Current Federal Tax Developments

This week we look at:

• IRS rules cryptocurrency staking rewards are taxable when taxpayer obtains dominion and control

• Interim guidance issued for home energy audit tax credit under IRC §25C added by IRA 2022

• Proposed regulations issued to add monetized installment sales to listed transactions

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

The slides for this week’s broadcast and links to articles can be downloaded below:

2023-08-07 Current Federal Tax Developments

This week we look at:

• Oversight Subcommittee of House Ways & Means Committee holds a hearing on ERC issues, discusses potential amnesty program

• IRS ending most announced revenue officer visits

• Taxpayer finds out that there may very well be a tax consequence when you borrow against your life insurance policy and then let the policy lapse

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

Copies of slide and links to articles on the topics and certain other items can be downloaded below:

2023-07-31 Current Federal Tax Developments

This week we look at:

• IRS memo makes it clear the agency is very skeptical about extended supply chain ERC claims

• Third Circuit rules that equitable relief is available for failure to file Tax Court petition in 90 day period for a deficiency

• IRS asked by Tax Court to justify suspense account method for losses deducted in excess of basis in closed years

• Taxpayers had to pay tax on funds taken from IRA/pension funds that were paid to fraudster

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

A copy of the slides and links to articles for this week’s updates can be downloaded below:

2023-07-24 Current Federal Tax Developments

This week we look at:

• IRS extends SECURE Act inherited IRA RMD relief for one additional year, adds special rollover rule for those born in 1951 due to SECURE 2.0 Act changes

• IRS grants relief to victims of Vermont flooding.

• Failure to attach simple election leads to requesting (and paying for) 11 separate private letter rulings

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

Slides and links to this week’s write-ups can be downloaded below:

2023-07-17 Current Federal Tax Developments

This week we look at:

• S corporation loses on research credit claim and gets hit with penalties - risks of a credit study

• Exempt organization status denied for organization formed to raise funds for one person’s medical bills

• Discussion of tax research hierarchy in this short week

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

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

2023-07-10 Current Federal Tax Developments

This week we look at:

• Supreme Court takes on §965 transition tax case for upcoming term: what do we do to protect our clients?

• The IRS releases draft versions of key 2023 partnership income tax returns

• Firefighter’s sexual harassment complaint settlement was not excludable from income

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

A PDF of this week’s slides and links can be downloaded via the link below:

2023-07-03 Current Federal Tax Developments

This week we look at:

• IRS ends COVID-19 relief for high deductible health plans effective for plan years ending after 12/31/24

• Taxpayer fails in attempt to get IRS permission to make a late §475(f) mark to market election

• Taxpayer who filed Tax Court petition 11 seconds too late due to technology challenges has petition dismissed

• Sherlock Holmes on tax research

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

A copy of the slides can be downloaded below:

2023-06-26 Current Federal Tax Developments

This week we look at

• OIRA is no longer going to review IRS regulations before issuance

• IRS updates list of automatic accounting method changes

• Proposed regulations issued on transfers of certain energy credits and DirectPay for certain credits

• What can go wrong with an employee retention credit refund claim?

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

The slides and links for this week’s session can be downloaded below:

2023-06-19 Current Federal Tax Developments

This week we look at:

• 3 proposed tax bills introduced by Chair of House Ways & Means Committee

• Wellness indemnification payment is taxable income to employee and subject to payroll taxes

• IRS grants request to make election to skip claiming bonus depreciation when partnership discovers claiming bonus is bad news at the state level for certain partners

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

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

2023-06-12 Current Federal Tax Developments

This week we look at:

• Fourth Circuit does not agree with view expressed by Seventh Circuit in Menard, Inc. that C corporation reasonable compensation only depends on a reasonable return to investors

• Eleventh Circuit holds that “hobby loss” expenses under §183 are miscellaneous itemized deductions

• Elderly attorney had reasonable cause for failure to file payroll tax returns and timely pay payroll tax liabilities

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

A copy of this week’s slides and links to articles can be downloaded below:

2023-06-05 Current Federal Tax Developments