Yesterday the IRS launched a new tool for businesses that expands online access to certain business tax account information. Available at IRS.gov/businessaccount, the new service is a key part of the agency’s continuing...
On Wednesday, the IRS announced the mailing of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. According to the announcement, the IRS is disallowing claims to entities that did not exist or did...
Anyone who makes a taxable gift (more than $17,000 in 2023, $18,000 in 2024) in a taxable year must file a Form 709, United States Gift Tax Return, reporting the gift to the IRS. Generally, the IRS then has three years to...
The Tax Court recently called into question whether a partner designated as a limited partner is truly a limited partner. In Soroban Capital Partners, LP v. Commissioner, the court analyzed whether a partner was truly a...
On October 26th, the Tax Court issued an interesting opinion in Mill Road 36 Henry LLC v. Commissioner, T.C. Memo 2023-129, upholding the IRS disallowance of a $8.9 million deduction for an easement donation but also holding...
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