Amicus briefs urge 5th Circuit to resurrect suit challenging Johnson Amendment
Multiple groups have filed friend-of-the-court briefs with the 5th U.S. Circuit Court of Appeals, arguing that a district court wrongly …
Thomson Reuters Tax & Accounting News
CBO estimates FY 2026 budget deficit hits $1.4 trillion
The Congressional Budget Office (CBO), in its latest budget review, now estimates the fiscal year 2026 federal budget deficit reached …
PCAOB set to consider draft strategic plan as stakeholders push competing priorities
The Public Company Accounting Oversight Board (PCAOB) will hold a public meeting on July 20, 2026, to consider issuing a …
IRS Announces Midyear Increase in Standard Mileage Rates for Business, Medical, and Moving Expense Purposes
IRS Announcement 2026-11, 2026-29 I.R.B. 49 Available at https://www.irs.gov/pub/irs-irbs/irb26-29.pdf The IRS has announced a midyear increase in the standard mileage …
A third of accounting clients’ advisory work is going to rival firms, U.K. study finds
British companies are quietly ditching their accountants for outside help — and cash, surprisingly, has almost nothing to do with …
Bill would provide new tax incentives for affordable housing preservation
In the wake of a bipartisan housing package passing, Representative Mike Carey (R-OH) has introduced legislation to create new tax …
Banks are using AI to review loans, but humans still make the final loss call
Banks are beginning to use artificial intelligence to handle time-consuming parts of the loan-loss process, but they are not letting …
Hawaii amends eligible business activities for Enterprise Zone Program
By Krista A. Cohane, Esq., Checkpoint News Hawaii has amended its Enterprise Zone Program by redefining “eligible business activity,” amending …
5th Circuit upholds tax preparer’s 188-month sentence for fraud scheme
A federal appeals court upheld the conviction and 188-month prison sentence of a tax preparer convicted on 33 counts of …
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 …
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 …