Reminder: Retirement Plan Participant Election Physical Presence Relief Ends June 30
Reminder: the temporary relief from the requirement that participant elections, including spousal consents, be made in the physical presence of …
Thomson Reuters Tax & Accounting News
Gensler Quietly Drops Quarterly Reporting from SEC Rulemaking Agenda
SEC Chair Gary Gensler quietly dropped a controversial Trump-era rulemaking related to the nature, content, and timing of quarterly financial …
SEC Chair Gensler Puts Almost 50 Rulemaking Items on Near-Term Agenda
Along with starting some predictable new rulemaking projects, such as disclosure of climate change, SEC Chair Gary Gensler is planning …
IRS FACTA System Will be Unavailable June 18-20
IRS has announced that its FATCA systems will be unavailable from approximately 3 p.m. Eastern time on Friday, June 18, …
Top 5 Accounting Issues to Master to Avoid Snags in SPAC IPOs
Use of Special purpose acquisition (SPAC) vehicles have spiked over the past year because private equity and venture capital firms …
House Launches Legislative Package on Climate, Pay, Political Spending Disclosures
House Democrats are pushing forward on a legislative package that would establish a sweeping set of mandates for the SEC …
IRS Creates Child Tax Credit Non-Filer Sign-Up Tool
In a Treasury Department press release, an IRS news release, and IRS webpages, IRS has announced its creation of the …
Senate Bill would Open up PCAOB Disciplinary Proceedings
Sen. Jack Reed, a Rhode Island Democrat, on June 10, 2021, reintroduced legislation to allow the PCAOB to open up …
Dire Need for Crypto Accounting Rules, Swaps and Derivatives Group Says
The FASB should develop an accounting framework to address cryptocurrencies because the value of such assets are not being properly …
Commissioner Rettig Asks Congress for More Tools to Regulate Cryptocurrency
In June 8 testimony before the Senate Finance Committee, IRS Commissioner Charles Rettig covered a number of subjects including his …
As Senate Punts on Killing Shareholder Proposal Rule, Hopes Turn to SEC
The Senate quietly let a deadline lapse for killing a 2020 SEC rule curbing shareholder proposals, despite scrubbing several other …
Over 30 Organizations and Individuals Press SEC Chair Gensler to Fix Broken Financial Reporting Infrastructure
More than 30 organizations and individuals are pressing SEC Chair Gary Gensler to overhaul the financial reporting infrastructure, including the …
SEC Removes PCAOB Chairman Duhnke, Seeks to Fill All Board Member Positions
The SEC said that William Duhnke was “removed” as chairman of the audit regulatory board—the PCAOB, effective June 4, 2021. …
SEC Commissioner Lee Says Corporate Political Spending Information can be Material
SEC Commissioner Allison Herren Lee, a big supporter of environmental, social, and governance (ESG) reporting, described what she believes are …
FASB Reaffirms Proposed Concepts for Definition of a Liability
The FASB on June 2, 2021, reaffirmed much of a proposal on the conceptual definition of a liability, eliminating words …
Details of President Biden’s Proposed Reformation of Capital Gains and Transfer at Death Rules
President Biden, in the recently-released Green Book, has proposed far-reaching changes to the taxation of capital gains and the treatment …
SEC Budget Boost Would Bolster CorpFin
The Biden Administration on May 28, 2021 released a $1.99 billion budget request to fund the SEC through the coming …
Biden Administration Issues its FY 2022 Tax Proposals in “Green Book”
The Department of the Treasury has issued detailed information about the Biden Administration’s tax proposals for fiscal year 2022 for …