2023-03-26 ERC Scams Lead the Dirty Dozen
This week we look at:IRS begins 2023’s Dirty Dozen Tax Scams with problematical ERC refund claimsIRS announces position on evaluating when a non-fungible token is a collectibleC corporation not allowed...
View Article2023-04-03 EV Battery Rules Released
This week we look at:IRS announces non-acquiescence in Tax Court case on taxpayer asserting substance over formIRS highlights bad tax advice on social mediaIRS rules that assets held in intentionally...
View Article2023-04-23 Catching Up After Tax Season
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...
View Article2023-05-01 Court Unimpressed by Claimed CRAT Magic
This week we look at:More CRAT problems - but this one the IRS had warned against usingChange of protocol underlying cryptocurrency from proof of work to proof of stake is not a taxable eventFact some...
View Article2023-05-08 Time Zones and Timely Electronic Filings
This week we look at:IRS issues CCA making clear how strict the §125 substantiation rules areTaxpayer’s lack of documentation forces him to accept preparer’s gross gambling winnings and limits his...
View Article2023-05-15 The PEO and Your ERC Refund
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 liabilitiesLetter ruling provides that Forms 1099-C must be filed by...
View Article2023-05-22 Supreme Court and IRS Giving Notice of Summons
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 summonsIRS agent gets distracted by small issues, fails to investigate...
View Article2023-05-30 Failure to File Claim Via Certified Mail Was a Bad Idea
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...
View Article2023-06-05 Hobby Losses Expenses Effectively Nondeductible
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...
View Article2023-06-12 Opening Offer in Negotiations for 2023 Tax Package
This week we look at:3 proposed tax bills introduced by Chair of House Ways & Means CommitteeWellness indemnification payment is taxable income to employee and subject to payroll taxesIRS grants...
View Article2023-06-19 What Could Be the Harm of Filing an ERC Claim?
This week we look atOIRA is no longer going to review IRS regulations before issuanceIRS updates list of automatic accounting method changesProposed regulations issued on transfers of certain energy...
View Article2023-06-26 Sherlock Holmes and Tax Research
This week we look at:IRS ends COVID-19 relief for high deductible health plans effective for plan years ending after 12/31/24Taxpayer fails in attempt to get IRS permission to make a late §475(f) mark...
View Article2023-07-03 Supreme Court, Protective Claims and 965 Transition Tax
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...
View Article2023-07-10 Research Credit Blues
This week we look at:S corporation loses on research credit claim and gets hit with penalties - risks of a credit studyExempt organization status denied for organization formed to raise funds for one...
View Article2023-07-17 IRS Extends RMD Relief by One Year
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...
View Article2023-07-24 IRS Makes Clear Its Position on Extended Supply Chain ERC Claims
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...
View Article2023-07-31 The ERC Hearing Before Congress Left for the August Recess
This week we look at:Oversight Subcommittee of House Ways & Means Committee holds a hearing on ERC issues, discusses potential amnesty programIRS ending most announced revenue officer...
View Article2023-08-07 IRS Finally Tells Us Their Position on Staking Rewards
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...
View Article2023-08-14 IRS Issues Warning for Certain ESOP Programs
This week we look at:Deduction for non-qualified deferred compensation not accelerated for the seller when the liability is transferred to the buyer of a business Tax professionals and taxpayers warned...
View Article2023-08-21 Renting The Owners' Homes To Their Business Didn't Work As Well As...
This week we look at:Limited relief likely coming for beneficial ownership reportingIRS being challenged in an attempt to treat state law limited partners as receiving SE incomeRent your home to your...
View Article2023-08-28 Week of IRS Delaying Requirements
This week we look at: Proposed regulations issued for digital asset broker reporting on Form 1099-DA IRS delays requirement for high income employees to make employer plan catch-up contribution to...
View Article2023-09-05 Electronic Filing of Information Return Mandate Issues
This week we look at: HHS sends letter to DEA recommending that marijuana be reclassified as a Schedule III drug General guidance issued determining tax status of 2023 state payments - and IRS asks for...
View Article2023-09-11 Better Late Than Never Section 174 Guidance Arrives
This week we look at: IRS make last minute change to K-2/K-3 FAQ for 2022 returns Preliminary guidance for §174 changes made in TCJA that took effect in 2022 issued by the IRSThe audio version of this...
View Article2023-09-18 Halt in ERC Claim Processing for New Claims
This week we look at: Just having a CPA prepare a taxpayer’s return does mean the taxpayer will get reasonable cause relief for assessments IRS announces halt to processing of new ERC claims until...
View Article2023-09-25 FinCEN Issues Guide for Small Business CTA BOI Reporting
This week we look at: FinCEN provides guide to small businesses for beneficial ownership reporting under the Corporate Transparency Act Taxpayer cannot rely on the mailbox rule to prove timely...
View Article2023-10-02 Limited Delay in Some CTA BOI Initial Report Filing Dates
This week we look at: IRS reduces PTIN fees substantially Wash sale rules do not apply to losses on disposition of money market funds IRS highlights new capabilities added to TaxPro accounts Employers...
View Article2023-10-09 EV Credit Transfer to Dealer Guidance Issued
This week we look at Sloppy records cost CPA the vast majority of his business deductions IRS issues warning about art deduction tax promotions aimed at high-income taxpayers IRS gives details on...
View Article2023-10-23 An Offer The Actor Should Have Refused
This week we look at PTIN renewals are now open for 2024 IRS announces program to allow for withdraw of ERC claims Actor’s estate loses in attempt to claim he had validly rolled over a non-traditional...
View Article2023-10-30 Boyle Decision Applies to Electronic Filing
This week we look atTaxpayers can’t rely on paid preparer as reasonable cause for late filing, even when using electronic filingIRS could assert negligence penalty (and obtain supervisory approval)...
View Article2023-11-06 Retirement Plan Numbers Released for 2024
This week we look at: 2024 inflation adjusted retirement numbers released by the IRS MeF 1040 shutdown date announced by the IRS Trust found liable for transferee tax in failed Son-of-BOSS shelter to...
View Article2023-11-13 IRS Completes Inflation Adjusted Number Lists for 2024
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...
View Article2023-11-20 FinCEN FAQ Update for BOI Reporting
This week we look at: IRS clarified FAQ on §139A and backpay for wrongfully incarcerated members of the armed services FinCEN adds to the FAQ on beneficial ownership information reportingAn audio-only...
View Article2023-11-27 FinCEN Becomes Part of ERC Fraud Enforcement
This week we look at:IRS delays certain parts of expanded Form 1099-K filings added in ARPA to 2024 tax yearsFinCEN enters the ERC fraud enforcement game, publishing 10 red flags for financial...
View Article2023-12-04 State Law Limited Partners and Self Employment Tax
This week we look at: FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024 Tax Court rules that a state law limited partner is not automatically covered by IRC...
View Article2023-12-11 First ERC Challenge in Court
This week we look at: IRS sends out a batch of 20,000 ERC rejection letters Employer files suit claiming IRS ERC guidance violated the Administrative Procedures Act SCOTUS hears oral arguments in the...
View Article2023-12-18 FinCEN BOI Week
This week we look at: FinCEN adds more information to FAQ page, including information on PDF form Bill passes House that would give a limited extension of time for some initial BOI reports to be filed...
View Article2023-12-26 IRS Plays Santa With Two Relief Programs
This week we look at: IRS announces a three month Employee Retention Credit Voluntary Disclosure Program IRS provides relief from failure-to-pay penalties for 2021 and 2020 taxes for certain situations...
View Article2024-01-02 FinCEN Welcomes 2024 By Opening BOI Filing Site
This week we look at FinCEN's release of the BOI E-Filing site on January 1, 2024.An audio only version of this week’s broadcast can be streamed below A copy of this week’s slides and the BOI form can...
View Article2024-01-08 IRS Mistake Stands as Taxpayer Benefits
This week we look at: New work in progress to try and obtain a bipartisan tax bill IRS gives car dealers a brief extension to file time-of-sale reports IRS reverses direction on treatment of impact of...
View Article2024-01-16 Form 8308 Relief
This week we look at:Talks continue on proposed tax billIRS provides guidance on Pension-Linked Emergency Savings Account anti-abuse provisionsRelief granted for filing information found in Part IV of...
View Article2024-01-29 Bipartisan Retroactive Tax Bill Clears Ways and Means Committee
This week we look at a proposed tax bill that has advanced out of the House Ways & Means Committee.An audio only version of this week’s broadcast can be downloaded or streamed via the link below: A...
View Article2024-02-05 More Movement on Proposed Retroactive Tax Bills
This week we look at: Bipartisan extender bill is passed by the House, but faces uncertain future in the Senate A limited, single-year SALT cap relief bill will be brought to the House floor as part of...
View Article2024-02-12 Are You Giving Bad Advice on Electronic Filing?
This week we look at No movement on tax bills this week - nor is final action at all likely to take place before March E-Filing returns - good or bad idea? Two competing articles published this week...
View Article2024-02-19 Insurers Update BOI Guidance
This week we look at:Insurers updating their advice on BOI engagementsSALT cap 2023 increase bill fails on a procedural vote in the HouseJury finds taxpayer did not willfully fail to file FBAR...
View Article2024-02-26 More BOI Information from Insurer
This week we look at:More BOI resources from CAMICO made available by NJCPADistrict Court refuses to stay FBAR proceeding to await Tax Court result partially due to the age of the taxpayerIRS announces...
View Article2024-03-04 Court Questions Constitutionality of the CTA
This week we look at:CTA found to violate Constitution by US District CourtTax Court issues ruling on impact of SECURE 2.0 Act statute change on returns filed before December 29, 2022 effective date of...
View Article2024-03-11 FinCEN Announces Enforcement Reaction to Alabama Case
This week we look at:FinCEN announces position on handling BOI enforcement following National Small Business United v. YellenIRS issues warning about companies peddling “doctor’s notes”Tax Court warns...
View Article2024-03-18 Last Call to Enter ERC Voluntary Disclosure Program
This week we look at: FinCEN gives formal notice of appeal of CTA BOI case Deadline rapidly approaching for entering first ERC voluntary disclosure program Arizona lawmakers write the IRS about tax...
View Article2024-03-25 ERC Voluntary Disclosure Program Is Over - What Next
This week we look at:As ERC voluntary compliance program ended, IRS release discusses agency’s plans going forwardSenate Finance Chair Wyden indicates there be a cloture vote in the Senate on House...
View Article2024-04-01 Tax Court Reverses Position on Validity of Conservation Easement...
This week we look atTax Court reverses position on validity of a regulation it had upheld four years agoUS Supreme Court hears oral arguments in case involving estate tax value of a corporation that...
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