2024-05-06 IRS Can Assess Penalties for Failure to File Form 5471 per DC Circuit

Current Federal Tax Developments

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14d ago

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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

123 Episoden

#CPA #Accounting #Kaplan Professional Education #Edward Zollars #Taxation #Business #Tax