US Regulator Fines Chinese Auditors $7.9M
A year after the US Public Company Accounting Oversight Board (PCAOB) was able to inspect Chinese and Hong Kong audit …
Thomson Reuters Tax & Accounting News
IRS to Shutdown Business Filing Tuesday, December 26
In a Quick Alert for Tax Professionals, the IRS announced that it will shut down its modernized e-filing system (MeF) for …
FinCEN Extends Beneficial Ownership Information Reports Deadline for New Entities
The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for new entities to file their initial beneficial ownership information (BOI) reports. …
IRS Says No Worker Classification Letter Rulings for Prospective Employment
In a recently released IRS Information Letter, the IRS addressed an individual taxpayer worker classification inquiry regarding performing work as …
Agency FAQs (Part 63) Address Surprise Billing IDR Batching Issues; Highlight Updated CLAS Guidance
FAQs About Affordable Care Act and Consolidated Appropriations Act, 2021 Implementation Part 63 (Nov. 28, 2023); County Data for Culturally and Linguistically …
FASB Publishes New Segment Expense Disclosure Rules for Public Companies
The FASB issued a new accounting standard on November 27, 2023, which makes the biggest changes in 25 years to …
Michigan Updates Guidance on Tax Treatment of Retirement Income
By Peter G. Pupke The Michigan Department of Treasury issued a release that discusses the tax treatment of retirement and …
Prop Regs for Long-Term Part-Time Employees With 401(k) Plans
The IRS has issued proposed reliance regs that would amend the rules applicable to Code Sec. 401(k) plans to provide guidance with …
IRS Quashes OSHA Guidance Tactic for ERC Eligibility
Taxpayers cannot rely on communications from the Occupational Safety and Health Administration (OSHA) during the COVID-19 pandemic to meet the …
Form 1099-K Reporting Threshold Change Delayed; Phase-In to Start 2024
After facing pushback from the tax community and third-party payment facilitators, the Form 1099-K reporting threshold will remain unchanged for …
HHS Announces Adjusted Annual Limitation on Cost-Sharing for 2025 Benefit Year, Issues Proposed 2025 Benefit and Payment Parameters
Proposed Rule: PPACA, HHS Notice of Benefit and Payment Parameters for 2025; Updating Section 1332 Waiver Public Notice Procedures; Medicaid; Consumer …
House Financial Services Chair Urges IRS to Revised Proposed Digital Asset Reporting Regs
In a letter to Assistant Treasury Secretary Lily Batchelder, the Chair of the House Financial Services Committee and a bipartisan group …
Maine 2024 Individual Income Tax Rate Schedules, Personal Exemption, Standard Deduction Released
By Jennifer J. Troyer Maine Revenue Services released the individual income tax rate schedules and personal exemption and standard deduction …
PCAOB’s 2024 Budget is Set to Increase 11%
The Public Company Accounting Oversight Board (PCAOB) on November 16, 2023, voted unanimously to approve its 2024 budget of $384.7 …
Crypto Tax Pros Debrief IRS Digital Asset Reg Hearing
Following a public rulemaking hearing on proposed regs implementing digital asset broker provisions of the Infrastructure Investment & Jobs Act, TaxBit’s Vice President of …
Power and Utilities Sector asks FASB to Fix Rules for Construction Costs tied to Leases
The power and utilities sector has asked the FASB to address a narrow reporting issue involving the costs around the …
Proposed Crypto Regs Go Too Far, Industry Reps Tell IRS
At a public rulemaking hearing, the IRS heard reoccurring themes in testimony from tax practitioners and stakeholders from the digital …
Chief Counsel Discusses Trust Structure Marketed as a Tax Shelter
In a Generic Legal Advice Memo (GLAM), Chief Counsel discusses a nongrantor trust structure marketed as a tax shelter. Chief Counsel concluded …