Kristy Kirk, Esq.’s Post

A taxpayer sought to dismiss his own case in the Tax Court (Supinger v. Commissioner) after reconsidering his beliefs and the risk of more penalties over repeated challenges of tax deficiencies. Read more about this interesting tax case here. #taxlaw #tax #taxcourt #novatax

The IRS has announced penalty waivers for corporations unable to meet their estimated tax payments related to the corporate alternative minimum tax (CAMT) for Q1 2024. This relief applies to both payments due by April 15 and to fiscal-year corporations due by May 15. It follows previous CAMT penalty waivers and anticipates further regulatory clarifications. To learn more about these CAMT penalty waivers, contact Bennett Thrasher. Our tax professionals are ready to help. #Taxes #BusinessTaxes #PenaltyWaivers #CorporateAlternativeMinimumTax https://lnkd.in/eASUWNpu

Important Taxpayer Relief: Income tax department has Issued Circulars for Condonation of Delay CBDT - Income tax has issued two critical circulars under Section 119(2)(b) of the Income-tax Act, providing relief for delayed filings of key forms: ✅ Circular No. 16/2024 – Applicable to Forms 9A, 10, 10B, and 10BB for Assessment Year 2018-19 onwards, offering relief to trusts and institutions for past compliance delays. ✅ Circular No. 17/2024 – Applicable to Forms 10-IC and 10-ID for Assessment Years 2020-21, 2021-22, and 2022-23, enabling entities opting for reduced tax rates under Sections 115BAA and 115BAB to rectify delays. Such step by CBDT ensures that taxpayers can claim the benefits they are entitled to, despite past procedural lapses thereby reducing prolonged litigation and giving due benefits to taxpayers. 📌 What Should You Do? Evaluate your past filings, identify any delays, and to ensure you make the most of this relief, act promptly to address compliance and secure the benefits available under these circulars. #TaxUpdate #CBDT #CondonationOfDelay #Compliance #TaxRelief

I feel these constant efforts from CBDT to reduce prolonged litigation is a welcome step and assessee's should make the most out of these opportunities. The Departments should be conducting sessions and awareness campaign to make sure tax payers benefit from such circulars. The Income Tax Department could take this initiative further by leveraging AI technology to identify and target the right taxpayers who are eligible to benefit from these condonation provisions. Such a forward-thinking approach would align perfectly with the mission of a more inclusive and technology-driven tax administration. #CBDT #incometaxindia #Taxupdate

📢 Important Update for Taxpayers: CBDT Circular No. 17/2024 - Delay Condonation for Filing Forms 10-IC and 10-ID The Central Board of Direct Taxes (CBDT) has issued Circular No. 17/2024, providing a significant relief for taxpayers who missed the deadline for filing Forms 10-IC (relating to the new tax regime for MSMEs) and 10-ID (related to opting for the new tax regime under section 115BAC). 📅 Key Highlights: The Circular grants condonation of delay for filing Forms 10-IC and 10-ID for the assessment years 2020-21 and 2021-22. This provides taxpayers a one-time opportunity to file these forms, ensuring compliance with the provisions of the Income Tax Act. The condonation is available for taxpayers who could not file these forms within the stipulated timelines due to genuine reasons. 🔍 What Does This Mean for Taxpayers? Taxpayers who were unable to file Forms 10-IC and 10-ID on time can now submit these forms with a reduced risk of penalties or non-compliance issues, helping them to align with the tax provisions and avoid potential legal consequences. This is a welcome relief for businesses and taxpayers navigating the complexities of tax filings during challenging times. For more details, refer to the CBDT Circular No. 17/2024. #CBDT #TaxCompliance #IncomeTax #BusinessTax #TaxFiling #Circular17 #Forms10IC10ID #MSME #TaxRegime #IncomeTaxAct Talk with #TaxExpertCASagar:- https://lnkd.in/dHQBveFg

Those in Congress who are in favor of eliminating or raising the SALT Cap ($10,000 state tax deduction) have leverage - do nothing and the Cap expires at the end of 2025. #SALTCap #stateandlocaltax #SALT #FDSALT #FrazierDeeter #middlemarket #privateequity #multistatetax #incometax #tax #taxes #taxlegislation #taxcontroversy #federaltax #federalincometax #cpa #partnerships #scorporations #taxlaw #accounting #statetaxlaw #nationaltaxoffice #FDSALTNTO #FDSALTNationalTaxOffice

Even with the approaching sunset of the federal SALT limitation, taxpayers and their CPAs should continue to carefully analyze specific state rules to fully weigh whether a state’s pass-through entity tax (PTET) election is beneficial. Read more in this NJCPA Focus blog post by Thu N. Lam of Chamberlain Hrdlicka. #NJCPAFocus #SALTcap #SALT #tax #TCJA

DIRECT TAX CODE: The government has started the consultation process for reviewing the Income Tax Act, 1961. This article highlights my personal view in the prosecution provisions of the Income Tax Act which needs to overhauling to achieve the objective of making the Act concise, lucid and easy to understand. CA Naveen Wadhwa

This case serves as a stark reminder that HMRC continues to challenge artificial tax planning schemes, even when they appear to comply with the letter of the law. The Court emphasised the importance of looking at the economic reality of transactions rather than their legal form when interpreting tax legislation. #tax