Federal Tax Update Podcast

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

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.

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