Click the headlines for these full stories.
Supreme Court to decide estate tax impact of life insurance in closely held businesses
This term, the Supreme Court will answer questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations.
Enforcement, voluntary programs yield over $1 billion from ERC claims
On the deadline for businesses to offer to repay erroneous employee retention credit (ERC) claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.
Werfel says digital initiatives can transform ‘iconically unpopular’ IRS
Allowing taxpayers to communicate with the IRS almost entirely online will free the agency’s workers to handle other tasks, Commissioner Danny Werfel said in a speech.
Federal court holds Corporate Transparency Act unconstitutional
While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked the authority to enact the business ownership information reporting requirement.
Decision holding Corporate Transparency Act unconstitutional appealed
The U.S. Justice Department filed an appeal challenging a district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional.
