retirement plans, but indicates this should be the last time

• FinCEN adds more Q&As to BOI FAQ for the first time since January

An audio only version of this week’s update can be streamed or downloaded via the link below.

Slides and links to the source documents can be downloaded as a PDF via the link below.

2023-04-22 Current Federal Tax Developments

2024-04-01 Tax Court Reverses Position on Validity of Conservation Easement Regulation

This week we look at

• Tax Court reverses position on validity of a regulation it had upheld four years ago

• US Supreme Court hears oral arguments in case involving estate tax value of a corporation that received life insurance to redeem the majority shareholder’s estate

• IRS Criminal Investigation Divisions announces update on COVID relief related investigations and convictions

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

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

2024-04-01 Current Federal Tax Developments

2024-03-25 ERC Voluntary Disclosure Program Is Over - What Next

This week we look at:

• As ERC voluntary compliance program ended, IRS release discusses agency’s plans going forward

• Senate Finance Chair Wyden indicates there be a cloture vote in the Senate on House passed tax bill

• IRS issues proposed regulations to make SPA CRAT arrangements listed transactions

• IRS asks Supreme Court to overturn Culp decision

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

A PDF of the slides and citations for this week’s broadcast can be downloaded below:

2024-03-25 Current Federal Tax Developments

2024-03-18 Last Call to Enter ERC Voluntary Disclosure Program

This week we look at:

1. FinCEN gives formal notice of appeal of CTA BOI case

2. Deadline rapidly approaching for entering first ERC voluntary disclosure program

3. Arizona lawmakers write the IRS about tax status of 2023 state rebates

4. Court of Appeals finds it is barred from hearing appeal of Tax Court dismissal of small case/

The slides and citations for this week’s broadcast can be downloaded in the PDF below:

2024-03-18 Current Federal Tax Developments

2024-03-11 FinCEN Announces Enforcement Reaction to Alabama Case

This week we look at:

• FinCEN announces position on handling BOI enforcement following National Small Business United v. Yellen

• IRS issues warning about companies peddling “doctor’s notes”

• Tax Court warns taxpayer about litigating an issue the taxpayer had previously litigated and lost on for a prior year

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

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

2024-03-11 Current Federal Tax Developments

2024-03-04 Court Questions Constitutionality of the CTA

This week we look at:

• CTA found to violate Constitution by US District Court

• Tax Court issues ruling on impact of SECURE 2.0 Act statute change on returns filed before December 29, 2022 effective date of the Act

• IRS warns about need to reconcile premium tax credit on Forms 1040 after seeing an increase in the number of returns being filed without the required reconciliation

Citations and slides for this week’s update can be downloaded below:

2024-03-04 Current Federal Tax Developments

2024-02-26 More BOI Information from Insurer

This week we look at:

• More BOI resources from CAMICO made available by NJCPA

• District Court refuses to stay FBAR proceeding to await Tax Court result partially due to the age of the taxpayer

• IRS announces program to go after corporate jet personal usage

• The state of Arizona sues the IRS over tax status of state tax rebate.

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

This week’s slides and links to source documents can be downloaded below:

2024-02-26 Current Federal Tax Developments

2024-02-19 Insurers Update BOI Guidance

This week we look at:

• Insurers updating their advice on BOI engagements

• SALT cap 2023 increase bill fails on a procedural vote in the House

• Jury finds taxpayer did not willfully fail to file FBAR reports

• IRS takes position third party payors liable for ERC refund repayment in addition to common law employers

• IRS sending out CP271 “soft letters” to those with open ERC refund claims

• S corporation has a failure of 9 trusts receiving shares from decedent

• Taxpayer unsuccessfully argues she only should pay taxes on social security actually received

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

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

2024-02-19 Current Federal Tax Developments

2024-02-12 Are You Giving Bad Advice on Electronic Filing?

This week we look at

• No movement on tax bills this week - nor is final action at all likely to take place before March

• E-Filing returns - good or bad idea? Two competing articles published this week

• Taxpayer owes tax on IRA forfeited to government as part of criminal conviction

• IRS discusses when CID voluntary disclosure program should be used instead of ERC voluntary disclosure program

• IRS warns about EFIN scam emails

• Taxpayer found to have submitted a late new refund claim rather than a revision to a timely filed informal claim

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

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

2024-02-12 Current Federal Tax Developments

2024-02-05 More Movement on Proposed Retroactive Tax Bills

This week we look at:

• Bipartisan extender bill is passed by the House, but faces uncertain future in the Senate

• A limited, single-year SALT cap relief bill will be brought to the House floor as part of the compromise to pass the bipartisan bill

• Tax filing season for 2023 return begins this week

• A cautionary tale about phishing being used to obtain client tax information

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

The slides and links to information are available to download below:

2024-02-05 Current Federal Tax Developments

2024-01-29 Bipartisan Retroactive Tax Bill Clears Ways and Means Committee

This week we look at a proposed tax bill that has advanced out of the House Ways & Means Committee.

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

A copy of the slides with links to materials can be downloaded below.

2024-01-29 Current Federal Tax Developments

2024-01-16 Form 8308 Relief

This week we look at:

• Talks continue on proposed tax bill

• IRS provides guidance on Pension-Linked Emergency Savings Account anti-abuse provisions

• Relief granted for filing information found in Part IV of Form 8308 for 2023 returns

• IRS updates Notice describing how to obtain certain exemptions from the required electronic filing of certain entity information and tax returns

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

The citations for this week’s program can be downloaded below:

2024-01-16 Current Federal Tax Developments

2024-01-08 IRS Mistake Stands as Taxpayer Benefits

This week we look at:

• New work in progress to try and obtain a bipartisan tax bill

• IRS gives car dealers a brief extension to file time-of-sale reports

• IRS reverses direction on treatment of impact of adding a tax reimbursement clause to an IDGT

• Taxpayer can rely upon date IRS places in Notice of Deficiency as the last day to file a Tax Court petition

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

Articles on this week’s updates can be downloaded below:

2024-01-08 Current Federal Tax Developments

2024-01-02 FinCEN Welcomes 2024 By Opening BOI Filing Site

This week we look at FinCEN's release of the BOI E-Filing site on January 1, 2024.

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

A copy of this week’s slides and the BOI form can be downloaded via the links below:

2024-01-02 Current Federal Tax Developments

FinCEN Beneficial Ownership Information Form

2023-12-26 IRS Plays Santa With Two Relief Programs

This week we look at:

• IRS announces a three month Employee Retention Credit Voluntary Disclosure Program

• IRS provides relief from failure-to-pay penalties for 2021 and 2020 taxes for certain situations

• Taxpayer uses the wrong FedEx service, therefore his Tax Court petition was not filed on time

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

Articles related to this week’s updates can be downloaded below:

2023-12-26 Current Federal Tax Developments

2023-12-18 FinCEN BOI Week

This week we look at:

• FinCEN adds more information to FAQ page, including information on PDF form

• Bill passes House that would give a limited extension of time for some initial BOI reports to be filed

• IRS releases mileage rates for 2024

• Supreme Court agrees to hear estate tax valuation case to resolve split in the Circuits

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

Slides and links to articles for this week’s update can be downloaded below.

2023-12-18 Current Federal Tax Developments