IRS to Return Sequestered AMT Credit Amounts to Corporations
In an Information Release, the IRS has announced it will return sequestered funds to corporations claiming refundable AMT credits. Background—AMT …
Thomson Reuters Tax & Accounting News
Golden, Lawmakers Spar Over CECL Implementation
By Bill Flook FASB Chairman Russell Golden on January 15, 2020, sparred with lawmakers on a House Financial Services subcommittee …
Commissioner Jackson is Worried About SEC’s Inaction on Stock Buybacks
By Soyoung Ho SEC Commissioner Robert Jackson, who has been critical about the significant increases in corporate stock buybacks in …
Update: IRS will now Accept E-Filed Forms for most Extender-Related Credits
In a QuckAlert for Tax Professionals, IRS has announced that it is now ready to accept e-filed versions of most …
House Passes Bill to Ban Trading in the ‘8-K Gap’
By Bill Flook The House of Representatives, by a wide margin, on January 13, 2020, passed a measure to bar …
IRS Delays Applicability of Proposed 382 Loss Limitation Rules, Provides Transition Reliefs
The IRS has issued new proposed regs that delay the applicability date of the September 2019 proposed Code Sec. 382 …
Electric Energy Sector Says Accounting Rule Causing Losses to Profitable Contracts
By Denise Lugo The Edison Electric Institute (EEI), a group that represents all U.S. investor-owned electric companies, asked the FASB …
SEC Plans to Propose Scaled Approach for Broker-Dealer Reporting and Audit Requirements by September
By Soyoung Ho The SEC is not waiting for Congress to scale back annual reporting and audit requirements for certain …
Tax Court Updates Non-Attorney Admission to Practice Procedures
The Tax Court has updated its procedures for non-attorneys to be admitted to practice. The amended procedures change the composition …
Insurance Sector Presses FASB for Another Narrow Reporting Date Change
By Denise Lugo The insurance sector wants the FASB to grant special flexible accommodations to large reinsurers so they can …
Client Letter on Secure Act Provisions Affecting Plan Sponsors
You can use the Client Letter that follows to inform your clients of key provisions under the Setting Every Community …
States, Investment Adviser Network Attacks SEC’s Interpretation of Dodd-Frank in Reg BI Rules
By Bill Flook The SEC exceeded its authority under the Dodd-Frank Act in issuing its “Best Interest” standard for broker-dealers, …
Investor Groups: SEC Should Write Prescriptive ‘Human Capital’ Disclosure Rule
By Soyoung Ho Investor groups, in comment letters, are continuing to ask the SEC to establish a rule that uses …
IRS Releases FAQs Explaining Qualified Opportunity Zone Final REGS
Background Code Sec. 1400Z-1, which was added by the Tax Cuts and Jobs Act (TCJA, PL 115-97), addresses the designation …
FASB to Begin Discussions Early Next Year on Rules for Contributions of Nonmonetary Assets in Joint Ventures
By Denise Lugo The FASB will decide during the first quarter of next year what new guidelines companies should follow …
SEC Proposes to Expand Pool of ‘Accredited Investors’
By Soyoung Ho The SEC issued a proposal that would revise the definition of an “accredited investor” by adding new …
Proposed Regs Cover Sourcing Sales of Certain Personal Property
personal The proposed regs also contain new rules for determining the source of income from sales of personal property (including …
CA 5 Affirms: Affordable Care Act’s Individual Mandate Unconstitutional
The Fifth Circuit Court of Appeals has affirmed a district court decision holding that the Affordable Care Act’s (“ACA”) individual …