Federal Tax Update Podcast

This week we look at:

• IRS begins 2023’s Dirty Dozen Tax Scams with problematical ERC refund claims
• IRS announces position on evaluating when a non-fungible token is a collectible
• C corporation not allowed to take home office expenses for owner-employee’s home
• IRS email reminder that BBA opt-outs must be made on original returns

This week we look at:

• Trust that was meant to be a CRAT found not to be one and attempted fix was too late and not undertaken correctly
• PLR looked at whether item for consumption by infant to reduce risk of developing a condition was all or partially a medical expense
• IRS produces FAQ on whether different types of health expenses qualify as medical expenses

This week we look at:

• IRS and OPR issue separate warnings on ERC claims
• Ninth Circuit reverses Seaview Holdings LLC decision after en banc hearing, partnership return not forwarded to Ogden was never filed
• IRS gives financial institutions RMD notice relief
• S corporation accidentally ended its status by revising its LLC operating agreement

This week we look at:

• Deposit and use by sheriff of jail meal money not found to be a mere misunderstanding
• Amounts taxpayer expected to repay with future earnings found not to be loans, taxable upon receipt
• SCOTUS rules non-willful FBAR failure is a per-form not per-account penalty
• CPA fails to provide substantiation for deductions for practice