Biden Signs Bill to Boost US Chip Production
President Joe Biden on August 9 signed the CHIPS and Science Act of 2022 (H.R. 4346), a semiconductor manufacturing and economic competitiveness …
Thomson Reuters Tax & Accounting News
Republicans Lean on Supreme Court’s EPA Decision to Attack SEC Climate Disclosure Proposal
A group of House Republicans on Aug. 5, 2022, urged the SEC to scuttle its climate risk disclosure proposal in …
Indiana Governor Signs Additional Automatic Taxpayer Refund Bill
by Chad E. Voss On August 5, 2022, Indiana Governor Eric J. Holcomb signed a bill providing for an additional …
Summary of Senate-Passed Inflation Reduction Act of 2022
On Sunday, August 7, the Senate passed the Inflation Reduction Act of 2022 (H.R. 5376) . The bill includes a …
Lawmakers Seek Review of Political Group’s Church Status
A group of congressional Democrats has called for a review of a conservative advocacy group’s tax-exempt status as a church, …
U.S. Income Statement Accounting Rules Could Change to Require Specifics About Labor Costs
The FASB is studying a plan that could require companies to break out more information in income statements about labor …
Inflation Bill Would Cut Deficits By $102 Bln, CBO Estimates
The Inflation Reduction Act of 2022 (H.R. 5376) would cut federal spending by $14.5 billion and raise $87 billion in revenue, reducing …
Big Four Firms, AICPA Report Lobbying on Federal Contractor Conflicts Bill
A bill to implement new conflict-of-interest safeguards for federal contracting drew the attention of lobbyists at the AICPA and three …
In Response to Investor Demand, PCAOB to Consider Adding Audit Quality Indicator Project to Agenda
Following requests by several heavy-hitters in the financial reporting ecosphere, the PCAOB is finally considering picking back up an old …
Hot on the Hill: Proposed Legislation as of August 4, 2022
Several pieces of proposed legislation introduced in the 117th Congress’ first session could significantly alter the American payroll landscape. Bills in …
Possible Inflation Bill Tax Hikes Spark Senate Messaging Battle
Ahead of a potential Senate vote on the Inflation Reduction Act of 2022 (H.R. 5376), members of both parties are at …
Schumer Hopes to Hold Weekend Vote on Inflation Reduction Act
The Senate is on track for a weekend vote on the Inflation Reduction Act (H.R. 5376), the massive tax, health care, …
SEC Chair Gensler Gives Ambiguous Response to Whether PCAOB Disciplinary Proceedings Should be Made Public
During an event commemorating the 20th anniversary of the Sarbanes-Oxley Act of 2002, SEC Chair Gary Gensler carefully sidestepped a question …
U.S. Accounting Rulemaker’s Improvement to Supplier Finance Program Disclosure Rule is Credit Positive, Moody’s Says
The U.S. accounting standard-setter’s recent decision to make changes to the disclosure of supplier finance program obligations, also known as …
Unborn Child Eligible for Georgia Dependent Child Exemption Effective July 20, 2022
by Vidor A. Nosce, Esq. The Georgia Department of Revenue has issued a statement that in view of recent U.S. …
Reconciliation Deal Retains $80 Bln Additional IRS Funding
Originally included in President Joe Biden’s Build Back Better plan, a proposal to appropriate $80 billion over 10 years to …
SEC Should Require Public Tax Reporting by U.S. Multinationals, Advocacy Group Says
The SEC should use its regulatory power to require that large U.S. multinational companies publicly disclose data they already collect …
House Passes Bills to Expand VC Fund Exemption, Broaden SEC Small Business Advocate Mandate
The House of Representatives on July 26, 2022, passed bills to ease certain registration requirements on venture funds, broaden the …