The IRS has been busy with the release of changes to tax forms, instructions, and publications. Some changes of note are e-filing some amended employment tax forms, instruction corrections for Schedule 3 form 1040, form 8835 and 3468 renewable electricity production, Pub 1179 rules for 1096, 1098, 1099, 5498 and others, form 15293 disclosure consent, Pub 5533 regarding online accounts, etc.
SCOTUS has reversed the Chevron doctrine, which permitted courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency. In a June 28, 2024 article from Martha Wagner, published in the Journal of Accountancy, she explains that this means the courts should use their independent judgement in dealing with statutes that are ambiguous. The impact of this ruling is yet to be felt.
The moratorium on processing ERC claims is still ongoing after 9 months. The claims filed continue to grow. The latest estimate is that there are 1.3 million claims on hold. The Tax Relief for American Families and Workers Act of 2024 (HR 7024) provides for a bar on additional claims filed after 1/31/24. This bill is stuck in the Senate. It is estimated this provision will save $77.1 billion.
I am excited to announce that the dates for our quarterly meetings have been set through October of 2025. The dates are being published on our website calendar, and those with hotel blocks open have links published on the event pages.
I look forward to attending our quarterly meetings and the personal interactions they bring. I recommend that all members take advantage of these meetings. The more member participation we have, the stronger and more effective our organization becomes.
Thank you for the honor of being your President.