Ways and Means Seeks IRS Action on Minnesota Non-Profit Fraud Scheme
House Ways and Means Committee Chairman Jason Smith (R-MO) urged the IRS to take action to prevent taxpayer-funded fraud from …
Thomson Reuters Tax & Accounting News
AI-Driven Fraud Risk Heightened for 2026 Filing Season
Tax professionals and their clients will face increasingly sophisticated AI-driven fraud schemes during the upcoming tax filing season. However, one …
Tariffs, Federal Cuts, and Disclosures: GASB Chair Says the Rulebook Already Covers It
State and local finance officials are running scenarios they didn’t expect to revisit this soon: tariff shocks that hit trade …
IRS Issues Updated Rollover Notices for Retirement Plan Distributions
IRS Notice 2026-13 (Jan. 15, 2026) Available at https://www.irs.gov/pub/irs-drop/n-26-13.pdf The IRS has updated its safe harbor explanations for eligible rollover …
Fifth Circuit Reverses Tax Court on Limited Partner Self-Employment Tax
The 5th U.S. Circuit Court of Appeals ruled that the definition of “limited partner” for federal self-employment tax exemption purposes …
Appropriations Minibus Includes $11.6B IRS Clawback
The $1.2 trillion, three-bill government spending proposal released by congressional appropriators January 20 would strip $11.6 billion from the IRS’ …
PCAOB Advisory Group Report Calls for Improved Critical Audit Matters, Cites UK’s Superior Disclosures
The Public Company Accounting Oversight Board (PCAOB) in early January 2026 posted a report of the Investor Advisory Group’s (IAG) …
Republican Group Releases OBBB Follow-Up Framework
As implementation work on the One Big Beautiful Bill Act’s many tax provisions continues, the Republican Study Committee (RSC) released …
Ohio Supreme Court Affirms Denial of Apparel Company’s CAT Refund Claim
The Ohio Supreme Court upheld the Board of Tax Appeals’ (BTA) denial of an apparel company’s refund claim for Commercial …
House Committee Moves on Yet Another Tax Administration Bill
On Wednesday, the House Ways and Means Committee advanced a bipartisan bill that would require the IRS to adopt modern …
IRS Provides Guidance on Post-OBBB Bonus Depreciation
The IRS issued guidance clarifying elections available to taxpayers after the One Big Beautiful Bill Act made 100% bonus depreciation …
After ‘A Thousand’ Conversations, PCC Chair Presses for Faster Route to FASB
The chair of the Private Company Council (PCC)—the Financial Accounting Standards Board’s primary advisory group on private-company reporting—says the council …
Ex-SEC Chief Accountant Warns Senate Crypto Bill Could Trigger Next FTX
As the Senate Banking Committee convenes today, January 15, 2026, to mark up the Digital Asset Market Clarity Act, former …