Current Federal Tax Developments Edward Zollars, CPA

IRS announces continuation of Direct File program and issues for electing S corporation status as an LLC.

Another PLR for a missed QSST election, two court cases on misleading silence of a party and more.

IRS discusses ERC exam, tax adviser sues IRS to force the agency to restart ERC claims processing, and more

IRS announces security related changes to CAFs and the method by which representatives can obtain a transcript, IRS updates on ERC voluntary compliance program result and more.

This week we look at:
IRS releases Fact Sheet on disaster provisions for retirement accounts added by SECURE 2.0 Act
DC Circuit reverses Tax Court ruling that IRS does not have assessment authority for failure to file a report under IRC §6038(b) (Form 5471)
Electric vehicle final regulations issued
Department of Justice begins process to move marijuana from Schedule I to Schedule III which would cause §280E to no longer limit deductions for cannabis businesses
Lack of any written records on time President/COO spent on activities or even estimate time spent on qualified research activities doomed attempt to claim a credit under IRC §41(a)
An audio only version of this week’s update can be streamed or downloaded below.




































A PDF of this week’s slide and citation links can be downloaded below:
2024-05-06 Current Federal Tax Developments

Final regulations on transfers of certain energy credits released, Tax Court rules on whether there's a minimum level of involvement with an exam before a supervisor can approve a proposed penalty and more.