Current Federal Tax Developments

This week we look at:

• President signs the two tax bills Congress recently passed

• DOJ asks for stay of injunction issued by US District Court in Texas on enforcement of the CTA

• IRS expands Business Tax Account access and services that can be accessed via that account

A PDF of this week’s slides and links to the cited documents can be downloaded below.

2024-12-16 Current Federal Tax Developments

This week we look at:

• Congress enacts two tax laws: but neither is the big one that passed the House in January but stalled in the US Senate

• A Texas US District Court has issued a nationwide temporary injunction barring FinCEN from enforcing the BOI reporting regime

• DOJ files a notice of Appeal of the Texas Top Cop Shop Inc decision and FinCEN posts information regarding the impact of the case on BOI reports

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

A PDF with a copy of this week’s slides with citations can be downloaded below:

2024-12-09 Current Federal Tax Developments

This week we look at:

• IRS releases optional form taxpayer can use to make an IRC §83(b) election

• IRS extends for one year more a transitional 45-day period to perfect research credit claims found to be invalid claims

• IRS provides additional relief on the issuance of Forms 1099-K

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

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

2024-12-02 Current Federal Tax Developments

This week we look at:

• IRS announces program using IP-PIN to allow taxpayers who find a dependent on their return has already been listed on another to get their return processed immediately

• The ERC Second Voluntary Disclosure Program ends but the IRS gives some additional relief for withdrawing a claim filed via third-party payer such as a payroll service

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

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

2024-11-25 Current Federal Tax Developments

This week we look at:

• IRS may stop putting “taxpayer may rely” statements on proposed regulations

• Tax Court rules partnership basis calculations are cumulative in nature and not stand-alone annual calculations under IRC §705

• Latest speculations on what will get through Congress in 2025 - if anything

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

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

2024-11-18 Current Federal Tax Developments

This week we look at the rules involving the reconciliation process in Congress, the path that it appears most likely any tax bill enacted to deal with the expiration of many TCJA provisions at the end of 2025.

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

The slides for this week’s broadcast can be downloaded from the week below.

2024-11-11 Current Federal Tax Developments

This week we look at:

• Retirement plan limits announced by the IRS, basically completing the tax inflation adjustments for 2025

• IRS emailed Chief Counsel Advice outlines dealing with SECA and the net investment income tax issues arising from a BBA partnership exam

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

A PDF with copies of the slides and links to the authorities cited can be downloaded below:

2024-11-04 Current Federal Tax Developments

This week we look at:

• IRS releases inflation adjusted numbers for most items aside from retirement plans for 2023

• IRS has more bad news for those who fail to pay over trust fund taxes to pay other expenses

• Another US District Court denies a preliminary injunction to bar enforcement of the BOI reporting rules

You can stream or download an audio version of the broadcast below.

A PDF of the slides and documents can be downloaded as a PDF via the link below:

2024-10-28 Current Federal Tax Developments

This week we look at

S corporation finds multiple ways to terminate its S status, asks IRS forgiveness which is granted

• IRS rules condoms are medical expenses for tax purposes

• IRS adds items to list of preventive care an HDHP can pay without the insured having met the annual deductible

• PTIN registration opens for 2025

• Staking income challenge returns to court

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

A copy of the slides and citations can be downloaded via the link below:

2024-10-21 Current Federal Tax Developments

This week we look at:

• Additional BOI clarifications from online discussions regarding a CPA firm’s reporting obligations and confusions about reporting by entities that don’t register with a state for formation but which do file tax returns

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

The slides and citations for this week’s broadcast can be downloaded as a PDF below.

2024-09-09 Current Federal Tax Developments