Former Taxpayer Advocate: IRS Reform Should Not Be Done ‘in a Vacuum’
Transformation at the IRS, propelled by the $80 billion appropriation from the Inflation Reduction Act (PL 117-169), should involve more …
Thomson Reuters Tax & Accounting News
SEC Commissioner Crenshaw Suggests Audited Financial Statement Requirement for Large Private Companies Using Reg D Exempt Offering
SEC Commissioner Caroline Crenshaw, during a recent speech, floated the idea of requiring big private companies that raise funds using …
FASB Crypto Proposal Coming By end of March amid Small Sector Rebound from Lows
The FASB on Feb. 1, 2023, said the public will get 75 days to comment on a proposal on reporting …
CRS: Stock Buyback Issues Still Need IRS Clarification
According to Congressional Research Service (CRS) report R47397 issued January 25, a few repurchase issues with regards to the recently-enacted 1% excise tax …
Las Vegas Company to Pay More Than $3.6 Million in Back Wages/Damages/Penalties for FLSA Violations
The U.S. Department of Labor (DOL) has announced that it obtained a consent judgment in federal court that requires a …
NTU to Prioritize TCJA Fixes, Clawing Back IRS Enforcement Funds, Director Says
The 2023 policy agenda of the National Taxpayers Union includes working with both parties in Congress to pass bipartisan revisions …
SEC Commissioner Peirce: 2022 Was ‘Terrible, Horrible, No Good, Very Bad’ for Crypto
For the crypto industry, last year was “terrible, horrible, no good, very bad,” SEC Commissioner Hester Peirce said in a …
Treasury Officials Tease Upcoming OECD Pillar Two Guidance
The Organization for Economic Co-operation Development (OECD) is working with the U.S. to release guidance on its global minimum tax …
Michigan Updates Information on Income Tax Treatment of Retirement and Pension Benefits for Tax Year 2022
by Peter G. Pupke The Michigan Department of Treasury has issued a release that summarizes the Michigan income tax treatment …
Ways and Means Chairman Plans Aggressive IRS Oversight, Implements Direct Online Committee Portal for Agency Whistleblowers
The House Ways and Means Committee has established an online form to assist IRS personnel who wish to submit information confidentially to …
Client Update: How to Treat Tips for Tax Purposes
Individuals who perform services in certain industries receive tips as part of their compensation for the services they provide. Businesses …
AICPA Digital Asset Reporting Guide Punts on Lending Transactions
A working group of the AICPA—which develops a practice aid related to crypto accounting—decided not to directly address a recent …
Senate Democrats Push for PCAOB Inspection of Audits of Crypto Firms Acting as Broker-Dealers
Two Senate Democrats on Jan. 25, 2023, pressed PCAOB Chair Erica Williams on whether the board will inspect auditors of …
New Climate and Sustainability Disclosure Rules On Track for Issuance by June
New climate and sustainability disclosure rules are on track for issuance by the end of this year’s second quarter, International …
Tax Court: Engineering Firm Was Entitled to Energy Efficient Commercial Building Property Deduction
The Tax Court has found that an engineering company that installed energy efficient commercial building property (EECBP) in a Veterans …
New 1099 Filing Portal Launched
The long-awaited 1099 filing platform has gone live on the IRS website. The 1099 filing platform named IRIS allows users to …
Yellen Forced to Cut Another Investment in Federal Employees Retirement Funds Due to Debt Limit
The Federal government has stopped its investment in another federal employees’ retirement fund due to its breaching the debt limit …
Regulators Not Working on Dodd-Frank Banker Incentive Compensation Rules is Troubling, Reform Advocate Says
When the SEC in early January unveiled its semi-annual update to the rulemaking agenda, an unfinished Dodd-Frank executive compensation rule …