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This week we look at: More BOI resources from CAMICO made available by NJCPA District Court refuses to stay FBAR proceeding to await Tax Court result partially due to the age of the taxpayer IRS announces program to go after corporate jet personal usage The state of Arizona sues the IRS over tax status of state tax rebate.

This week we look at: Insurers updating their advice on BOI engagements SALT cap 2023 increase bill fails on a procedural vote in the House Jury finds taxpayer did not willfully fail to file FBAR reports IRS takes position third party payors liable for ERC refund repayment in addition to common law employers IRS sending out CP271 “soft letters” to those with open ERC refund claims S corporation has a failure of 9 trusts receiving shares from decedent Taxpayer unsuccessfully argues she only should pay taxes on social security actually received

This week we look at No movement on tax bills this week - nor is final action at all likely to take place before March E-Filing returns - good or bad idea? Two competing articles published this week Taxpayer owes tax on IRA forfeited to government as part of criminal conviction IRS discusses when CID voluntary disclosure program should be used instead of ERC voluntary disclosure program IRS warns about EFIN scam emails Taxpayer found to have submitted a late new refund claim rather than a revision to a timely filed informal claim

This week we look at: Bipartisan extender bill is passed by the House, but faces uncertain future in the Senate A limited, single-year SALT cap relief bill will be brought to the House floor as part of the compromise to pass the bipartisan bill Tax filing season for 2023 return begins this week A cautionary tale about phishing being used to obtain client tax information

This week we look at a proposed tax bill that has advanced out of the House Ways & Means Committee. Copyright 2024, Kaplan, Inc.

This week we look at: Talks continue on proposed tax bill IRS provides guidance on Pension-Linked Emergency Savings Account anti-abuse provisions Relief granted for filing information found in Part IV of Form 8308 for 2023 returns IRS updates Notice describing how to obtain certain exemptions from the required electronic filing of certain entity information and tax returns

This week we look at: New work in progress to try and obtain a bipartisan tax bill IRS gives car dealers a brief extension to file time-of-sale reports IRS reverses direction on treatment of impact of adding a tax reimbursement clause to an IDGT Taxpayer can rely upon date IRS places in Notice of Deficiency as the last day to file a Tax Court petition

This week, we look at FinCEN's release of the BOI E-Filing site on January 1, 2024.

This week we look at: IRS announces a three month Employee Retention Credit Voluntary Disclosure Program IRS provides relief from failure-to-pay penalties for 2021 and 2020 taxes for certain situations Taxpayer uses the wrong FedEx service, therefore his Tax Court petition was not filed on time

This week we look at: FinCEN adds more information to FAQ page, including information on PDF form Bill passes House that would give a limited extension of time for some initial BOI reports to be filed IRS releases mileage rates for 2024 Supreme Court agrees to hear estate tax valuation case to resolve split in the Circuits

This week we look at: IRS sends out a batch of 20,000 ERC rejection letters Employer files suit claiming IRS ERC guidance violated the Administrative Procedures Act SCOTUS hears oral arguments in the Moore case Draft K-2/K-3 instructions are published with no major changes to the domestic filing exception for 2023

This week we look at: FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024 Tax Court rules that a state law limited partner is not automatically covered by IRC §1402(a)(13) self-employment tax exemption OPR due diligence alert on FBAR Annual business MeF shutdown date announced IRS denies request for automatic accounting method change late election relief Tax Court finds that if date to file a Tax Court petition falls on a date that the clerk’s office is inaccessible, the taxpayer qualifies for extended filing relief even though electronic option had been available on the due date