Current Federal Tax Developments

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

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

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

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

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

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

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

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

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

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