By Edward Zollars, CPA
Weekly update on federal income tax developments
IRS discusses what happens now that the ERC voluntary disclosure program has ended, there may be a cloture vote in the Senate on the tax bill that passed the House at end of January and more.
FinCEN formally announces appeal of CTA case, IRS notes ends of ERC voluntary disclosure program and more
FinCEN announces reaction to Alabama District Court opinion, IRS warns on organizations pushing doctor's notes and more.
District Court finds Congress lacked authority under the Constitution to enact the Corporate Transparency Act, Tax Courts rules on effective date of SECURE 2.0 Act and more.
More BOI information released by insurers, age is one of the reasons a taxpayer was denied a stay of their FBAR case and more.
Insurers update their guidance on BOI engagements, SALT cap bill dies in the House, and more.
Competing articles on whether taxpayers should file tax returns electronically, the IRS warns about limits of ERC voluntary disclosure program and more.
The House passes one bipartisan bill and agrees to vote on another tax bill, tax filing season opens up and more.
A look at what's in the tax bill that passed the Ways & Means Committee on a 40-3 vote, but still faces an uncertain future.
Talks continue in Congress about a potential new tax bill and IRS issues three pieces of guidance.
Congress shows some movement on a limited set of extenders for 2023, IRS mistake in notice of deficiency in the deadline to file a Tax Court petition works to a taxpayer's advantage and more.
FinCEN opens up their web site for the electronic filing of Beneficial Ownership Information reports.
The IRS announces both the ERC Voluntary Disclosure Program, program offering relief from failure-to-pay penalties for 2020 and 2021 taxes, and more.
More FinCEN BOI changes and proposed changes, IRS brings out new mileage numbers for 2024 and the Supreme Court takes on an estate planning valuation case
Challenge to IRS ERC guidance based on failure to follow the APA filed, IRS sends out over 20,000 ERC claim denial letters and more.
Tax Court ruling on whether a state law limited partner automatically qualifies for relief from self-employment income allocation, FinCEN finalizes 2024 extension rule and rule.
FinCEN becomes part of ERC enforcement and the IRS pushes back Form 1099-K changes one more year.
FinCEN releases new FAQs for the beneficial ownership rules under the Corporate Transparency Act.
IRS issues retirement plan numbers for 2024, again extends the 45 day grace period for §41 refund claims and more.
Eleventh Circuit rules taxpayers cannot show reasonable cause for late filing by arguing reliance on preparer to file returns and more.
IRS rolls out program to withdraw certain ERC claims, actor's estate deals with IRA issues and more.
IRS issued guidance on EV credit transfers to car dealers beginning in 2024, warning about marketed art donation tax program and more.
FinCEN proposes granting 60 additional days for entities formed in 2024 to file initial BOI reports, IRS reduces PTIN fees and more
FinCEN issues guide for small businesses and beneficial ownership reporting, common law mailbox rule can't be used to prove timely filing and more
IRS halts processing of newly received ERC claims temporarily and reasonable cause for penalty relief.
IRS finally releases guidance on TCJA changes to IRC Section 174 and a late season update to K-2/K-3 FAQ
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...
IRS delays effective dates for digital asset reporting and forcing catch-up contributions of high earners to be made to designated Roth contributions.
Doctors discover the limits of the rent your home to your business tax strategy, IRS publishes memo address trust based tax shelter and more.
Warning issued about certain ESOP plans, taxpayer cannot accelerate deduction of nonqualified deferred compensation due to sale of business and more.
IRS rules on taxable status of staking rewards, proposes to add new listed transaction and more.
Oversight Subcommittee of the House Ways & Means Committee holds hearing on ERC issues. IRS greatly reduces announced visits by Revenue Officers and more.
IRS issues a memo indicating its displeasure for extended supply chain justifications for ERC, 3rd Circut decides that 90-day deadline for filing a deficiency petition is open to equitable relief and more.
This week we look at the IRS guidance on RMDs, extending RMD relief by one year, filing date relief for victims of Vermont flooding and more.
Research credit denied to S corporation and penalties imposed, why a request to be treated as a §501(c)(3) organization was denied and more.
Protective claims become an issue as the Supreme Court accepts a case on the validity of 965 transition tax, IRS releases some draft 2023 partnership income tax forms and more.
We look at issues people run into in tax research, IRS ends COVID-19 HDHP relief and more.
OIRA will no longer review IRS regulations prior to publication, IRS releases most recent consolidated accounting method change revenue procedure and more.
Ways and Means Chair introduces 3 tax bills, starting negotiation season for any 2023 tax bill, IRS grants relief to allow partnership to make late election not to claim bonus depreciation and more.
Hobby losses ruled to be miscellaneous itemized deductions, Fourth Circuit rules that multiple factors must be considered in determining if C corporation owner compensation is reasonable and more.
IRS issues yet another ERC warning, Fourth Circuit finds that Section 7502 replaces mailbox rule for tax filings and more.
Supreme Court rules in favor of the IRS on notice of summons issue, HSA numbers for 2024 released and more.
IRS memo outlines potential risk if PEO gets behind on its taxes, IRS plans to revise 2023 Form 1065 Schedule K-1 and more.
Tax Court decides when the last second is to file a Tax Court petition, IRS issues CCA reminding taxpayers of documentation rules for 125 plans and more.
The Tax Court is unimpressed by a "magic" promoted CRAT tax shelter, more rulings on cryptocurrency taxation and more.
FinCEN issues an FAQ on reporting under the Corporate Transparency Act, another taxpayer fails to qualify as a real estate professional and more.
IRS released EV battery proposed regulations, releases guidance on IDGTs and basis adjustment at death, and more developments.
IRS lists ERC scams at the top fo 2023's Dirty Dozen tax scams, IRS looks at when NFTs are collectibles and more.
Trust ruled not to qualified as a CRAT and then deals with medical expenses.
Ninth Circuit reverses Seaview in en banc ruling, more ERC warnings and another S corporation turns out not to be an S corporation.