Despite Passing Tax Bill, House Dems, Reps Disagree on Path Forward
While the bipartisan tax bill awaits action in the Senate, two House committees held hearings last week debating the merits …
Thomson Reuters Tax & Accounting News
R&D Expert: Capitalization, Amortization Requirement Hurts Smaller Businesses
An unpopular provision of the 2017 tax reform bill that disallows immediate expensing of research and development costs has created …
Exception to Derivatives Accounting Rules to be Expanded in Coming FASB Proposal
The nation’s accounting rulemaker plans to propose rules this summer that would keep the boundaries of complex derivatives accounting rules …
US Audit Regulator Imposes Record Penalty on KPMG Netherlands for Exam Cheating by Hundreds of Professionals
The US Public Company Accounting Oversight Board (PCAOB) on April 10, 2024, said it fined KPMG Netherlands a record $25 …
FCC Starts ‘Spring Cleaning’ by Quashing Fake Tax Relief Robocalls
The Federal Communications Commission’s Enforcement Bureau launched a “Spring Cleaning” initiative to crack down on harmful robocalls and phone scams, …
IRS Updates Substitute Form 941, Schedules, and 8974 Specifications
The IRS has released updated guidance for specifications for substitute Form 941 (Employer’s Quarterly Federal Tax Return), Schedule B (Form …
Corporate Stock Repurchase Excise Tax Prop Regs Issued
The IRS has issued proposed regs that would provide guidance concerning the 1% excise tax owed on corporate stock repurchases. …
2025 Medicare Part D Benefit Parameters Reflect Changes to Part D Benefit Structure
Announcement of Calendar Year (CY) 2025 Medicare Advantage (MA) Capitation Rates and Part C and Part D Payment Policies (Apr. …
Treasury Holds Roundtable, Issues Fact Sheet on New E-Filing Tool
By Maureen Leddy, Checkpoint The Treasury Department recently held a virtual roundtable discussion with taxpayers who used the IRS’ new Direct File tool to …
Regulator Proposes Auditor Performance Metrics, Updates to Firm Reporting
The Public Company Accounting Oversight Board (PCAOB) on April 9, 2024, issued two separate but related proposals intended to increase …
Oregon Updates IRC Conformity
By Margaret Eisler On April 4, 2024, Oregon Governor Tina Kotek signed legislation advancing the state’s Internal Revenue Code (IRC) …
Complaint Against H&R Block Alleges False Advertising of Free Tax Prep
Two individual H&R Block customers filed a class action lawsuit against the company, claiming the cost of its online tax …
Exempt Org Group Calls for Fixes to IRS Business Master File, Databases
The IRS’ Exempt Organization Business Master File (EO BMF) suffers from a multitude of errors with long turnaround times to …
PCAOB Schedules Meeting to Consider Proposing Set of Audit Quality Metrics
The Public Company Accounting Oversight Board (PCAOB) has scheduled a public meeting for April 9, 2024, to consider issuing a …
FASB Backpedals: Will Tailor International Accounting Rules on Government Grants for US GAAP
The FASB on April 3, 2024, voted 6 to 1 to tailor an international accounting standard on government grants and …
IRS Further Extends Tax Relief for 2023 Hawaii Wildfire Victims
he IRS has extended an earlier postponement, until August 7, 2024, for individuals and businesses with filing and tax-payment deadlines …
Payroll Fraud in the News: Types of Fraud and How to Prevent It
By Debbie Tam A recent report released by the Association of Certified Fraud Examiners (ACFE) revealed that payroll fraud schemes make up …
Agencies Finalize Regulations Limiting STLDI, But Hold Back Several Fixed Indemnity Proposals
Short-Term, Limited-Duration Insurance and Independent, Noncoordinated Excepted Benefits Coverage, 26 CFR Part 54; 29 CFR Part 2590; 45 CFR Parts 144, …