Tim Flaherty Named to Power List by Rochester Business Journal
Rochester, N.Y., ( March 31, 2025) Tim Flaherty has been named to The Rochester Business Journal’s Power List 2025 for Accounting & Insurance. The list
IRS Appeals Officers and Team Managers not U.S. Officers; Not Appointed Under Appointments Clause (C.C. Tooke III, TC)
The Tax Court ruled that IRS Appeals Officers and Team Managers were not “Officers of the United States.” Therefore, they did not need to be appointed under
LLC Not Entitled to Charitable Contribution Deduction for Conservation Easement; Accuracy-Related Penalty Imposed (Green Valley Investors, LLC, TCM)
A limited liability company (LLC) classified as a TEFRA partnership could not claim a charitable contribution deduction for a conservation easement because the easement deed
Senate Finance Committee Leadership Issue Proposals To Improve IRS
The leadership of the Senate Finance Committee have issued a discussion draft of bipartisan legislative proposals to make administrative and procedural improvements to the Internal
Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued (Rev. Proc. 2025-16)
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2025 and the lease inclusion amounts for business vehicles
IRS Issues Guidance on Alternative Method for Health Coverage Reporting (Notice 2025-15)
The IRS has issued Notice 2025-15, providing guidance on an alternative method for furnishing health coverage statements under Code Secs. 6055 and 6056. This method allows insurers and applicable
Beneficial Ownership Reporting Requirement Back On; Deadline Extended 30 Days (FinCEN Notice FIN-2025-CTA1)
The Financial Crimes Enforcement Network (FinCEN) has announced that the mandatory beneficial ownership information (BOI) reporting requirement under the Corporate Transparency Act (CTA) is back
Final Regulations Identify Partnership Basis Shifting Transaction as Reportable Transactions (T.D. 10028; IR-2025-6)
The IRS has issued final regulation identifying certain partnership related-party basis adjustment transactions as transactions of interest (TOI), a type of reportable transaction under Reg. §1.6011-4.
IRS Updates FAQs on Energy Credits (FS-2025-1; IR-2025-17)
The IRS issued updates to frequently asked questions (FAQs) about the Energy Efficient Home Improvement Credit (Code Sec. 25C) and the Residential Clean Energy Property
FinCEN Keeps BOI Reporting Voluntary Despite Supreme Court Ruling On Injunction
The Financial Crimes Enforcement Network is keeping beneficial reporting information reporting voluntary even though the Supreme Court has lifted the injunction that was put in
Partnerships Get More Time to Furnish Form 8308 for 2024 Section 751(a) Exchanges, Notice 2025-2
The IRS has provided relief from the failure to furnish a payee statement penalty under Code Sec. 6722 to certain partnerships with unrealized receivables or inventory items
Final Regs Define “Energy Property” for Energy Investment Credit, TD 10015
Final regulations defining “energy property” for purposes of the energy investment credit generally apply with respect to property placed in service during a tax year
