Consolidated Return Rules Modernized
The IRS has issued final regs that modernize the language of rules governing consolidated corporate income tax returns filed by …
Thomson Reuters Tax & Accounting News
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 …
IRS Adopts New Definition of Premium Tax Credit ‘Coverage Month’
The IRS has finalized a rule to amend the definition of a “coverage month” for the purposes of calculating the …
Missouri Announces 2024 Corporate Income Tax Year Changes
The Missouri Department of Revenue has announced corporate income tax year changes, effective for the tax year beginning January 1, …
Hundreds of Nonprofits Push for Passage of Charitable Act
A coalition representing hundreds of organizations and companies in the charitable sector is urging Congress to permanently restore a charitable …
With Tax Talks Ramping Up, CBO Analysis is Disputed
As lawmakers gear up for tax negotiations, the Congressional Budget Office (CBO) released its assessment of how extending expiring individual tax provisions …
To File or Not to File: Corporate Transparency Act Next Steps
After a Texas federal district court halted enforcement of the Corporate Transparency Act weeks before the filing deadline for most …
Top SEC Accountant Munter Suggests Cash Flow Statement, Intangibles for FASB Standard-Setting Projects
The Financial Accounting Standards Board (FASB) will very soon publish an agenda consultation document to solicit input on standard-setting projects …