IRS Official Speaks on Final Digital Asset Regs
An IRS official shared preliminary information on new digital asset tax reporting rules and related guidance Friday afternoon with an audience of …
Thomson Reuters Tax & Accounting News
US Supreme Court Overturns Chevron; Future of Federal and State Tax Guidance in Question
On June 28, 2024, in a pair of companion opinions, the United States Supreme Court overturned Chevron USA Inc. v Natural …
IRS Whistleblower Claims Processing Far Too Slow, Say Practitioners
The IRS’ Whistleblower Office announced record claims numbers and awards in its annual report to Congress — but practitioners say work is …
Supreme Court Sidesteps Broader Questions on SEC Judge Constitutionality in ‘Pointed’ Jarkesy Ruling
The Supreme Court on June 27, 2024, issued a closely watched 6-3 ruling in SEC v. Jarkesy, holding that targets of …
Center for Audit Quality Asks PCAOB to Reduce Burdens on Small Accounting Firms
A task force of the Center for Audit Quality (CAQ) urged the Public Company Accounting Oversight Board (PCAOB) to consider …
Unpacking Universal Savings Accounts
Some groups are calling on Congress to establish a new type of tax-advantaged account — universal savings accounts similar to …
Supreme Court: Defendants Facing SEC Fraud Charges Involving Penalties are Entitled to Jury Trial
The Supreme Court on June 27, 2024, in a 6-3 ruling in SEC v. Jarkesy, concluded that defendants facing SEC …
90-day Deadline for Filing Petition to Redetermine Employment Tax Status Not Jurisdictional
The Tax Court has determined that the 90-day deadline for filing a petition for redetermination of employment status is not …
IRS Should Replace ‘Misleading’ Level of Service Metric, NTA Says
The measure the IRS has used for over two decades to evaluate its telephone service does not accurately “reflect the …
IRS Provides Guidance on Emergency Personal Expense and Domestic Abuse Victim Distributions
IRS Notice 2024-55 (June 20, 2024) Available at https://www.irs.gov/pub/irs-drop/n-24-55.pdf The IRS has released Notice 2024-55, which provides guidance on new …
Private Company Council Tackles Accounting Complexity with Four Key Projects
The Private Company Council (PCC), a body that advises the Financial Accounting Standards Board, has identified four key areas where …
IRS Issues Apology to Billionaire, Other Tax Leak Victims
The IRS apologized to Citadel CEO Ken Griffin for the improper disclosure of the hedge fund manager’s sensitive tax information, …
Uncertainty Abounds as TCJA Expiration Looms, Tax Pros Say
With several provisions of the Tax Cuts and Jobs Act (TCJA, PL 115-97) set to expire or change in 18 months, …
Kansas Governor Signs Omnibus Tax Legislation Revising Individual Income Tax Rates
By Ashleigh M. Paige On June 20, 2024, Kansas Governor Laura Kelly signed omnibus tax legislation which modifies income tax …
Bipartisan Bill Would Make Expiring ABLE Account Provisions Permanent
Senators Eric Schmitt (R-MO) and Bob Casey (D-PA) recently introduced legislation (S 4539) to extend expiring Tax Cuts and Jobs …
Status Quo for States as U.S. Supreme Court Upholds Federal Mandatory Repatriation Tax
The U.S. Supreme Court yesterday, in a 7-2 decision in Moore v. U.S., upheld the one-time federal transition tax on accumulated earnings …
Supreme Court OKs TCJA Transition Tax in Moore
The Supreme Court held 7-2 on June 20 that the one-time mandatory repatriation tax (MRT) or “transition tax” under the …
FDII Deduction’s Fate in Question
While some lawmakers have called for expanding the foreign-derived intangible income (FDII) deduction – which was intended to keep intellectual …