Federal Tax Update Podcast The Ohio Society of CPAs

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

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.
 

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

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

This week we look at:
CTA found to violate Constitution by US District Court Tax Court issues ruling on impact of SECURE 2.0 Act statute change on returns filed before December 29, 2022 effective date of the Act IRS warns about need to reconcile premium tax credit on Forms 1040 after seeing an increase in the number of returns being filed without the required reconciliation