Key Takeaways
- IRS Updates
- Tax Court Nominees
- Chevron
- Carbon Credit
- Tax on Tips
- Child Support
- FBAR
- BOI
- Legitimate Business Expenses
- What Day is it?
IRS Updates
IRS Reaches Key Milestones in Effort to Save Americans Time and Money by Expanding Taxpayer Services and Online Tools with Inflation Reduction Act Funding - treasury.gov. "Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS) are announcing key milestones reached as part of its ongoing transformation efforts made possible by the Inflation Reduction Act (IRA), including continued progress to save Americans time and money by improving online and in person service and increasing tax fairness."
IRS Adds Audit Updates To Individual Online Accounts - David van den Berg, Law360($):
Individuals under examination no longer need to call the agency to get updates on their audits, the IRS and U.S. Department of the Treasury said in a statement. New account features also include a lien payoff calculator taxpayers can use to get lien details and calculate payoff amounts, the agencies said. Taxpayers can also see the status of their refunds during processing as part of a comprehensive overview of their account details, according to the statement.
The latest update on the IRS’s operating plan for the increased funding shows that while the tax system remains as complex as ever, all that complexity is increasingly moving toward digital formats.
Senate Tees Up Votes On Two Tax Court Nominees - Asha Glover, Law360($):
The Senate voted 77-17 in favor of limiting debate and proceeding to a vote on confirming Kashi Way, legislation counsel at the Joint Committee on Taxation, to a 15-year term as a judge on the Tax Court. The Senate also voted 85-12 to limit debate and proceed on Biden's nomination of Adam B. Landy, a special trial judge for the court, to a term as a judge. The confirmation votes are expected to take place as soon as Thursday.
Chevron
Antideference Precedent a Mixed Bag for Subregulatory Guidance - Nathan J. Richman & Caitlin Mullaney, Tax Notes($). "The end of regulatory deference might not directly affect lower-level tax guidance, but it could encourage more of it at the expense of notice and comment rulemaking, tax lawyers say."
IRS Provides New Info on Greenhouse Gas Reports for Carbon Credit - Mary Katherine Browne, Tax Notes($). "The IRS has released guidance on the life cycle analysis reports that taxpayers are required to submit when claiming the carbon oxide sequestration tax credit, which the Inflation Reduction Act significantly amended."
Tax on Tips
Culinary Union Changes Tune on Trump’s ‘No Tax on Tips’ Proposal - Alexander Rifaat, Tax Notes($):
In a statement released July 22, Ted Pappageorge, Secretary-Treasurer of the Culinary Union Local 226, which represents hospitality workers in the Silver State, called on Congress to pursue legislation that would impose a federal ban on taxing tips.
W&M Advances Tribal Child Support Enforcement Bill - Cady Stanton, Tax Notes($). "House taxwriters found common ground on legislation that would allow tribal communities the same direct access to tax information used to collect past-due child support as states and localities."
U.S. Court Releases FBAR Litigant From Custody With Conditions - Amanda Athanasiou, Tax Notes($):
In a July 23 filing in United States v. Kelly, the U.S. District Court for the Eastern District of Michigan ordered the U.S. Marshals Service to release Kelly from custody and directed Kelly not to interfere with transfers to his U.S. accounts of cash and securities that he has been holding overseas.
FinCEN Updates FAQs For Beneficial Ownership Information Reporting - Kelly Phillips Erb, Forbes:
FinCEN has been rolling out guidance—including new FAQ information posted as of July 24, 2024. Here's a look at the updated guidance—and some related provisions.
Legitimate Business Expenses
Atty Can't Deduct Car Racing Costs As Ads, US Tells 10th Circ. - Anna Scott Farrell, Law360($):
...
[NAME REDACTED], failed to substantiate the expenses for several years dating to 2008 and couldn't prove that they "bore a proximate and direct relationship" to his law practice, as required to obtain the deduction under Internal Revenue Code Section 162 , the government said.
What Day is it?
Quite a day if you consider yourself a foodie! National Wine and Cheese Day, National Refreshment Day, National Hot Fudge Sundae Day, and National Chili Dog Day. Enjoy all those, just maybe not all in one sitting. More importantly, IMO, it is National Intern Day. Celebrate and encourage your favorite intern(s)!
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