US judge Blocks Biden Rule on H-2A Farmworker Union Organizing
By Daniel Wiessner A federal judge in Georgia has blocked the Biden administration from enforcing a rule that bars employers …
Thomson Reuters Tax & Accounting News
IRS Provides Tax Relief to Victims of Tropical Storm Ernesto in US Virgin Islands
The IRS has provided tax relief for individuals and businesses affected by Tropical Storm Ernesto that began on August 13, …
Seventh Circuit Addresses Plan Limitations on Treatment for Autism Spectrum Disorder
Midthun-Hensen v. Grp. Health Coop. of S. Cent. Wis., Inc., 2024 WL 3646149 (7th Cir. 2024) Available at https://media.ca7.uscourts.gov/cgi-bin/OpinionsWeb/processWebInputExternal.pl?Submit=Display&Path=Y2024/D08-05/C:23-2100:J:Easterbrook:aut:T:fnOp:N:3244881:S:0 A …
FASB Urged to Revamp Personal Financial Statement Rules Amid Trump Case Controversy
The Financial Accounting Standards Board (FASB), the primary standard-setter for financial accounting in the U.S., is being pressed to overhaul …
Tax Orgs Push Back on Retroactivity in Abusive Partnership Transaction Guidance
Applying proposed rules addressing abusive basis-shifting practices in transactions between related parties of partnerships retroactively would create significant administrative burdens, …
Hawaii Issues Revised PTET Guidance
By Krista A. Cohane The Hawaii Department of Taxation has issued a revised Tax Information Release providing guidance on changes …
Year Two IRS Funding Report Card Highlights Increased Compliance, Disrupting Scams, and Increased E-Filing/Scanning
The IRS released a report card highlighting significant improvements made in the second year of funding from the Inflation Reduction …
CPAs Must Upskill to Succeed in Top Finance Roles, Report Finds
Certified Public Accountants (CPAs) seeking to advance to chief financial officer (CFO) roles must develop a broader range of skills …
Relief Sought in Final Foreign Trust Information Reporting Regs
The IRS should include certain reporting exemptions and penalty abatement carve-outs in final regs covering information reporting of transactions with …
Chamber of Commerce: PCAOB’s Ambitious Regulatory Activities ‘Will Undermine Audit Quality’
After having threatened the Securities and Exchange Commission (SEC) with a lawsuit if it moves ahead to approve the Public …
Trade Org Says Proposed Regs on Corp Stock Buyback Excise Tax Fails Loper Bright Standard
Following a landmark Supreme Court ruling that ended the four-decade era of the Chevron doctrine, a non-profit industry trade group reiterated previous …
Unpacking Social Security Benefits Taxes
Last month, former President Donald Trump proposed eliminating taxes on Social Security benefits — since then, a number of policy experts have …
Harris, GOP Taxwriters Exchange Blows on Child Tax Credit Policy
Recent timeline. The Tax Cuts and Jobs Act (P.L. 115-97, TCJA) of 2017 made several temporary changes to the CTC that …
IRS Withdraws, Reproposes Foreign Currency Gain, Loss Regs
The IRS has released new proposed regulations on making and revoking certain foreign currency gain or loss elections. These new …
PCAOB Defends New Quality Control Standard Amidst Opposition by Auditors, Businesses
The Public Company Accounting Oversight Board (PCAOB) defended its recently finalized quality control standard (QC) in response to criticisms by …
Circuit Court Revives Crypto Reporting Legal Challenge
In partially reversing a lower court’s dismissal of multiple constitutional challenges to the amended Code section requiring the disclosure of …
FASB Pushes Forward with Targeted Accounting Reforms, Investors to Benefit
The FASB remains on track with its efforts to enhance financial reporting standards, with a slew of new proposals and …
Clean Electricity Reg Commenters Want 80/20 Rule Tweaks
Clean electricity stakeholders told the IRS at a reg hearing this week that clarifications are needed before final regs are …