Current Federal Tax Developments Edward Zollars, CPA

This week we look at:
IRS releases Fact Sheet on disaster provisions for retirement accounts added by SECURE 2.0 Act
DC Circuit reverses Tax Court ruling that IRS does not have assessment authority for failure to file a report under IRC §6038(b) (Form 5471)
Electric vehicle final regulations issued
Department of Justice begins process to move marijuana from Schedule I to Schedule III which would cause §280E to no longer limit deductions for cannabis businesses
Lack of any written records on time President/COO spent on activities or even estimate time spent on qualified research activities doomed attempt to claim a credit under IRC §41(a)
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A PDF of this week’s slide and citation links can be downloaded below:
2024-05-06 Current Federal Tax Developments

Final regulations on transfers of certain energy credits released, Tax Court rules on whether there's a minimum level of involvement with an exam before a supervisor can approve a proposed penalty and more.

IRS grants certain RMD relief, but apparently for the last time and FinCEN adds more guidance to its BOI reporting FAQ.

Tax Court reverses position on the validity of conservation easement regulations, Supreme Court hears a closely held corporation valuation case and more

IRS discusses what happens now that the ERC voluntary disclosure program has ended, there may be a cloture vote in the Senate on the tax bill that passed the House at end of January and more.

FinCEN formally announces appeal of CTA case, IRS notes ends of ERC voluntary disclosure program and more