Current Federal Tax Developments Edward Zollars, CPA
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- Business
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Weekly update on federal income tax developments
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2024-05-06 IRS Can Assess Penalties for Failure to File Form 5471 per DC Circuit
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)
An audio only version of this week’s update can be streamed or downloaded below.
A PDF of this week’s slide and citation links can be downloaded below:
2024-05-06 Current Federal Tax Developments -
2024-04-29 No Minimum Attention Required for Supervisor Approval of Penalties per Tax Court
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.
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2024-04-22 IRS Extends Limited RMD Relief But Warns They Expect This to Be the Last Time
IRS grants certain RMD relief, but apparently for the last time and FinCEN adds more guidance to its BOI reporting FAQ.
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2024-04-01 Tax Court Reverses Position on Validity of Conservation Easement Regulation
Tax Court reverses position on the validity of conservation easement regulations, Supreme Court hears a closely held corporation valuation case and more
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2024-03-25 ERC Voluntary Disclosure Program Is Over - What Next
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.
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2024-03-18 Last Call to Enter ERC Voluntary Disclosure Program
FinCEN formally announces appeal of CTA case, IRS notes ends of ERC voluntary disclosure program and more
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