Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 13, 2025 – January 17, 2025. TAX CONTROVERSY-RELATED DEVELOPMENTS January 15, 2025: The US Department of the Treasury (Treasury) and the IRS published final regulations, providing guidance on the resolution of federal tax controversies by
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DOJ Announces Largest Employee Retention Credit Fraud Indictment
On January 22, 2025, the US Department of Justice (DOJ) announced the indictment of seven individuals in the largest Employee Retention Credit (ERC) fraud scheme to date. According to the indictment, the defendants filed more than 8,000 refund claims for ERCs and Sick and Family Leave Credits (SFLCs), totaling more than $600 million. The ERC…
IRS Roundup January 6 – 10, 2025
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 6, 2025 – January 10, 2025. January 6, 2025: The IRS released Internal Revenue Bulletin 2025-2, which includes Announcement 2025-2. The announcement states that, if finalized, certain portions of proposed regulations on required minimum distributions…
Weekly IRS Roundup December 30, 2024 – January 3, 2025
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 30, 2024 – January 3, 2025. December 30, 2024: The IRS released Internal Revenue Bulletin 2025-1, which includes the following: Revenue Procedure 2025-1, which contains the revised procedures for letter rulings and information letters issued…
Weekly IRS Roundup December 23 – December 27, 2024
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 23, 2024 – December 27, 2024. December 23, 2024: The IRS released Internal Revenue Bulletin 2024-52, which includes the following: Treasury Decision 10015: These final regulations update the previous regulations under Section 48 of the…
Update on Exit Tax for Investment Shares
Exit taxes will apply to private investors in investment funds who leave Germany and have purchased investment shares priced at a minimum of €500,000, including common exchange-traded funds. This was decided by the German Federal Parliament (Bundestag) and the German Federal Council (Bundesrat) via the Annual Tax Act 2024 (Jahressteuergesetz 2024). The new regulation will…
Weekly IRS Roundup December 16 – December 20, 2024
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 16 – 20, 2024. December 16, 2024: The IRS released Internal Revenue Bulletin 2024-51, which includes the following: Treasury Decision 10009, which provides guidance regarding the advanced manufacturing investment credit under § 48D of the…
IRS Roundup for November 25 – December 13, 2024
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for November 25, 2024 – December 13, 2024. November 25, 2024: The IRS released Treasury Decision 10011, which modifies the regulations governing the sale of a taxpayer’s property that the IRS seizes by levy. The modified regulations allow the IRS…
Weekly IRS Roundup November 18 – November 22, 2024
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 18, 2024 – November 22, 2024. November 18, 2024: The IRS released Internal Revenue Bulletin 2024-47, which includes the following: Revenue Procedure 2024-41, which provides the unused housing credit carryover amounts allocated to qualified states…
Weekly IRS Roundup November 11 – November 15, 2024
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 11, 2024 – November 15, 2024. November 11, 2024: The IRS released Internal Revenue Bulletin 2024-46, including Revenue Procedure 2024-31, which outlines the requirements for manufacturers to be treated as “qualified manufacturers” under Section 25C(h)…