IRS: ‘Key Milestones’ Hit in Online, In-Person Service Expansion In providing an update on how the IRS is progressing towards ‘transformation efforts’ using Inflation Reduction Act (PL 117-169) funds, …
Federal Reserve Fines Bank for Hidden Tax Prep Fees The Federal Reserve System Board of Governors issued a cease-and-desist order and assessed a $44 million penalty against a bank …
NIL Collectives Blocked by IRS From Claiming Tax-Exempt Status The IRS has become stricter in disallowing applications for tax-exempt status filed by organizations created to facilitate name, image, and …
TIGTA: Digital Asset Form Delay Hindering IRS Compliance Enforcement Without a dedicated information return, the IRS’ “line of sight” into digital asset transactions is limited because of a lack …
Tribune, IRS Spar Over Loper Bright in Anti-Abuse Case In a dispute between the IRS and a media company over the tax consequences of a disguised sale of a …
Treasury: $1B Past-Due Tax Debt Collected From High Earners So Far The Treasury Department and the IRS announced that it has collected $1 billion from “high-income, high-wealth” individuals through an enforcement …
Power and Utilities Sector asks FASB to Fix Rules for Construction Costs tied to Leases The power and utilities sector has asked the FASB to address a narrow reporting issue involving the costs around the …
Resolution Nixing SEC Crypto Accounting Guidance Clears House Committee The House Financial Services Committee on February 29, 2024, advanced a bipartisan measure to eliminate a 2022 SEC staff accounting …
Supreme Court: Defendants Facing SEC Fraud Charges Involving Penalties are Entitled to Jury Trial The Supreme Court on June 27, 2024, in a 6-3 ruling in SEC v. Jarkesy, concluded that defendants facing SEC …