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Home > Federal Tax Update Podcast > 2023-07-24 IRS Makes Clear Its Position on Extended Supply Chain ERC Claims
Podcast: Federal Tax Update Podcast
Episode:

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

Category: Business
Duration: 01:17:01
Publish Date: 2023-07-23 23:52:00
Description:

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
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