Federal Tax Update: Insurers Update BOI Guidance

https://vimeo.com/914227666?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/18/2024-02-19-insurers-update-boi-guidance

This week we look at:

• Insurers updating their advice on BOI engagements
• SALT cap 2023 increase bill fails on a procedural vote in the House
• Jury finds taxpayer did not willfully fail to file FBAR reports
• IRS takes position third party payors liable for ERC refund repayment in addition to common law employers
• IRS sending out CP271 “soft letters” to those with open ERC refund claims
• S corporation has a failure of 9 trusts receiving shares from decedent
• Taxpayer unsuccessfully argues she only should pay taxes on social security actually received