This week we look at:  Inflation adjusted numbers for 2024 issued by the IRS Minor revisions made in final BOI FinCEN Identifier rules The IRS issues its second ERC-related GLAM, this time taking aim at OSHA related partial shutdown theories If a Notice isn’t binding on the courts, does that mean we can just pretend it doesn’t exist when advising our clients? 

2023-11-13 IRS Completes Inflation Adjusted Number Lists for 2024

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This week we look at:  Final regulations issued on credit transfer provisions of the Inflation Reduction Act Tax Court rules the law does mandate a minimum level of attention by a supervisor when approving a proposed penalty IRS announces the end of the Direct File pilot and will announce the next steps shortly  Copyright 2024, Kaplan Financial Education

2024-04-29 No Minimum Attention Required for Supervisor Approval of Penalties per Tax Court

This week we look at:  IRS again waives penalties for certain RMD distributions for inherited IRAs and retirement plans, but indicates this should be the last time FinCEN adds more Q&As; to BOI FAQ for the first time since January  Copyright, Kaplan, Inc.  

2024-04-22 IRS Extends Limited RMD Relief But Warns They Expect This to Be the Last Time

This week we look at  Tax Court reverses position on validity of a regulation it had upheld four years ago US Supreme Court hears oral arguments in case involving estate tax value of a corporation that received life insurance to redeem the majority shareholder’s estate IRS Criminal Investigation Divisions announces update on COVID relief related investigations and convictions 

2024-04-01 Tax Court Reverses Position on Validity of Conservation Easement Regulation

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 

2023-11-13 IRS Completes Inflation Adjusted Number Lists for 2024

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