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 …
Thomson Reuters Tax & Accounting News | Uncategorized
AICPA Digital Asset Reporting Guide Punts on Lending Transactions
A working group of the AICPA—which develops a practice aid related to crypto accounting—decided not to directly address a recent …
Senate Democrats Push for PCAOB Inspection of Audits of Crypto Firms Acting as Broker-Dealers
Two Senate Democrats on Jan. 25, 2023, pressed PCAOB Chair Erica Williams on whether the board will inspect auditors of …
New Climate and Sustainability Disclosure Rules On Track for Issuance by June
New climate and sustainability disclosure rules are on track for issuance by the end of this year’s second quarter, International …
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 …
Yellen Forced to Cut Another Investment in Federal Employees Retirement Funds Due to Debt Limit
The Federal government has stopped its investment in another federal employees’ retirement fund due to its breaching the debt limit …
Regulators Not Working on Dodd-Frank Banker Incentive Compensation Rules is Troubling, Reform Advocate Says
When the SEC in early January unveiled its semi-annual update to the rulemaking agenda, an unfinished Dodd-Frank executive compensation rule …
Supreme Court Declines to decide if FBAR Penalties Violate 8th Amendment
The U.S. Supreme Court will not take up a case where it would have needed to determine if foreign bank …
Eleventh Circuit Finds ARPA Tax Mandate Unconstitutional, Upholds Permanent Injunction Against Enforcement
by Denis Del Bene The Eleventh Circuit (the Court), affirming the U.S. District Court for the Northern District of Alabama, …
Revenues From Two-Pillar Plan Higher Than Expected, OECD Estimates
The Organization for Economic Cooperation and Development has adjusted upwards revenue estimates from its international tax framework, with a full …
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 …
Additional IRS Guidance Needed on Reporting Tax Scams, Says GAO
The IRS needs to improve its instructions to the public on how to report tax schemes for the agency to …
FASB Plans to Require More Detailed Disclosures of Income Statement Expenses
The Financial Accounting Standards Board (FASB) last week made some significant decisions to provide investors more insight into corporations’ income …
Payors Should Be ‘Vigilant’ During Form 1099-K Transition Period, Tax Pro Says
After the IRS conceded to outside pressure from stakeholders to delay the implementation of the $600 de minimis threshold for reporting third-party …
Top 5 Accounting Rules to Hit Companies’ Books This Year, Including Issues to Watch For
Several of the FASB’s significant accounting standards take effect for the first time this year for businesses, including new rules …
Minnesota Enacts IRC Conformity Legislation
by Peter G. Pupke On January 12, 2023, Minnesota Governor Walz approved a bill that conforms the state taxes that reference …