This week we look at: IRS again waives penalties for certain RMD distributions for inherited IRAs and retirement plans, but indicates this should be the last time FinCEN adds more Q&As to BOI FAQ for the first time since January Copyright, Kaplan, Inc.

Today's featured business leader is Heather Hiller, General Counsel and Senior Vice President at The Daimler Group. Heather illustrates her experience as a woman in a male-dominated field, surveys the shifting landscape of remote vs. office working, shares some great career advice and transports us to the new Downtown Columbus district that's earni…

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 inv…

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 t…

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 t…

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 …

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 inst…

Today we're joined by Brooke Minto, the Columbus Museum of Art's new Executive Director and CEO. With over 20 years of curatorial, educational, and fundraising experience all around the world, Brooke brings a fresh approach and big goals to the 145-year-old museum on East Broad Street. We talk about her early experiences in the city and in her role…

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 …

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 in…

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 petit…

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…

Today's guest, Leah McDougald, works in the field of design research, studying our world and people in it on behalf of Columbus's biggest brands, to innovate better experiences, products, and services. It's wide-reaching work: even as she now runs her own business, Leah remains closely involved in the firm's projects, working on her business, and w…

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…

This week we look at: IRS clarified FAQ on §139A and backpay for wrongfully incarcerated members of the armed services FinCEN adds to the FAQ on beneficial ownership information reporting

This week we look at: Inflation adjusted numbers for 2024 issued by the IRS Minor revisions made in final BOI FinCEN Identifier rules The IRS issues its second ERC-related GLAM, this time taking aim at OSHA related partial shutdown theories If a Notice isn’t binding on the courts, does that mean we can just pretend it doesn’t exist when advising ou…

This week we look at: 2024 inflation adjusted retirement numbers released by the IRS MeF 1040 shutdown date announced by the IRS Trust found liable for transferee tax in failed Son-of-BOSS shelter to offset stock sale gain IRC §41 refund claim grace period extended for yet another year Tax Court refuses to expand equitable relief for missing 90-day…

This week we look at Taxpayers can’t rely on paid preparer as reasonable cause for late filing, even when using electronic filing IRS could assert negligence penalty (and obtain supervisory approval) after failing to obtain approval for substantial underpayment penalty IRS makes “temporary” electronic signature program permanent by moving it into t…

This week we look at PTIN renewals are now open for 2024 IRS announces program to allow for withdraw of ERC claims Actor’s estate loses in attempt to claim he had validly rolled over a non-traditional investment held in his IRA

Rehgan Avon felt the time had come to start her own company. She had been thinking about it for a while, reflecting on the ways artificial intelligence was impacting businesses and the unsolved issues she saw across industries. So she made the jump, putting in her notice and readying for her next phase in February of 2020. Of course, that's when th…