Biden Announces IRS Commissioner Nominee
President Biden, on November 10, 2022, announced that he intends to nominate Daniel Werfel to succeed Charles Rettig as IRS …
Thomson Reuters Tax & Accounting News
Staff Accounting Bulletin on Crypto Safeguarding Obligations is Not SEC Rule, Senior Official Says
During a financial reporting conference, the SEC’s top accounting official emphasized that Staff Accounting Bulletin (SAB) No. 121 related to safeguarding obligations …
Payroll on the Ballot: November 8 Elections
Voters at the polls on Election Day not only had the opportunity to cast their ballot for candidates for various …
Tax Court: IRS Listed Transaction Notice Violated APA
The Tax Court set aside the IRS notice identifying as “listed transactions” all syndicated conservation easement and similarly similar transactions. …
IRS Publishes 2022-2023 Priority Guidance Plan
The IRS has released its 2022-2023 Priority Guidance Plan. The Priority Guidance Plan highlights guidance items that are most important for …
FASB Chair: Crypto Accounting Proposal Coming in First Half of 2023
A FASB proposal on the accounting for cryptocurrencies will be issued during the first half of next year to solicit …
Maine 2023 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 …
IRS Expands Qualified Plan Determination Letter Program to 403(b)s
On November 7, 2022, the IRS announced the expansion of one of its retirement plan approval programs. The IRS will …
SEC Actively Oversees Accounting Standard-Setting, Commission’s Top Accountant Says
The Securities and Exchange Commission’s Investor Advisory Committee (IAC) in September recommended that the commission review the Financial Accounting Standards …
Automated Collection Notices to Phase Back In, Taxpayer Advocate Says
Temporarily suspended mailings of automated collection notices will resume on a staggered basis to spare IRS customer service representatives and …
Commissioner Crenshaw Says SEC is Not a Merit-Based Regulator in Response to Climate Rulemaking Criticism
The Securities and Exchange Commission’s rulemaking effort on a climate change disclosure rule has garnered a lot of attention and …
Public Comment Sought on Additional Clean Energy Tax Provisions
The Department of the Treasury and the IRS on November 3 issued three additional notices requesting public comment on climate …
Court Rules Boot Up Time Compensable Under the FLSA
The U.S. Court of Appeals for the Ninth Circuit has ruled that time spent by employees booting up their computers …
Supreme Court Seemed Skeptical of Government’s Position on FBAR Penalties
On November 2, 2022, the Supreme Court heard oral arguments in Alexandru Bittner’s appeal of his nonwillful FBAR penalty. The …
Current Former IRS Leaders Set Tone for Agency’s Next Chapter
The newly named acting commissioner of the IRS, along with two former holders of the position, outlined the agency’s immediate …
PCAOB May Face Long Odds Completing Audit Quality Indicators Project
In response to investor advocates’ demand, the Public Company Accounting Oversight Board (PCAOB) added “firm and engagement performance metrics” to …
Applications for Mississippi Children’s Promise Act and Mississippi Pregnancy Resource Act Credits for Calendar Year 2023
by Ashleigh M. Paige The Mississippi Department of Revenue has issued a notice regarding the Children’s Promise Act and the …
Republican Tax Writers Fear Funded IRS May Surveil Bank Accounts
Two Republican members of the House of Representatives Ways and Means Committee questioned whether the IRS intends to use its …