This week we look at:

  • Oversight Subcommittee of House Ways & Means Committee holds a hearing on ERC issues, discusses potential amnesty program
  • IRS ending most announced revenue officer visits
  • Taxpayer finds out that there may very well be a tax consequence when you borrow against your life insurance policy and then let the policy lapse
Direct download: 2023-07-31_The_ERC_Hearing_Before_Congress_Left_for_the_August_Recess.mp3
Category:general -- posted at: 6:07pm EDT

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

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.


Direct download: 2023-07-17_IRS_Extends_RMD_Relief_by_One_Year.mp3
Category:general -- posted at: 7:11pm EDT

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
Direct download: 2023-07-10_Research_Credit_Blues.mp3
Category:general -- posted at: 7:55pm EDT

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
Direct download: 2023-07-03_Supreme_Court_Protective_Claims_and_965_Transition_Tax.mp3
Category:general -- posted at: 1:42pm EDT






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