IRS Requests Feedback on Proposed Changes to Form 6765
The IRS is seeking feedback from stakeholders on proposed changes to Form 6765, Credit for Increasing Research Activities, also known as the …
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US Treasury Bureau Releases Beneficial Ownership Reporting Guide, Industry Displeased
By Brett Wolf U.S. Treasury Department’s anti-money laundering bureau has released a much-anticipated guide aimed at helping small businesses comply …
HHS Updates Security Risk Assessment Tool to Help With HIPAA Security Rule Compliance
Security Risk Assessment Tool; Security Risk Assessment Tool v3.4 User Guide (Sept. 5, 2023) Webpage User Guide HHS has announced an updated version of its interactive Security Risk …
Government Shutdown Looms as Funding Solution Remains Elusive
With just 11 days left to avoid a shutdown, House Speaker Kevin McCarthy, Republican of California, remains at odds with …
PCAOB Proposes Rule Revision to Increase Auditor Accountability
The Public Company Accounting Oversight Board (PCAOB) on Sept. 19, 2023, issued a proposal intended to more effectively deter auditor …
Virginia Enacts Amended Budget That Increases IRC Sec. 163(j) Deduction, Increases Standard Deduction, Gives New Rebate, and Reinstates Sales Tax Holiday
by Rebecca A. Helmes Virginia Governor Glenn Youngkin signed legislation on September 14, 2023, amending Virginia’s budget for the 2022-2024 …
Client Update: Educator Expense Deduction
This Client Update discusses the 2023 Educator Expense deduction. For 2023 this adjustment is worth $300. (IR 2023-150, 8/17/2023) Educator …
Perceived Corruption Reduces Trust in Tax Systems, Survey Shows
The latest biennial survey conducted by three financial professional organizations shows that across the globe, concerns over how tax revenue …
Werfel Stops New Employee Retention Credit Processing Amid Surge of Questionable Claims
The IRS has announced an immediate moratorium on processing new Employee Retention Credit (ERC) claims through at least the end …
PCAOB Schedules Vote to Issue Proposed Rule on Contributory Liability for Audit Firm Violations
The Public Company Accounting Oversight Board (PCAOB) scheduled a public meeting for Sept. 19, 2023, to consider issuing a proposal …
Key 2024 Figures Calculated by Thomson Reuters Checkpoint Based on Inflation Data Now Available
Many tax, expensing, and penalty figures are adjusted annually for cost-of-living increases. These adjustments reflect the average chained Consumer Price …
At Hearing, Senate Democrats Step up Calls for SEC to Wrap up Climate Rules
Senate Democrats on Sept. 12, 2023, stepped up pressure on SEC Chair Gary Gensler to wrap up the commission’s sweeping …
DOL Extends Grace Period for Obtaining Login.gov Credentials for EFAST2 Filing System Until End of 2023
News Release: Department of Labor Extending Grace Period for EFAST2 Login Credentials (Aug. 28, 2023) Available at https://www.dol.gov/newsroom/releases/ebsa/ebsa20230828 The DOL …
Finance Committee to Markup Bill Ending Double-Taxation between U.S. and Taiwan
Senate Finance Committee Chair Ron Wyden, Democrat of Oregon, has announced plans to convene a business meeting on September 14, …
Accounting Rules for a Simple Agreement for Future Equity Raising Concerns, FASB Private Company Panel Says
Firms have raised concerns to the FASB’s private company advisers about the complexity of reporting a Simple Agreement for Future …
Client Update: Taxation of Nonresident Aliens
Individuals and entities that are not U.S. citizens or residents may be required to report income that is effectively connected with …
Michigan Updates Guidance on Taxability of Delivery and Installation Charges
by Peter G. Pupke The Michigan Department of Treasury has issued updated guidance on the taxability of delivery and installation …
IRS Overhauls Enforcement Strategy to Spare ‘Working-class’ Taxpayers, Target Top Earners
Reaffirming commitments made when the IRS received an $80 billion appropriation one year ago from the Inflation Reduction Act (PL …