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 …
Checkpoint Federal Tax Update Staff
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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. …
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 …
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 …
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 …
Foreign Currency Prop Regs Issued
The IRS has issued proposed regs relating to the determination of taxable income or loss and foreign currency gain or …
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Maryland Comptroller Provides Guidance on the Sales and Use Taxation of Cannabis
by Saleem A. Shareef The Maryland Comptroller’s Office has provided guidance on the sales and use taxation of cannabis including …
House Bill Would Require Yearly PCAOB Inspections for Audits of China-based Companies
A bipartisan House bill would again increase the frequency with which auditors of Chinese companies must be inspected by the …
Global Baseline of Climate and Sustainability Disclosure Rules to Take Effect Next Year
The International Sustainability Standards Board (ISSB) on Feb. 16, 2023, unanimously voted to require that global climate and sustainability disclosure …