IRS Finalizes 2013 Proposed Regs on Partnership Recourse Liabilities, Related-Party Rules
The IRS has finalized proposed rules from 2013 that address the allocation of recourse liabilities among partners and the related-party …
Thomson Reuters Tax & Accounting News
Louisiana Constitutional Referendum Would Amend Numerous Tax Provisions
Legislation establishing a constitutional referendum, pending voter approval at a statewide election to be held March 29, 2025, has become …
Will the U.S. Supreme Court Clarify Application of P.L. 86-272?
As previously reported, a tobacco manufacturer seeks U.S. Supreme Court review of an Oregon ruling that its activities were not protected …
IRS’s AI Work Hard to Track, Watchdog Says
Although the IRS has dozens of ongoing projects that involve the use of artificial intelligence (AI), the agency struggles to …
With Time Running Out, SEC Quickly Seeks to Consider Approving PCAOB’s Audit Firm Transparency Rules
With the clock ticking with administration change next year, observers are closely watching when or if the Securities and Exchange …
IRS Clarifies Tax Treatment of CHIPS Award Recipients
The IRS specified in a November 26 announcement that the amounts a CHIPS Incentives Program awardee pays or incurs for …
PCAOB Approves 2025 Budget
The Public Company Accounting Oversight Board (PCAOB) on November 21, 2024, voted 4-1 to approve its 2025 budget of $399.7 …
Who Can Make Additional 401(k) Catch-up Contributions Under the SECURE 2.0 Act?
QUESTION: We understand that the SECURE 2.0 Act permits additional catch-up contributions for older participants. Can you explain how these rules …
The Tax Legislation Equation
Republicans have a “math problem,” a KPMG policy expert concluded, because extending tax cuts, the potential revenue raisers, and the …
Advice for Practitioners on Unused Digital Asset Basis Safe Harbor
A digital asset tax expert and an IRS official advised practitioners to consider their options presented in recent guidance that …
Tax Advantages of Single-member LLCs Making an S Corp Election
Practitioner’s Tax Action Bulletin® Advisory Fall is the time for tax planning and advisory services. Tax practitioners should have a …
PCAOB Adopts Auditor Performance Metrics, Increased Firm Reporting Rules
The Public Company Accounting Oversight Board (PCAOB) on November 21, 2024, adopted two separate but related rules intended to increase …
Resolve Improper Employee Retention Credit Claims Now, IRS Says
The IRS is urging businesses to resolve improper Employee Retention Credit (ERC) issues now. The employer deadline for the second …
Bipartisan Pressure to Examine Nonprofit Hospitals Continues
Senators Elizabeth Warren (D-MA) and Chuck Grassley (R-IA) urged the IRS to take a closer look at hospitals claiming a …
IRS FAQs: Guidance on Reemployed Veterans and Restoration of Plan Benefits
The IRS has updated its FAQs on the reemployment of veterans and the restoration of retirement plan benefits under the …
Final Regs Allow Certain Co-Owned Elective Pay Entities to Opt Out of Partnership Treatment
The IRS finalized regs providing guidance on how clean energy projects with multiple owners can elect to not be treated …
Experts Discuss the ‘Bottom Line’ for Tax Reform
Republicans secured the trifecta of the presidency, House, and Senate, and many experts predict that tax reform — including extension …
Massachusetts Issues Guidance on Law Changes in the FY 2025 Budget Act
By Vidor A. Nosce The Massachusetts Department of Revenue has issued guidance on recent law changes included in the FY …