Current Federal Tax Developments

This week we look at:

• DOJ has scheduled a December 2 hearing on the proposed rule to reschedule marijuana

• BOI reporting confusions that keep coming up as questions in online discussions - time to review

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.

2024-09-03 Current Federal Tax Developments

This week we look at:

• IRS announces the reopening of the ERC Voluntary Disclosure Program on somewhat less generous terms then the first program provided

• National Taxpayer Adviser discusses issues related to ERC Notices of Disallowance issued by the IRS

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

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

2024-08-26 Current Federal Tax Developments

This week we look at

• Online scams and tax deductions - why how that online scammer you found on a dating site manages to take your money can make a big tax difference

• IRS announces next steps in ERC program, will begin sending some checks in September

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

A PDF with copies of the slides and citations can be downloaded below:

2024-08-12 Current Federal Tax Developments

This week we look at: 

• Tax bill fails to clear a procedural vote in the Senate, reducing the likelihood we’ll see the bill enacted before this Congress leaves office

• US District Court declines to issue preliminary injunction requiring the IRS to terminate the ERC claim moratorium, but finds much the court liked in the plaintiff’s arguments.

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

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

2024-08-05 Current Federal Tax Developments

This week we look at:

• FinCEN adds two more questions to BOI FAQ page

• IRS adds five new warning signs for problematic ERC claims and announces new developments coming in ERC enforcement

• Chief Counsel Memorandum outlines position on tax exempt organizations dealing with §52 provisions for ERC

An audio only broadcast can be streamed or downloaded below:

A copy of the sides and links to the cited documents can be downloaded as a PDF below:

2024-07-29 Current Federal Tax Developments

This week we look at:

• Taxpayer can’t simply rely on tax software when preparing their return, even if they aren’t being nominated for Secretary of Treasury

• IRS finalizes SECURE Act/SECURE 2.0 Act required minimum distributions regulations

• IRS proposed regulations address the problem of determining the applicable age for those born in 1959

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

A PDF with the citations for this week’s podcast can be downloaded below:

2024-07-22 Current Federal Tax Developments

This week we look at:

• FinCEN updates the FAQs for BOI reporting, adding information about entities that cease to exist

• New Jersey Committee on Unauthorized Practice of Law releases letter outlining when CPAs and EAs may prepare and/or file BOI reports for clients without the assistance of an attorney

• Another PLR issued for missed ESBT elections for trusts that qualified to make such elections

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

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

2024-07-15 Current Federal Tax Developments

This week we look at

• End of term US Supreme Court cases that will likely impact challenges to Treasury regulations, overturning the concept of Chevron deference and extending the statute to challenge regulations under the Administrative Procedures Act

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

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

2024-07-08 Current Federal Tax Developments

This week we look at:

• Ninth Circuit rules that statute of limitations for the IRS to sue for recovery of erroneous refund begins when the check clears the Federal Reserve and is approved for payment by the US Treasury

• IRS National Taxpayer Advocate announces the IRS will automate FTA abatement of penalties beginning in 2026

• Attorneys report some ERC claimants now interesting in filing suit to accelerate their claim processing

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

A PDF with the slides and citations can be downloaded below.

2024-07-01 Current Federal Tax Developments

This week we look at:

• Supreme Court rules, in a more divided than it may appear opinion, that the §965 transition tax is Constitutional, sustaining the result from the Ninth Circuit in the Moore case.

• IRS gives interim guidance for special distribution relief in the SECURE Act 2.0 for certain distributions.

• IRS indicates it will now be (slowly) processing ERC claims, vast majority show issues

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

A PDF with the citations and copy of the slides for this week can be downloaded below:

2024-06-24 Current Federal Tax Developments