Expert warns of gift tax ‘cliff’ for Trump account donors
An expert welcomed the IRS’ recently announced gift tax reporting safe harbor for Trump account contributions — but he cautioned …
Thomson Reuters Tax & Accounting News
IRS unveils new automatic penalty relief process
The IRS announced that this summer, it will transition to a new “systemic relief program” dubbed Automatic Exemption from Penalty (AEP). The …
SEC’s Atkins says no-action policy shift yields few proxy season disruptions; backs ‘materiality overlay’ in disclosure reform
Securities and Exchange Commission (SEC) Chairman Paul Atkins said that a major policy shift implemented last year — in which …
How Long Must an Applicable Large Employer Offer Coverage to a Dependent Child Approaching Age 26 to Avoid Employer Shared Responsibility Penalties?
QUESTION: Our company is an applicable large employer (ALE) that sponsors a group health plan covering eligible employees and their …
Lawmakers caution Trump-IRS settlement could provide multiple companies with ‘get-out-of-jail-free cards’
A trio of Democrats has asked 11 company and organization leaders whether they believe that, due to ties to President …
11th Circuit weighs Coca-Cola, IRS clash over transfer pricing methodology change-up
On June 25, the 11th U.S. Circuit Court of Appeals considered Coca-Cola Company’s challenge to the IRS’ change to a …
Connecticut discusses conformity to federal research, experimental expenditures
By Jennifer J. Troyer, JD, Checkpoint News The Connecticut Department of Revenue Services has issued guidance discussing the state’s conformity …
Corporate Transparency Act challenges still pending as SCOTUS term wraps up
The U.S. Supreme Court wrapped up its October 2025 term last week but has yet to reveal whether it will …
House taxwriters approve taxpayer rights, administrative bill package
The House Ways and Means Committee has approved a package of seven bills aimed at protecting taxpayer rights, improving IRS …
Salary alone can mask the true cost of global hiring, study finds
For employers evaluating international hiring opportunities, salary is often the first number examined. But according to a new study comparing employment costs …
New U.S. accounting proposal could lower values for shares funds can’t sell
When an investment company owns shares it is contractually barred from selling, should those shares still be valued as if …
Ways and Means meets on sports tax issues, from NIL to stadium subsidies
The House Ways and Means Committee held a hearing June 30 to review federal tax policy in the multibillion-dollar sports …
PCAOB seeks public input on standard-setting priorities for the first time
The Public Company Accounting Oversight Board (PCAOB) issued a request for public comment on June 23, 2026, seeking input on its standard-setting …