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Author Archive for Tracy Tasch

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IRS Warns Taxpayers of Dirty Dozen Tax Scams for 2022, IR-2022-113

The IRS began its “Dirty Dozen” list for 2022, which includes potentially abusive arrangements that taxpayers should avoid. The tax scams in this series focus on four transactions that are wrongfully promoted and will likely attract additional agency compliance efforts in the future. Those four abusive transactions involve charitable remainder annuity trusts, Maltese individual retirement […]

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President Biden Signs Infrastructure Bill

President Biden Signs Infrastructure Bill The bipartisan infrastructure bill passed the House of Representatives in a late night vote on November 5 by a 228-206 vote with 13 Republicans crossing the aisle to get the bill across the finish line after 6 Democrats voted the bill down. President Biden signed the infrastructure bill into law […]

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2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released

2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released The 2022 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limitations will change for 2022 because the increase in the cost-of-living index due to inflation met the statutory […]

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Guidance on Applying Per Diem Rules to Fully Deductible Restaurant Meals

Guidance on Applying Per Diem Rules to Fully Deductible Restaurant Meals The IRS issued guidance related to the application of the per diem rules under Rev. Proc. 2019-48 to the temporary 100-percent deduction for business meals provided by a restaurant. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 ( P.L. 116-260) temporarily increased the deduction from […]

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Simple Steps to Assist Taxpayers Make 2022 Tax Filing Easier

Simple Steps to Assist Taxpayers Make 2022 Tax Filing Easier The IRS has urged taxpayers, including ones who received stimulus payments or advance Child Tax Credit payments, to follow some easy steps for accurate federal tax returns filing in 2022. Organized tax recordsTaxpayers can easily prepare complete and accurate tax returns with the help of organized […]

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G20 Endorses Global Corporate Minimum Tax Rate of 15-Percent

G20 Endorses Global Corporate Minimum Tax Rate of 15-Percent All members of the G20 on October 30 endorsed a global corporate minimum tax rate of 15 percent in an effort to eliminate countries slashing corporate tax rates and creating tax shelters to attract large multinational corporations. The agreement comes on the heels of an international […]

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Jurisdiction Over Petition for Redetermination of Whistleblower’s Award Not Extinguished by Death

Jurisdiction Over Petition for Redetermination of Whistleblower’s Award Not Extinguished by Death In a case of first impression, the Tax Court retained jurisdiction over a petition for redetermination with respect to a whistleblower’s claim for an award after the petitioner’s death. The informant filed a claim for an award with the IRS Whistleblower Office (WBO) […]

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S Corporation’s Disposition of Major League Baseball Team Was Disguised Sale

S Corporation’s Disposition of Major League Baseball Team Was Disguised Sale An S corporation’s disposition of a major league baseball team was a disguised sale to a newly formed partnership. The taxpayer had formed the partnership, with a renowned family, where the taxpayer contributed the major league baseball team and related assets and the family […]

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