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

This week we look at:IRS releases Fact Sheet on disaster provisions for retirement accounts added by SECURE 2.0 ActDC 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 issuedDepartment of Justice begins process to move marijuana from Schedule I to Schedule III which would cause §280E to no longer limit deductions for cannabis businessesLack 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. 2024-05-06 IRS Can Assess Penalties for Failure to File Form 5471 per DC Circuit Edward K. Zollars, CPA (Kaplan Financial Education) A PDF of this week’s slide and citation links can be downloaded below:2024-05-06 Current Federal Tax Developments