Current Federal Tax Developments

This week we look at:

• Tax Court finds they have no authority to review the IRS notice for certification of seriously delinquent tax debt to State Department

• IRS publishes warning signs for employers to use to identify ERC scams

• Fourth Circuit finds that Section 7502 fully supplants common law mailbox rule for filing documents

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

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

2023-05-30 Current Federal Tax Developments

This week we look at:

• Supreme Court rules in favor of IRS on issue of when notice must be sent when the IRS issues a third-party summons

• IRS agent gets distracted by small issues, fails to investigate potentially much larger one and it costs the IRS at Tax Court

• IRS announces 2024 HSA and excepted benefit HRA inflation adjusted amounts

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

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

2023-05-22 Current Federal Tax Developments

This week we look at:

• IRS email discusses issues that arise with payroll tax refunds when a PEO is involved who itself has unpaid tax liabilities

• Letter ruling provides that Forms 1099-C must be filed by a credit union due to writing off certain debts as part of a legal settlement

• IRS plans to add more detail to partnership K-1 liability disclosures on 2023 returns

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

A copy of the slides with links to stories for this week’s update can be downloaded below:

2023-05-15 Current Federal Tax Developments

This week we look at:

• IRS issues CCA making clear how strict the §125 substantiation rules are

• Taxpayer’s lack of documentation forces him to accept preparer’s gross gambling winnings and limits his gambling loss deduction

• Tax Courts finds that last second rule for filing a Tax Court petition is not the same as for returns filed via eFile

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

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

2023-05-08 Current Federal Tax Developments

This week we look at:

• More CRAT problems - but this one the IRS had warned against using

• Change of protocol underlying cryptocurrency from proof of work to proof of stake is not a taxable event

• Fact some countries now treat Bitcoin as legal tender does not change its status as property, not foreign currency

• Taxpayer finds they had to wait a year to claim a deduction for cashier’s check purchased to settle legal dispute

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

The slides and links to supporting articles can be downloaded below:

2023-05-01 Current Federal Tax Developments

This week we look at:

• Another taxpayer fails to establish either spouse as a real estate professional

• SPIFF was not a separate trade or business

• IRS releases revised Form 3115

• IRS letter to Senator on PEOs and ERC

• FinCEN publishes FAQ on Corporate Transparency Act reporting

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

The slides and citations for this week’s broadcast can be downloaded below:

2023-04-23 Current Federal Tax Developments

This week we look at:

• IRS announces non-acquiescence in Tax Court case on taxpayer asserting substance over form

• IRS highlights bad tax advice on social media

• IRS rules that assets held in intentionally defective grantor trust do not obtain date of death basis

• IRS releases proposed battery regulations for new EV credits

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

The slides and citations for this week cna be downloaded below:

2023-04-03 Current Federal Tax Developments

This week we look at:

• IRS begins 2023’s Dirty Dozen Tax Scams with problematical ERC refund claims

• IRS announces position on evaluating when a non-fungible token is a collectible

• C corporation not allowed to take home office expenses for owner-employee’s home

• IRS email reminder that BBA opt-outs must be made on original returns

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

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

2023-03-27 Current Federal Tax Developments

This week we look at:

• Trust that was meant to be a CRAT found not to be one and attempted fix was too late and not undertaken correctly

• PLR looked at whether item for consumption by infant to reduce risk of developing a condition was all or partially a medical expense

• IRS produces FAQ on whether different types of health expenses qualify as medical expenses

The slides and links to the documents can be downloaded here:

2023-03-20 Current Federal Tax Developments

This week we look at:

• IRS and OPR issue separate warnings on ERC claims

• Ninth Circuit reverses Seaview Holdings LLC decision after en banc hearing, partnership return not forwarded to Ogden was never filed

• IRS gives financial institutions RMD notice relief

• S corporation accidentally ended its status by revising its LLC operating agreement

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

You can download a copy of the slides with links to documents.

2023-03-13 Current Federal Tax Developments