2023-07-24 IRS Makes Clear Its Position on Extended Supply Chain ERC Claims
Jul 23, 2023•1 hr 17 min
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Episode description
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 petition in 90 day period for a deficiency
- IRS asked by Tax Court to justify suspense account method for losses deducted in excess of basis in closed years
- Taxpayers had to pay tax on funds taken from IRA/pension funds that were paid to fraudster
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