Switchback Accounting

10/31/2024

Buckle up, everybody. The audits are coming.

IR-2024-276, Oct. 22, 2024 — The IRS today announced the new pass-through field operations unit announced last fall has officially started work in its Large Business and International (LB&I) division to more efficiently conduct audits of pass-through entities.

03/04/2024

Update on BOI:

On Friday March 1, 2024, the U.S. District Court for the District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional. In the case of National Small Business Association v. Yellen (Case No. 5:22-cv-01448) [1], initiated by the National Small Business United, the challenge was against the CTA's mandate for small businesses to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).

The ruling has the effect of suspending all BOI filing requirements for now, all enforcement actions, and all compliance concerns including questions of "practicing law without a license." Experts believe the ruling will be appealed, probably to the Supreme Court, so this is a temporary filing requirement suspension until a final appeal is exhausted. Voluntary filing appears to still be allowed if for some reason a taxpayer desires to file. For those of you who took the "let's wait and see" position on this matter, your instincts have just been proven correct.

12/29/2023

Yelp profit soared with help from IRS guidance on R & D Tax Deductions.

A one-time tax adjustment boosted third-quarter earnings as Yelp’s effective tax rate ended up being much lower than it expected.

12/27/2023

Proposed crypto broker rules garner 13,000 comments to the IRS.

The IRS and Treasury Department have been inundated by a flood of more than 13,000 comments on proposed digital asset broker reporting requirements rules, with still weeks left before the comment window shuts.

12/25/2023

Ken Griffin vs. the IRS: The Citadel CEO wants the tax agency to fix its security protocols. The agency says it’s not responsible for leaks.

The Citadel CEO wants the tax agency to fix its security protocols.The agency says it’s not responsible for leaks.

12/22/2023

Crypto exchange Kraken to start sharing data of some users with IRS

Kraken, a cryptocurrency exchange, has announced that it has complied with a court order requiring it to submit data on tens of thousands of its users with the Internal Revenue Service (IRS).

12/20/2023

The IRS claims it can reopen closed assessment period

Recently disclosed internal IRS documents reveal its belief that it can get extensions to impose FBAR penalties at any time, even after the assessment period has passed.

12/18/2023

IRS announces 2024 tax brackets, standard deductions and other inflation adjustments

“Inviting someone to ‘sit at the table’—literally or figuratively—will give that person insight, confidence and experience to help them succeed.”

12/15/2023

TIGTA: IRS’s decision to destroy 30 million paper returns was ‘reasonable’

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12/13/2023

IRS announces 2024 retirement account contribution limits: $23,000 for 401(k) plans, $7,000 for IRAs

The IRS has increased the 401(k) plan contribution limits for 2024, allowing employees to defer up to $23,000 into workplace plans, up from $22,500 in 2023.