Senate Stablecoin Bill Would Override SEC Crypto Accounting Bulletin
A bipartisan stablecoin framework rolled out on April 17, 2024, by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) would …
Thomson Reuters Tax & Accounting News
Senate Report: Scam Victims Harmed by Casualty, Theft Loss Deduction Change
The Senate Special Committee on Aging published a report with its findings from an investigation into how the elimination of …
IRS FAQs Address Tax Treatment of Work-Life Referral Services
IRS FS-2024-13: Frequently asked questions about work-life referral services (Apr. 2024) Available at https://www.irs.gov/newsroom/frequently-asked-questions-about-work-life-referral-services The IRS has released guidance on …
Senators Question IRS Commissioner on Spending, Budget
The Senate Finance Committee heard from IRS Commissioner Danny Werfel about how the agency spent $80 billion in funding this …
FASB to Re-Expose Proposal on Interim Disclosure Rules for Public Comment
The FASB on April 10, 2024, voted to issue a second proposal for interim disclosure rules, provisions companies would use …
Segment Reporting, AI, Commercial Real Estate are Among SEC Disclosure Review Priorities for 2024
At a conference, senior Securities and Exchange Commission (SEC) officials said that the staff will closely review several areas, including …
IRS 2024 Tax Filing Season; Expands Services on Phones, In-Person and Online
The IRS highlighted a variety of improvements that expanded service for millions of taxpayers during the 2024 filing season. (IR …
New Jersey Based Firm Permitted to Use Market Sourcing Prior to Change in Law
By David Engel The New Jersey Tax Court has ruled that facts and circumstances permitted a firm to use market …
Despite Passing Tax Bill, House Dems, Reps Disagree on Path Forward
While the bipartisan tax bill awaits action in the Senate, two House committees held hearings last week debating the merits …
R&D Expert: Capitalization, Amortization Requirement Hurts Smaller Businesses
An unpopular provision of the 2017 tax reform bill that disallows immediate expensing of research and development costs has created …
Exception to Derivatives Accounting Rules to be Expanded in Coming FASB Proposal
The nation’s accounting rulemaker plans to propose rules this summer that would keep the boundaries of complex derivatives accounting rules …
US Audit Regulator Imposes Record Penalty on KPMG Netherlands for Exam Cheating by Hundreds of Professionals
The US Public Company Accounting Oversight Board (PCAOB) on April 10, 2024, said it fined KPMG Netherlands a record $25 …
FCC Starts ‘Spring Cleaning’ by Quashing Fake Tax Relief Robocalls
The Federal Communications Commission’s Enforcement Bureau launched a “Spring Cleaning” initiative to crack down on harmful robocalls and phone scams, …
IRS Updates Substitute Form 941, Schedules, and 8974 Specifications
The IRS has released updated guidance for specifications for substitute Form 941 (Employer’s Quarterly Federal Tax Return), Schedule B (Form …
Corporate Stock Repurchase Excise Tax Prop Regs Issued
The IRS has issued proposed regs that would provide guidance concerning the 1% excise tax owed on corporate stock repurchases. …
2025 Medicare Part D Benefit Parameters Reflect Changes to Part D Benefit Structure
Announcement of Calendar Year (CY) 2025 Medicare Advantage (MA) Capitation Rates and Part C and Part D Payment Policies (Apr. …
Treasury Holds Roundtable, Issues Fact Sheet on New E-Filing Tool
By Maureen Leddy, Checkpoint The Treasury Department recently held a virtual roundtable discussion with taxpayers who used the IRS’ new Direct File tool to …
Regulator Proposes Auditor Performance Metrics, Updates to Firm Reporting
The Public Company Accounting Oversight Board (PCAOB) on April 9, 2024, issued two separate but related proposals intended to increase …