Las Vegas Company to Pay More Than $3.6 Million in Back Wages/Damages/Penalties for FLSA Violations
The U.S. Department of Labor (DOL) has announced that it obtained a consent judgment in federal court that requires a …
Thomson Reuters Tax & Accounting
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Client Update: How to Treat Tips for Tax Purposes
Individuals who perform services in certain industries receive tips as part of their compensation for the services they provide. Businesses …
Tax Court: Engineering Firm Was Entitled to Energy Efficient Commercial Building Property Deduction
The Tax Court has found that an engineering company that installed energy efficient commercial building property (EECBP) in a Veterans …
New 1099 Filing Portal Launched
The long-awaited 1099 filing platform has gone live on the IRS website. The 1099 filing platform named IRIS allows users to …
Storm Victims in Georgia, Alabama Get Tax Relief
The IRS has provided tax relief to storm victims in parts of Georgia and Alabama. Victims in the disaster area …
American Payroll Association Notes Concerns With Labor Department’s Proposed Worker Classification Rule
The American Payroll Association (APA) has shared its comments to the U.S. Department of Labor regarding concerns to its proposed worker classification …
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Industry Groups Seek Bank Exemption from SEC Guidance on Crypto Platform Accounting
The Securities Industry and Financial Markets Association (SIFMA) and Bank Policy Institute (BPI) on May 19, 2022, said regulated banks …
US Committed to Global Corporate Minimum Tax Conformity, Biden Team Says
Treasury Secretary Janet Yellen this week is pressing counterparts from the world’s major economies to advance a rewrite of global …
CRS: Stock Buyback Issues Still Need IRS Clarification
According to Congressional Research Service (CRS) report R47397 issued January 25, a few repurchase issues with regards to the recently-enacted 1% excise tax …