SEC’s Top Accountant Emphasizes Auditor’s Role in Detecting Corporate Fraud
At a financial reporting conference, SEC Chief Accountant Paul Munter reminded auditors about their responsibility regarding corporate fraud because, among …
Thomson Reuters Tax & Accounting News | Uncategorized
Marcum Partner Challenges SEC Proceedings Against Him as Unconstitutional
Alan Markowitz, a Marcum LLP Partner facing an SEC administrative action related to his work as engagement partner in audits …
An Estate & Trust Professional’s Four Takeaways From Tax Season 2023
T.J. Wertman Another tax season has come and gone. As we shift our focus to extended and fiscal year returns, …
House Passes Bill to Set up SEC Accredited Investor Exam
The House on May 31, 2023, voted 383-18 to pass legislation directing the SEC to set up an exam program …
Proposed 4 Percent Tax on Stock Buybacks Faces Hurdles
As the federal government continues to grapple with its budget deficit, lawmakers are proposing a new tax on stock buybacks …
FASB Gets Mixed Reviews from Groups on Proposed Tax Disclosure Rules, Including Strong Concerns
The FASB received a mixed bag of responses by its May 30, 2023, deadline to proposed income tax disclosure rules, …
Debt Ceiling Deal Would Slash Deficits by $1.5T, CBO Says
In scoring the Fiscal Responsibility Act of 2023 (HR 3746), the Congressional Budget Office estimated that the pending debt ceiling …
DOL Guidance Clarifies Holidays Do Not Necessarily Count Towards FMLA Leave Entitlement Calculation
The U.S. Department of Labor (DOL) has released Opinion Letter FMLA2023-2-A that affirms the DOL’s position that holidays for which an employee would …
House GOP Conservatives Pan Debt Limit Bill, Threaten to Oust McCarthy
More than a dozen House Republicans say they won’t vote for the latest debt limit bill forged over the weekend …
Minnesota Omnibus Tax Bill Enacts IRC Conformity, One-Time Rebate and Other Tax Changes
by Peter G. Pupke On May 24, 2023, Minnesota Governor Tim Waltz signed an omnibus tax bill that includes a …
Extending Trump-Era Tax Cuts Would Worsen Income Inequality, Analyst Says
Costly provisions of the Tax Cuts and Jobs Act of 2017 (PL 115-97) set to expire in 2025 should not …
IRS Provides Guidance on Employee Plans Compliance Resolution System
The IRS has issued a notice providing guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS). (Notice …
AICPA Auditing Standards Board’s Work Plan Includes Potential Convergence Projects with International Standards
The AICPA’s Auditing Standards Board (ASB) is working on several standard-setting or research projects, according to its 2023 workplan, which …
IASB Issues Disclosure Rules to Boost Transparency around Terms of Supplier Finance Arrangements
The International Accounting Standards Board (IASB) on May 25, 2023, issued a package of disclosure rules to boost transparency around …
House Bill Seeks to Streamline Tax Extension Requests
Bipartisan proposed legislation would prevent taxpayers from incurring penalties for failing to accurately calculate estimated payments for current-year tax liability …
Payroll Congress: OCSE Addresses Child Support Questions
Debbie Tam, CPP PayrollOrg (formerly known as the American Payroll Association) held its 41st Payroll Congress in Denver, Colorado. During …
Tax Court: IRS’ Delinquent Tax Debt Designation to State Not Erroneous
The Tax Court has held that a taxpayer’s tax liabilities constituted a “seriously delinquent tax debt” under Code Sec. 7345, and …
Companies Exempted from Accounting for Deferred Taxes that Stem from Global Tax Reform
The International Accounting Standards Board (IASB) on May 23, 2023, published an amendment to a key income tax accounting standard …