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

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)