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 …
Thomson Reuters Tax & Accounting
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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 …
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 …
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 …
COVID-19 Related Aid Not Included in Income; Expense Deduction Still Allowed
In response to the COVID-19 crisis, Congress has passed numerous programs aimed at helping small and medium-sized businesses survive the …
IRS Commissioner Testimony Includes Information on Tax Gap and Monthly Child Tax Credits
In April 13 testimony to the Senate Finance Committee, IRS Commissioner Charles Rettig testified that he believes that the annual …
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Information on Issues Involving Receiving Second Economic Impact Payments
IRS has issued a series of frequently asked questions regarding the second economic impact payments (EIP 2s), i.e., stimulus payments provided …
House Republican Looks to Cement SEC Offering Rules
By Bill Flook Rep. Ted Budd, a Republican from North Carolina, on January 13, 2021, reintroduced legislation that would write …
SEC Relaxes Auditor Independence Rules
By Soyoung Ho SEC Commissioners Allison Herren Lee and Caroline Crenshaw said in a joint statement that they voted against …