Federal Tax Update Podcast

This week we look at:

• IRS may stop putting “taxpayer may rely” statements on proposed regulations
• Tax Court rules partnership basis calculations are cumulative in nature and not stand-alone annual calculations under IRC §705 
• Latest speculations on what will get through Congress in 2025 - if anything

This week we look at the rules involving the reconciliation process in Congress, the path that it appears most likely any tax bill enacted to deal with the expiration of many TCJA provisions at the end of 2025.

This week we look at:

• Retirement plan limits announced by the IRS, basically completing the tax inflation adjustments for 2025
• IRS emailed Chief Counsel Advice outlines dealing with SECA and the net investment income tax issues arising from a BBA partnership exam

This week we look at:

• IRS releases inflation adjusted numbers for most items aside from retirement plans for 2023
• IRS has more bad news for those who fail to pay over trust fund taxes to pay other expenses
• Another US District Court denies a preliminary injunction to bar enforcement of the BOI reporting rules

This week we look at:

• S corporation finds multiple ways to terminate its S status, asks IRS forgiveness which is granted
• IRS rules condoms are medical expenses for tax purposes
• IRS adds items to list of preventive care an HDHP can pay without the insured having met the annual deductible
• PTIN registration opens for 2025
• Staking income challenge returns to court

This week we look at:

• Additional BOI clarifications from online discussions regarding a CPA firm’s reporting obligations and confusions about reporting by entities that don’t register with a state for formation but which do file tax returns

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

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

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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.

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