Claims Court denies Capstone’s summary judgment in microcaptive case
The U.S. Court of Federal Claims has denied a taxpayer’s motion for summary judgment in a microcaptive insurance case, finding …
Thomson Reuters Tax & Accounting News | Uncategorized
Digital asset pros raise event, perpetual contract tax questions
Applying existing federal tax rules to novel digital asset products such as event contracts and perpetuals is an unsettled exercise, …
As EWA grows, five questions can help employers avoid costly surprises
Carl Morris, Vice President Compliance, FlexWage Solutions The debate over earned wage access is no longer about whether employees value …
PCAOB criticizes EY for fourth consecutive year over quality control deficiencies
The Public Company Accounting Oversight Board (PCAOB) criticized Ernst & Young LLP for failing to address quality control (QC) problems found during …
NIL, prediction market income taxable with or without forms, tax pros say
Tax practitioners advising clients in two fast-growing markets, student-athlete compensation and prediction-market trading, should build disciplined records because economic activity …
Can We Use a “Sampling” Approach to Reviewing Claims Under Our Health FSA and DCAP?
QUESTION: Do we need to review every claim that is submitted under our cafeteria plan’s health FSA and DCAP before …
Digital asset trust staking safe harbor updated in response to pushback
The IRS has issued new guidance that clarifies, modifies, and supersedes a 2025 safe harbor for investment and grantor trusts …
Maryland amends local property tax credit authorized for dwelling houses of disabled veterans
By Carlton Huntley, JD, LLM, Checkpoint News Maryland Governor Wes Moore signed legislation that amends eligibility for a property tax …
IRS should simplify corporate alternative minimum tax rules, CPAs say
The American Institute of CPAs (AICPA) has recommended that the Treasury and the IRS revise how the corporate alternative minimum …
SEC proposes removing PCAOB requirement from adviser custody rule audits, examinations
The Securities and Exchange Commission (SEC) on October 1, 2026, issued a proposal that would eliminate a requirement that certain …
OBBB created new expensing, credit opportunities for AI investments, tax pros say
New tax law permanently restoring immediate expensing for domestic research costs is reshaping the deductions and credits available to companies …
Senate passes broad tax administration reform legislation
In its last planned session day before the midterm elections, the Senate unanimously passed the Taxpayer Assistance and Service (TAS) …
Court finds New York City’s pied-à-terre tax improperly shifts burden to homeowners
A state court has ruled that New York City’s rollout of its new pied-à-terre tax was arbitrary, capricious, and unlawful. …