The IRS looks 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 victims of Vermont flooding. Failure to attach simple election leads to requesting (and paying for) 11 separate private letter rulings Copyright 2023, Kaplan, Inc.
This week we look at: S corporation loses on research credit claim and gets hit with penalties - risks of a credit study Exempt organization status denied for organization formed to raise funds for one person’s medical bills Discussion of tax research hierarchy in this short week
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 returns Firefighter’s sexual harassment complaint settlement was not excludable from income
This week we look at: IRS ends COVID-19 relief for high deductible health plans effective for plan years ending after 12/31/24 Taxpayer fails in attempt to get IRS permission to make a late §475(f) mark to market election Taxpayer who filed Tax Court petition 11 seconds too late due to technology challenges has petition dismissed Sherlock Holmes on tax research
This week we look at OIRA is no longer going to review IRS regulations before issuance IRS updates list of automatic accounting method changes Proposed regulations issued on transfers of certain energy credits and DirectPay for certain credits What can go wrong with an employee retention credit refund claim?
This week we look at: 3 proposed tax bills introduced by Chair of House Ways & Means Committee Wellness indemnification payment is taxable income to employee and subject to payroll taxes IRS grants request to make election to skip claiming bonus depreciation when partnership discovers claiming bonus is bad news at the state level for certain partners
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 investors Eleventh Circuit holds that “hobby loss” expenses under §183 are miscellaneous itemized deductions Elderly attorney had reasonable cause for failure to file payroll tax returns and timely pay payroll tax liabilities
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 use to identify ERC scams Fourth Circuit finds that Section 7502 fully supplants common law mailbox rule for filing documents
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 summons IRS agent gets distracted by small issues, fails to investigate potentially much larger one and it costs the IRS at Tax Court IRS announces 2024 HSA and excepted benefit HRA inflation adjusted amounts
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 liabilities Letter ruling provides that Forms 1099-C must be filed by a credit union due to writing off certain debts as part of a legal settlement IRS plans to add more detail to partnership K-1 liability disclosures on 2023 returns
