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 …
Thomson Reuters Tax & Accounting News
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 …
End Direct File on ‘Day One,’ Say House Republicans
Representative Adrian Smith (R-NE), joined by 27 House Republicans, urged President-elect Donald Trump to immediately end the IRS’ free e-filing …
2024 Required Amendments List Primarily Addresses Optional Plan Provisions
IRS Notice 2024-82 (Dec. 5, 2024) Available at https://www.irs.gov/pub/irs-drop/n-24-82.pdf The IRS has issued its 2024 Required Amendments List (RA List) …
Dems Renew Call for Action on Premium Tax Credit
After the Congressional Budget Office (CBO) found that 3.8 million Americans will go uninsured if an expiring tax credit is …
The SALT Battle
The future of the state and local tax (SALT) deduction cap may play a pivotal role in the 2025 tax …
IRS Criminal Investigation Boasts 90% Conviction Rate in FY24
In its fiscal year 2024 annual report, the IRS Criminal Investigation (IRS-CI) unit announced its workforce grew to its biggest size …
Werfel, Lawmakers React to Trump’s IRS Commissioner Pick
Current IRS Commissioner Danny Werfel spoke at a tax conference hosted by the University of Texas following President-elect Donald Trump’s …
DOL Proposes to End Subminimum Wage for Workers with Disabilities
The U.S. Department of Labor (DOL) proposed a rule aimed at eliminating certificates that allow employers to pay workers with disabilities less …
With Reporting Deadline Looming, Court Blocks Corporate Transparency Act Enforcement
On December 3, a Texas federal district court preliminarily barred enforcement of the Corporate Transparency Act nationwide — the broad …
SCOTUS Weighs Bankruptcy Trustee’s Ability to Claw Back Tax Payments
This Monday, the U.S. Supreme Court considered whether federal tax payments made on behalf of a now-bankrupt company’s owners can …
IRS Finalizes 2013 Proposed Regs on Partnership Recourse Liabilities, Related-Party Rules
The IRS has finalized proposed rules from 2013 that address the allocation of recourse liabilities among partners and the related-party …
Louisiana Constitutional Referendum Would Amend Numerous Tax Provisions
Legislation establishing a constitutional referendum, pending voter approval at a statewide election to be held March 29, 2025, has become …
Will the U.S. Supreme Court Clarify Application of P.L. 86-272?
As previously reported, a tobacco manufacturer seeks U.S. Supreme Court review of an Oregon ruling that its activities were not protected …
IRS’s AI Work Hard to Track, Watchdog Says
Although the IRS has dozens of ongoing projects that involve the use of artificial intelligence (AI), the agency struggles to …
With Time Running Out, SEC Quickly Seeks to Consider Approving PCAOB’s Audit Firm Transparency Rules
With the clock ticking with administration change next year, observers are closely watching when or if the Securities and Exchange …
IRS Clarifies Tax Treatment of CHIPS Award Recipients
The IRS specified in a November 26 announcement that the amounts a CHIPS Incentives Program awardee pays or incurs for …
PCAOB Approves 2025 Budget
The Public Company Accounting Oversight Board (PCAOB) on November 21, 2024, voted 4-1 to approve its 2025 budget of $399.7 …