Tribune, IRS Spar Over Loper Bright in Anti-Abuse Case
In a dispute between the IRS and a media company over the tax consequences of a disguised sale of a …
Thomson Reuters Tax & Accounting News
FASB Unveils Ambitious Agenda for Second Half of Year
The FASB has outlined a packed agenda for the second half of the year, with plans to issue two new …
Wyden, Crapo Push to Fill Tax Court Vacancies
As the Tax Court nominees approved by the Senate Finance Committee last month await full Senate consideration, the committee considered three more …
SEC Proposal on Human Capital Management Disclosure is Delayed Once Again, With Dim Prospects
The Securities and Exchange Commission (SEC) has once again delayed issuing a proposal intended to standardize and increase data that …
Courts Invoke Loper Bright to Block Expansion of ACA Section 1557 Nondiscrimination Rules to Gender Identity
Tennessee v. Becerra, 2024 WL 3283887 (S.D. Miss. 2024); Texas v. Becerra, 2024 WL 3297147 (E.D. Tex. 2024) A court in …
Biden Administration Rule Would Revive Employer Pay Data Collection
The Equal Employment Opportunity Commission (EEOC) is proposing a rulemaking to amend regulations regarding the collection of pay data or related information …
Treasury: $1B Past-Due Tax Debt Collected From High Earners So Far
The Treasury Department and the IRS announced that it has collected $1 billion from “high-income, high-wealth” individuals through an enforcement …
Unclaimed Property Expert Talks Audit Trends
Correction, 7/11/2024: This article has been updated with a corrected quote in paragraph four regarding bank and insurance company audits. …
Ways and Means Passes Joint Resolution Blocking EV Final Regs
A joint resolution under the Congressional Review Act formally disapproving of final IRS regs implementing Inflation Reduction Act (PL 117-169) tax credit …
South Carolina Passes 2024-2025 Budget
By Maria T. Albanese South Carolina’s 2024-2025 budget bill was ratified by the legislature on June 26, 2024, but on …
Lawmakers Push for Enhanced Paid Family and Medical Leave Credit
A recently introduced bipartisan House bill (HR 8860) would extend and enhance a tax credit under Code Sec. 45S available to employers …
Chief Counsel to Focus on ‘Transactions of Interest,’ Rollinson Says
The IRS Office of Chief Counsel is focusing its expansion and reorganization efforts to specialize in certain tax areas ripe …
Noting Issues Raised, SEC Extends Comment Deadline on PCAOB’s Standards on Quality Control and Auditors’ General Responsibilities
The Securities and Exchange Commission (SEC) has extended the deadline for the public to submit comment letters by 14 additional …
SCOTUS Revives Whistleblower’s Claim After Chevron Overturned
The Supreme Court vacated a judgment denying an IRS whistleblower’s award claim, citing its recent decision on agency deference. The …
Moore Attorney: Supreme Court ‘Validated’ Income Realization Arguments
In the wake of the Supreme Court’s decision upholding the constitutionality of the one-time mandatory repatriation tax (MRT), an attorney …
XBRL Helps Enforcement Activities – SEC Report
Machine-readable data has enabled the Securities and Exchange Commission’s (SEC) enforcement division to more efficiently analyze individual companies’ disclosures and …
Bipartisan Bill Takes Up Taxpayer Advocate Recommendations to Streamline Filings
Legislation introduced late last week would make three fixes to the Tax Code to streamline the filing process — applying …
IRS Issues FAQs on Educational Assistance Programs and Provides Sample Plan Document
IRS FS-2024-22: Frequently asked questions about educational assistance programs (June 2024), available at https://www.irs.gov/newsroom/frequently-asked-questions-about-educational-assistance-programs Publication 5993: [Sample] Educational Assistance Program …