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 …
Thomson Reuters Tax & Accounting News
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 …
PCAOB Sets Aside Noncompliance With Laws and Regulations for Now, Will Finalize Rules to Increase Auditor Transparency
The Public Company Accounting Oversight Board (PCAOB) will no longer consider finalizing its controversial standard-setting project on the auditor’s consideration …
FASB Seeks Input on Standardizing Non-GAAP Financial Measures
The Financial Accounting Standards Board (FASB) is taking aim at the confusing array of non-GAAP financial measures that companies use …
Wary of Their Role in Corporate Transparency Act Filings, CPAs Push for Delayed Implementation
With the Corporate Transparency Act’s beneficial ownership information (BOI) reporting deadline fast approaching, some CPAs are hesitant to advise their …
SCOTUS Declines to Settle Circuit Split Over Meaning of ‘Return’
On November 4, the U.S. Supreme Court denied certiorari to a taxpayer who asked it to settle a multi-circuit split over the …
Proposed Third Party Contact Advance Notice Regs Punish Taxpayers, NTA Says
Pending rules that would shorten third-party notice requirements by allowing the IRS broader discretion in excepting the 45-day window under …
PCAOB Revises Deregistration Rule, Punts on Planned Ban on Misleading Statement About Board Oversight
The Public Company Accounting Oversight Board (PCAOB) on November 14, 2024, voted unanimously to adopt a portion of a proposing …
House Takes Up Social Security, Terrorism Bills
Returning from a six-week district work period, the House considered two measures on Social Security that would impact public service …
Despite Election Results, PCAOB to Press Ahead With Noncompliance With Laws and Regulations
Despite coming administration change in early 2025, the Public Company Accounting Oversight Board (PCAOB) plans to press ahead with its …
Do Employer Contributions Count Toward the Contribution Limit That Applies to Health FSAs?
QUESTION: Our company’s cafeteria plan includes a health FSA that has always been funded solely by employee salary reductions. For …
Big 4 Tax Director: Fate of TCJA in the Hands of a ‘Very Different’ GOP
What ultimately becomes of permanent and temporary provisions of the Tax Cuts and Jobs Act (TCJA) will be largely decided …
Illinois Announces Municipal and County Cannabis Retailers’ Occupation Tax Rate Changes Effective January 1, 2025
By Margaret Eisler The Illinois Department of Revenue has announced the counties and municipalities that are imposing a cannabis retailers’ …
IRS Shares FY 2024 Revenues, Financial Position Ahead of Funding Fight
The IRS released its annual financial report for fiscal year 2024, touting strides taken using Inflation Reduction Act (P.L. 117-169) …
Public Hearing Set on Proposed Dual Consolidated Loss Regulations
The IRS and the Department of the Treasury have scheduled a public hearing this November on the proposed regulations regarding …