In a unanimous decision, the Supreme Court holds that life insurance proceeds a corporation receives to fund a share redemption agreement increases the corporation’s estate tax value.
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TOPICS
Tax
Expert warns: IRS has what it needs to pursue more audits
A speaker at AICPA & CIMA ENGAGE tells attendees that the IRS is paying higher salaries to attract midcareer workers as the agency increases audits.
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Supreme Court to decide estate tax impact of life insurance in closely held businesses … Enforcement, voluntary programs yield over $1 billion from ERC claims … Werfel says digital initiatives can transform ‘iconically unpopular’ IRS … Federal court holds Corporate Transparency Act unconstitutional … Decision holding Corporate Transparency Act unconstitutional appealed
Criminally forfeited IRA distribution was constructively received and taxable
The Tax Court denies an incarcerated taxpayer’s arguments to the contrary.
IRS data reveals insights into collections, compliance, and criminals
A comprehensive exploration of the latest IRS data provides insights into compliance, revenue collection, and criminal activities.
Bias possible in IRS program for auditing refundable credit returns
The IRS said it agrees with the six recommendations from the Government Accountability Office to eliminate the bias.
IRS free filing program to become permanent with expanded scope
Commissioner Danny Werfel said the successful pilot program of Direct File encouraged the IRS to make the program available in all states and the District of Columbia.
AICPA makes recommendations to IRS on next Priority Guidance Plan
In addition to the guidance on the plan, the letter recommends that Treasury and the IRS continue pursuing tax simplification.
IRS warns about more tax scams
The IRS said scams involving the fuel tax credit, the sick and family leave credit, and household employment taxes led thousands of taxpayers to file inflated refund claims.
Regulations finalize PTIN fees for tax return preparers
The IRS was required to reduce the charge for preparer tax identification numbers after a federal court found the previous amount excessive. The final regulations adopt the text of interim final and proposed regulations issued in 2023 without change.
HSA inflation-adjusted maximum contribution amounts for 2025 announced
After steep increases for 2024, the HSA maximum contribution amounts allowed by the IRS still increase for 2025, but not by as much, as the rate of inflation slowed.
After April 15: Top-of-mind tax advocacy topics, including the ERC
An AICPA leader reflects on the end of tax filing season and on a recent comment by the IRS commissioner. She also looks ahead at key issues on the advocacy front. Read the Q&A or listen to the podcast episode.
Foreign trust transactions and large gifts addressed in proposed regs.
The proposed regulations implement Secs. 643(i), 679, 6039F, 6048, and 6677, which were added or modified to prevent efforts by U.S. taxpayers to use foreign trusts and offshore arrangements to avoid U.S. taxes.
Final regs. issued for new, previously owned clean vehicle credits
The final regulations, which the IRS issued Friday, also provide rules regarding the critical mineral and battery component requirements for the new clean vehicle credit, and they add a new test for mineral content.
Practitioner service improvements part of IRS strategic operating plan
The IRS aims to improve service on the tax practitioner phone line and build a better online account for tax professionals, Commissioner Danny Werfel said Thursday.
Time for a tax practice tune-up
Building on busy season’s lessons learned, CPAs can turn to optimizing performance going forward.
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IRS renews focus on targeting high-income nonfilers … IRS announces delay for Form 1042 e-filing requirement … IRS to begin audits of personal, business use of corporate jets … Form 1099-K frequently asked questions revised … Study: IRS could collect billions more with full funding … Auto depreciation limitations increase
IRS Appeals abused its discretion by abruptly ending CDP hearing
Rejection of the taxpayer’s proposed collection alternatives was ‘hasty,’ the Tax Court finds.
Excise tax imposed on $25 million in excess IRA contributions
The Tax Court rebuffs the taxpayer’s argument that the Sec. 4973 tax is actually a penalty.
Tax Court has jurisdiction to hear taxpayers’ case
A notice of deficiency’s petition filing deadline controls despite, in an ‘obvious mistake,’ being more than a year after the notice’s mailing date.
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