Federal Tax Update Podcast

This week we look at

• Tax Court reverses position on validity of a regulation it had upheld four years ago
• US Supreme Court hears oral arguments in case involving estate tax value of a corporation that received life insurance to redeem the majority shareholder’s estate
• IRS Criminal Investigation Divisions announces update on COVID relief related investigations and convictions

This week we look at:

• As ERC voluntary compliance program ended, IRS release discusses agency’s plans going forward
• Senate Finance Chair Wyden indicates there be a cloture vote in the Senate on House passed tax bill
• IRS issues proposed regulations to make SPA CRAT arrangements listed transactions
• IRS asks Supreme Court to overturn Culp decision

This week we look at:

• CTA found to violate Constitution by US District Court Tax Court issues ruling on impact of SECURE 2.0 Act statute change on returns filed before December 29, 2022 effective date of the Act IRS warns about need to reconcile premium tax credit on Forms 1040 after seeing an increase in the number of returns being filed without the required reconciliation

This week we look at:

• CTA found to violate Constitution by US District Court
• Tax Court issues ruling on impact of SECURE 2.0 Act statute change on returns filed before December 29, 2022 effective date of the Act
• IRS warns about need to reconcile premium tax credit on Forms 1040 after seeing an increase in the number of returns being filed without the required reconciliation