2023-07-24 IRS Makes Clear Its Position on Extended Supply Chain ERC Claims

This week we look at:

• IRS memo makes it clear the agency is very skeptical about extended supply chain ERC claims

• Third Circuit rules that equitable relief is available for failure to file Tax Court petition in 90 day period for a deficiency

• IRS asked by Tax Court to justify suspense account method for losses deducted in excess of basis in closed years

• Taxpayers had to pay tax on funds taken from IRA/pension funds that were paid to fraudster

An audio only version of this week’s broadcast can be downloaded or streamed below:

A copy of the slides and links to articles for this week’s updates can be downloaded below:

2023-07-24 Current Federal Tax Developments