Current Federal Tax Developments

Edward Zollars, CPA

Weekly update on federal income tax developments

  • 2025-01-13 Tax Filing and Payment Relief for California Wildfires and More

    This week we look at:

    • IRS Grants Tax Relief to California Wildfire Victims

    • National Taxpayer Advocate’s Report to Congress and Legislative Recommendations Released

    • Third US District Court Issues BOI Reporting Injunction

    • Tax Court Finds a Building Was Not a Certified Historic Structure as Defined by §170(h)

    • Taxpayer Denied Refund as Court Found the Taxpayer Had Taken the Position That Its Reporting Was an Error Rather Than a Method of Accounting

    • Seventh Circuit Upholds Imposition of Fraud Penalty for an Overstatement of Withholdings

    • Court Finds Taxpayer Submitted Digitally Altered False Documents, Sustained the Fraud Penalty the IRS Proposed

    • IRS Updates Guidance on Section 530 Employment Tax Liability Relief

    An audio only version of this week’s broadcast can be downloaded or streamed below:

    Articles on the developments for this week’s broadcast can be downloaeded below:

    2025-01-13 Current Federal Tax Developments

    12 January 2025, 10:53 pm
  • 2025-01-06 Digital Assets, BOI, Conservation Easements and Embezzlement

    This week we look at:

    • IRS gives relief for specific identification of digital asset basis for certain taxpayers for 2025 only

    • Department of Justice asks the U.S. Supreme Court to Stay the Latest Corporate Transparency Act Injunction

    • IRS no longer to dispute requirement to comply with APA to add listed transactions after the enactment AJCA in 2024

    • Tax Court rules that merely being in a registered historic area does not make a building a certified historic structure

    • Tax Court finds taxpayer owes tax on over $5.3 million diverted from two retirement plans

    An audio only version of this week’s broadcast can be streamed or downloaded below.

    A PDF of the slides and links to articles regarding the developments can be downloaded below.

    2025-01-05 Current Federal Tax Developments

    5 January 2025, 10:01 pm
  • 2024-12-30 BOI Developments - The Gift That Keeps on Giving

    This week we look at:

    • Tomato processing plant reconditioning to put plant back into shape before beginning next harvest-season production failed all events test at end of the prior season

    • Tax Court again imposes functional test in case with state law limited partners

    • The BOI reports have a week of dueling court rulings - from the same court

    An audio only version of this week’s broadcast can be streamed or downloaded below.

    A PDF with the slides and citations for this week can be downloaded below:

    2024-12-30 Current Federal Tax Developments

    28 December 2024, 4:42 pm
  • 2024-12-23 IRS Proposes Significant Revisions to Circular 230

    This week we look at:

    • Automatic accounting method changes related to §174 extended to years beginning in 2024

    • BOI report - hectic week, but ultimately no resolution yet for initial report due date

    • 2025 mileage rates published by the IRS

    • IRS finalizes regulations on supervisory approval of penalties

    • IRS proposes revisions to Circular 230

    An audio only version of this week’s broadcast can be streamed or downloaded below:

    A PDF with the slides and citations can be downloaded viaa the link below:

    2024-12-23 Current Federal Tax Developments

    22 December 2024, 9:45 pm
  • 2024-12-16 IRS Expands Business Tax Accounts Features and Access

    This week we look at:

    • President signs the two tax bills Congress recently passed

    • DOJ asks for stay of injunction issued by US District Court in Texas on enforcement of the CTA

    • IRS expands Business Tax Account access and services that can be accessed via that account

    A PDF of this week’s slides and links to the cited documents can be downloaded below.

    2024-12-16 Current Federal Tax Developments

    14 December 2024, 7:10 pm
  • 2024-12-09 Nationwide Injunction on BOI Reporting

    This week we look at:

    • Congress enacts two tax laws: but neither is the big one that passed the House in January but stalled in the US Senate

    • A Texas US District Court has issued a nationwide temporary injunction barring FinCEN from enforcing the BOI reporting regime

    • DOJ files a notice of Appeal of the Texas Top Cop Shop Inc decision and FinCEN posts information regarding the impact of the case on BOI reports

    An audio only version of this week’s broadcast can be streamed or downloaded below:

    A PDF with a copy of this week’s slides with citations can be downloaded below:

    2024-12-09 Current Federal Tax Developments

    8 December 2024, 4:43 pm
  • 2024-12-02 New Form for 83(b) Elections

    This week we look at:

    • IRS releases optional form taxpayer can use to make an IRC §83(b) election

    • IRS extends for one year more a transitional 45-day period to perfect research credit claims found to be invalid claims

    • IRS provides additional relief on the issuance of Forms 1099-K

    An audio only version of this week’s broadcast can be streamed or downloaded below:

    A PDF with slides and the citations for this week’s broadcast can be downloaded below.

    2024-12-02 Current Federal Tax Developments

    30 November 2024, 10:46 pm
  • 2024-11-25 IP-PINs, Divorced Parents and Children

    This week we look at:

    • IRS announces program using IP-PIN to allow taxpayers who find a dependent on their return has already been listed on another to get their return processed immediately

    • The ERC Second Voluntary Disclosure Program ends but the IRS gives some additional relief for withdrawing a claim filed via third-party payer such as a payroll service

    An audio only version of this week’s broadcast can be streamed or downloaded below.

    A PDF with this week’s slides and citations can be downloaded below.

    2024-11-25 Current Federal Tax Developments

    25 November 2024, 4:25 pm
  • 2024-11-18 End of Partnership Suspense Account at the IRS

    This week we look at:

    • IRS may stop putting “taxpayer may rely” statements on proposed regulations

    • Tax Court rules partnership basis calculations are cumulative in nature and not stand-alone annual calculations under IRC §705

    • Latest speculations on what will get through Congress in 2025 - if anything

    An audio only version of this week’s broadcast can be streamed or downloaded below:

    A PDF of this week’s slides and links to supporting documents can be downloaded below:

    2024-11-18 Current Federal Tax Developments

    16 November 2024, 11:20 pm
  • 2024-11-11 Post Election Issue on Tax Bills and the Reconciliation Process

    This week we look at the rules involving the reconciliation process in Congress, the path that it appears most likely any tax bill enacted to deal with the expiration of many TCJA provisions at the end of 2025.

    An audio version of this week’s broadcast can be streamed or downloaded below

    The slides for this week’s broadcast can be downloaded from the week below.

    2024-11-11 Current Federal Tax Developments

    9 November 2024, 11:31 pm
  • 2024-11-04 Retirement Plan Inflation Numbers

    This week we look at:

    • Retirement plan limits announced by the IRS, basically completing the tax inflation adjustments for 2025

    • IRS emailed Chief Counsel Advice outlines dealing with SECA and the net investment income tax issues arising from a BBA partnership exam

    An audio only version of this week’s broadcast can be streamed or downloaded below.

    A PDF with copies of the slides and links to the authorities cited can be downloaded below:

    2024-11-04 Current Federal Tax Developments

    4 November 2024, 3:25 pm
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