Current Federal Tax Developments

This week we look at:

• Second Circuit Rules on Section 179D Deductions and Accounting Method Change

• IRS Guidance on ACA Notice Posting

• Court Case on CPA Negligence and Trust Return Penalties

• BOI Reporting Requirement Updates

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

The articles and citations for this week’s broadcast can be downloaded as a PDF from the link below:

2025-02-25 Current Federal Tax Developments

This week we look at:

• Deductibility of Losses: Weston v. Commissioner

• Conservation Easements: Green Valley Investors LLC

• Automobile Depreciation and Lease Inclusion

• S Corporation Inadvertent Termination Relief

• Corporate Transparency Act (CTA) - Government Briefs

• House Ways & Means Committee Tax Bills

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

The articles for this week’s update can be downloaded below:

2025-02-16 Current Federal Tax Developments

This week we look at:

An audio only version of this week's broadcast can be downloaded or streamed from the link below.

Article for this week’s developments are available as a PDF from the link below.

2025-02-10 Currrent Federal Tax Developments

This week we look at:

• Tax Court Finds Property Donated to Charity Had a Value Less than One-Third of What Taxpayers Claimed on Return

• IRS Finds Most Expenses Related to Taxpayers’ In Vitro Fertilization and Surrogacy Will Not Be Deductible Medical Expenses Under IRC §213

• Taxpayer Denied Innocent Spouse Relief in Tax Court Bench Opinion

• Tax Court Finds No Issue With the Appeals Office Structure and Staffing

• Failure to Provide Proof of Filing of Returns Fatal to Taxpayer’s Attempt at Obtaining Relief in CDP Hearing Despite IRS Procedural Errors

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

Articles for this week’s update can be downloaded as a PDF below:

2025-02-03 Current Federal Tax Developments

This week we look at:

• Funds Taken By Sheriff Were a Valid Loan and Not Income from Embezzlement

• Tax Court Allows a Reduced Deduction for a Conservation Easement

• CCA Discusses Issues with Activities of a Private Foundation with Regard to Self-Dealing, Attempted Correction and Jeopardizing Investments

• IRS Email Discusses Agency’s (Lack of) Obligation to Process Amended Tax Returns

• Supreme Court Reverses Fifth Circuit Merits Panel, Again Removes Emergency Injunction Against Enforcement of the CTA BOI Reports

• Despite Supreme Court’s Action on Texas Top Cop Shop, Inc. Ban on Enforcement of BOI Reporting, FinCEN Notes Ban on Enforcement Under the Smith Case is Still in Effect

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

A PDF with stories on this week’s developments can be downloaded below:

2025-01-27 Current Federal Tax Developments

This week we look at:

• IRS updates residential energy credit Fact Sheet, adds details about the PIN requirements that take effect for 2025 property

• Proposed regulations on catch-up contributions added by the SECURE 2.0 Act

• Proposed regulations on the automatic enrollment provisions of IRC §414A

• US Supreme Court agrees to review a Third Circuit ruling on Tax Court jurisdiction in a Collection Due Process case

• IRS issues final regulations on resolution of tax controversies by the IRS Independent Office of Appeals Under TFA of 2019

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

Articles on this week’s developments are contained in the PDF that can be downloaded below.

2025-01-20 Current Federal Tax Developments

This week we look at:

• IRS Grants Tax Relief to California Wildfire Victims

• National Taxpayer Advocate’s Report to Congress and Legislative Recommendations Released

• Third US District Court Issues BOI Reporting Injunction

• Tax Court Finds a Building Was Not a Certified Historic Structure as Defined by §170(h)

• Taxpayer Denied Refund as Court Found the Taxpayer Had Taken the Position That Its Reporting Was an Error Rather Than a Method of Accounting

• Seventh Circuit Upholds Imposition of Fraud Penalty for an Overstatement of Withholdings

• Court Finds Taxpayer Submitted Digitally Altered False Documents, Sustained the Fraud Penalty the IRS Proposed

• IRS Updates Guidance on Section 530 Employment Tax Liability Relief

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

Articles on the developments for this week’s broadcast can be downloaeded below:

2025-01-13 Current Federal Tax Developments

This week we look at:

• IRS gives relief for specific identification of digital asset basis for certain taxpayers for 2025 only

• Department of Justice asks the U.S. Supreme Court to Stay the Latest Corporate Transparency Act Injunction

• IRS no longer to dispute requirement to comply with APA to add listed transactions after the enactment AJCA in 2024

• Tax Court rules that merely being in a registered historic area does not make a building a certified historic structure

• Tax Court finds taxpayer owes tax on over $5.3 million diverted from two retirement plans

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

A PDF of the slides and links to articles regarding the developments can be downloaded below.

2025-01-05 Current Federal Tax Developments

This week we look at:

• Tomato processing plant reconditioning to put plant back into shape before beginning next harvest-season production failed all events test at end of the prior season

• Tax Court again imposes functional test in case with state law limited partners

• The BOI reports have a week of dueling court rulings - from the same court

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 can be downloaded below:

2024-12-30 Current Federal Tax Developments

This week we look at:

• Automatic accounting method changes related to §174 extended to years beginning in 2024

• BOI report - hectic week, but ultimately no resolution yet for initial report due date

• 2025 mileage rates published by the IRS

• IRS finalizes regulations on supervisory approval of penalties

• IRS proposes revisions to Circular 230

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

A PDF with the slides and citations can be downloaded viaa the link below:

2024-12-23 Current Federal Tax Developments