Treasury Details Biden Administration Proposals to Address The Tax Gap, Tax Compliance
Treasury Department website: Investing in the IRS and Improving Tax Compliance (4/28/2021) On a webpage, the Treasury Department has outlined …
Thomson Reuters Tax & Accounting News
Treasury Department Reports on President Biden’s “Made in America Tax Plan”
U.S. Department of the Treasury – The Made in America Tax Plan (4/7/2021) The Treasury Department has issued The Made in …
Biden Outlines Corporate Tax Increases to Pay for Infrastructure Bill
White House Briefing Room: American Jobs Plan (3/31/2021) President Biden has released a summary of the American Jobs Plan that …
SPACs, Others Get New, Easier Accounting Rules for Some Warrants
The FASB on May 3, 2021, published a narrowly tailored accounting standard that makes it easier to report about written …
Labor Department Withdraws Employee/Independent Contractor Classification Rule
The United States Department of Labor (the Department) has announced a final rule withdrawing the “Independent Contractor Status Under the …
Denying Claims of Unlawful Termination, PCAOB Countersues Former Senior Officer
The PCAOB and its chairman William Duhnke countersued Sue Lee, a former senior officer of the audit regulatory board who …
Senate GOP Bill Would Require New SPAC Disclosures
Sen. John Kennedy, a Louisiana Republican, on April 29, 2021, introduced legislation directing the SEC to impose new disclosure rules …
House Financial Services Committee to Tackle SPAC Frenzy
A House Financial Services subcommittee on May 24, 2021, will examine the recent proliferation of special purpose acquisition companies (SPACs) …
President Biden’s Families Plan Fact Sheet Contains Numerous Tax Provisions
President Biden’s April 28 “Fact Sheet: The American Families Plan” contains numerous tax breaks for low and middle earner taxpayers …
Institutional Investors Urge SEC Chair Gensler to Name Chief Accountant who Understands Investors Needs
In a letter to new SEC Chair Gary Gensler, the Council of Institutional Investors (CII) urged him to appoint a …
SEC Restarts Universal Proxy Rulemaking Opposed by Business Groups
Four and a half years later, the SEC is formally restarting its project to draft a universal proxy rule for contested director elections, …
Rev Proc Reflects ARP Act Amendments to 2021 Inflation Adjustments
The IRS updates certain amounts for inflation each year. The 2021 inflation amounts were announced in late 2020. Some of …
FASB Staff Will Study SPACs in Relation to Profits Interest Compensation
FASB staff will research whether special purpose acquisition companies (SPACs) are generating issues that would fall within the range of …
Group Tells SEC Chair Gensler that Accounting Standard-Setter is Ignoring Investor Views
A group of investment analysts who are well-versed in accounting renewed its call on the need to make changes at …
House Financial Serves Committee Advances ESG Bills
The House Financial Services Committee voted on April 21, 2021, to advance bills to broaden corporate disclosure requirements on political …
Internal IRS Guidance Explains How to Audit Partner Liquidating Distributions
IRS Large Business & International (LB&I) has released an updated Practice Unit on issues related to liquidating distributions of a …
Former PCAOB Advisers Urge SEC Chair Gensler to Reform Audit Regulatory Board
A dozen former members of the PCAOB’s now-abolished Investor Advisory Group (IAG) urged new SEC Chair Gary Gensler to restore …
A Conversation with SASB Member Daniel Goelzer
The following is an April 8, 2021, telephone conversation with Daniel Goelzer, a standard-setting member of the Sustainability Accounting Standards …