Biden Announces IRS Chief Counsel Nominee
President Joe Biden has tapped Marjorie Rollinson as his nominee to fill the position of IRS chief counsel, which has …
Thomson Reuters Tax & Accounting News
Print Editions of GAAP Codification End This Year
A final print edition of the Accounting Standards Codification will be issued this year and “it does say on it …
Chair Jones: FASB Studying Two Parallel Paths to Potentially Revise the Statement of Cash Flows
FASB Chair Richard Jones on June 1, 2023, said the board plans to decide “at some point in time” whether …
Colorado Enacts Legislation Changing Corporate and Pass-Through Entity Reporting Requirements
by Tyna Mikulec On June 1, 2023, Colorado Governor Jared Polis signed legislation changing the following reporting requirements for business …
PCAOB Proposes Revised Audit Requirements for Non-Compliance with Laws and Regulations
The Public Company Accounting Oversight Board (PCAOB) on June 6, 2023, voted 3 to 2 to issue a proposal that …
Individuals Barred from Promoting CRAT Tax Shelter Scheme
A federal district court in Missouri has barred several individuals and Hoffman Associates, LLC, from promoting, selling, or marketing a …
SEC’s Top Accountant Emphasizes Auditor’s Role in Detecting Corporate Fraud
At a financial reporting conference, SEC Chief Accountant Paul Munter reminded auditors about their responsibility regarding corporate fraud because, among …
Marcum Partner Challenges SEC Proceedings Against Him as Unconstitutional
Alan Markowitz, a Marcum LLP Partner facing an SEC administrative action related to his work as engagement partner in audits …
An Estate & Trust Professional’s Four Takeaways From Tax Season 2023
T.J. Wertman Another tax season has come and gone. As we shift our focus to extended and fiscal year returns, …
House Passes Bill to Set up SEC Accredited Investor Exam
The House on May 31, 2023, voted 383-18 to pass legislation directing the SEC to set up an exam program …
Proposed 4 Percent Tax on Stock Buybacks Faces Hurdles
As the federal government continues to grapple with its budget deficit, lawmakers are proposing a new tax on stock buybacks …
FASB Gets Mixed Reviews from Groups on Proposed Tax Disclosure Rules, Including Strong Concerns
The FASB received a mixed bag of responses by its May 30, 2023, deadline to proposed income tax disclosure rules, …
Debt Ceiling Deal Would Slash Deficits by $1.5T, CBO Says
In scoring the Fiscal Responsibility Act of 2023 (HR 3746), the Congressional Budget Office estimated that the pending debt ceiling …
DOL Guidance Clarifies Holidays Do Not Necessarily Count Towards FMLA Leave Entitlement Calculation
The U.S. Department of Labor (DOL) has released Opinion Letter FMLA2023-2-A that affirms the DOL’s position that holidays for which an employee would …
House GOP Conservatives Pan Debt Limit Bill, Threaten to Oust McCarthy
More than a dozen House Republicans say they won’t vote for the latest debt limit bill forged over the weekend …
Minnesota Omnibus Tax Bill Enacts IRC Conformity, One-Time Rebate and Other Tax Changes
by Peter G. Pupke On May 24, 2023, Minnesota Governor Tim Waltz signed an omnibus tax bill that includes a …
Extending Trump-Era Tax Cuts Would Worsen Income Inequality, Analyst Says
Costly provisions of the Tax Cuts and Jobs Act of 2017 (PL 115-97) set to expire in 2025 should not …
IRS Provides Guidance on Employee Plans Compliance Resolution System
The IRS has issued a notice providing guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS). (Notice …