Federal Tax Update: IRS Can Assess Penalties for Failure to File Form 5471 per DC Circuit

FICPA Podcasts

https://vimeo.com/943025614?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts

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)