Tax Season Begins Jan 27; ‘Enhanced’ Direct File Goes Live Same Day
The IRS announced that the 2025 tax filing season is scheduled to begin Monday, January 27, and that its Direct …
Thomson Reuters Tax & Accounting News
Texas Audit Firm’s PCAOB Challenge Is Dismissed Following the Closing of Investigation
A federal judge on January 7, 2025, dismissed a Texas audit firm’s lawsuit against the Public Company Accounting Oversight Board …
Agencies Withdraw Proposed Regulations That Would Have Created “Individual Contraceptive Arrangement” and Rescinded Contraceptive Coverage Mandate’s Moral Exemption
The IRS, DOL, and HHS have withdrawn proposed regulations that would have provided an additional method for individuals to obtain …
‘One Powerful Bill’ To Address Expiring Tax Provisions and More
Republicans are eager to start delivering on President-elect Donald Trump’s campaign promises via reconciliation — a fast-track option available when …
Final Regs Expand Sec. 45V Credit to More Hydrogen Production Sources
After reviewing over 30,000 comments and a year of fine-tuning, the IRS issued final regs implementing the Code Sec. 45V Clean Hydrogen …
GAO: Direct File Customer Support Staff May Not be Ready for Tax Time
Despite a successful pilot last filing season, the IRS may have challenges in the first full year operating its Direct …
Consolidated Return Rules Modernized
The IRS has issued final regs that modernize the language of rules governing consolidated corporate income tax returns filed by …
Digital Asset ‘Middleman’ Reporting Regs, Transition Relief Issued
The IRS has issued final regs that include participants in the decentralized digital asset space that provide trading front-end services …
Congress Passes Bill on Public Service Worker Social Security Benefits
The Senate passed a bipartisan bill, 76-20, on December 20 that revises how public pension beneficiaries are treated for Social …
SEC Faces Dueling Requests From Auditors, Investors on PCAOB Rules Increasing Transparency
In comment letters, the accounting profession asked the Securities and Exchange Commission (SEC) to reject the Public Company Accounting Oversight …
Wyden Takes Aim at Life Insurance ‘Tax Shelter’
As the legislative session came to a close, outgoing Senate Finance Committee Chair Ron Wyden (D-OR) unveiled a draft proposal …
IRS Needs Secure Annual Funding, ABA Tells Budget Leaders
To effectively meet its core responsibilities, the IRS needs sustained annual appropriations and access to expected funds authorized by the …
PCAOB Chair: Inspectors Are Seeing ‘Significant Improvements’ in Audits by Largest Firms
Following troubling increase in audit deficiency rates in the past few years, Public Company Accounting Oversight Board (PCAOB) Chair Erica …
In Massive CR: IRS Funding Cut, Beneficial Ownership Report Extension
With government funding set to run out on Friday, House Speaker Mike Johnson (R-LA) unveiled a continuing resolution (CR) Tuesday …
What Expiration of the SALT Cap Would Mean for Pass-Through Entity Taxes
The federal limit on state and local tax deductions, known as the SALT cap, is set to expire for tax …
DOL Begins Collecting Information for Retirement Savings Lost and Found Database
EBSA Announcement of Voluntary Information Collection Request: Retirement Savings Lost and Found, 89 Fed. Reg. 91787 (Nov. 20, 2024); Fact …
Protect disaster victims’ refunds from getting caught in the Lookback Trap
Mary Lundstedt December 23, 2024 In the wake of a devastating hurricane season, tax practitioners can help those clients affected …
After Jarkesy, Three Auditor Suits Test the PCAOB’s Enforcement Powers
The PCAOB is facing the most concerted attack in years on its enforcement powers through a trio of lawsuits that …