Loopholes

TAX COURT ROUNDUP – NOVEMBER 2023

A very mixed bag this month: IRS shifting ground on the eve of trial, plenty of discovery, loyalty programs, the end of the road for meaningful Section 6751(b) supervisory approval, and arrival of a new Special Trial Judge. And, as always, a lot of questions.

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Think Outside the Tax Box provides tax reduction strategies along with practical implementation advice in order to reduce your clients’ federal tax bill with ease.

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CURRENT EDITION

Staying Afloat in Tax Seas: Understanding the IRS’s Moratorium on ERC

Dominique Molina, CPA MST CTS

Question: Should I even bother assisting my clients with filing new ERC claims?

Answer: In light of the IRS’s recent moratorium on processing new Employee Retention Credit (ERC) claims and the introduction of a withdrawal option for certain employers, it’s understandable that you might be wondering whether to assist your clients with filing new claims. The answer, like a well-prepared tax return, is nuanced and deserves a detailed examination.

Time for Year-End Tax Planning

Jeff Stimpson

This year is far from over for tax planning – for some moves, you have even longer – but now’s the time to start looking and acting on your tax tactics given your circumstances and the 2023 you’ve had so far. What you do or don’t do now could save or cost you next April.

An Alphabet Soup of Confusion: LLCs, BOI, and UPL

Amber Gray-Fenner, EA NTPI Fellow USTCP

By now I hope that all tax professionals have heard of the FinCEN requirement for certain entities to report beneficial ownership information starting in 2024. The requirement is causing confusion because tax and accounting professionals feel that this could be an opportunity to either add value to an existing engagement, could be a new revenue stream, or could be a huge potential for liability. What follows is a brief review of the law and the requirements, an analysis of the main issues, and some recommendations for practitioners wondering how to help their clients while limiting their professional liability.