Federal Tax Update Podcast

This week we look at:

• Proposed regulations issued for digital asset broker reporting on Form 1099-DA
• IRS delays requirement for high income employees to make employer plan catch-up contribution to designated Roth accounts until plan years beginning after December 31, 2025
• 2024 health care premium tax credit percentages published by the IRS

This week we look at:

• Limited relief likely coming for beneficial ownership reporting
• IRS being challenged in an attempt to treat state law limited partners as receiving SE income
• Rent your home to your business for 13 days each year plan mainly failed
• Advance memo states IRS objection to a marketed trust tax avoidance plan
• IRS memo explains credit unions can only claim COVID ERC on 2021 wages

This week we look at:

Deduction for non-qualified deferred compensation not accelerated for the seller when the liability is transferred to the buyer of a business 
Tax professionals and taxpayers warned about issues with certain employee stock ownership plan (ESOP) arrangements
Reduction of non-recourse debt amount was added to sales proceeds, not a cancellation of debt so no §108 relief was available

This week we look at:

• IRS rules cryptocurrency staking rewards are taxable when taxpayer obtains dominion and control
• Interim guidance issued for home energy audit tax credit under IRC §25C added by IRA 2022
• Proposed regulations issued to add monetized installment sales to listed transactions