Consumer Demand for EVs Exists Regardless of Tax Credits, Senators Hear
Lawmakers considered what is driving American consumers toward electric vehicles and whether EV tax credits are necessary at a July …
Thomson Reuters Tax & Accounting News | Uncategorized
Tax Bill Fails to Pass Senate Hurdle
The broad tax bill that passed the House in January with overwhelming support finally reached the Senate floor on Thursday, …
IASB Examples Would Offer Glimpse into Companies’ Climate Change Management Strategies
The International Accounting Standards Board (IASB) on July 31, 2024, released eight illustrative examples, including one that would encourage companies …
USCIS Plans Second Random Selection for FY 2025’s H-1B Regular Cap
The U.S. Citizenship and Immigration Services (USCIS) is preparing to conduct a second random selection process for the fiscal year 2025 H-1B …
IRS Direct File Adds Three New States for 2025 Tax Season
Since mid-June, the Treasury Department announced three states that did not participate in the IRS Direct File pilot this past …
Texas Courts Place Nationwide Hold on DOL Investment Advice Fiduciary Rule
FACC v. DOL, 2024 WL 3554879 (E.D. Tex. 2024); American Council of Life Insurers v. DOL, 2024 WL 3572297 (N.D. …
SEC Plans to Adopt 16 Rules in Coming Months
The Securities and Exchange Commission (SEC) is planning to adopt 16 rules in the coming months, according to the so-called …
Broad Tax Bill Queued Up for Senate Consideration
The bipartisan $78 billion tax package that advanced out of the House early this year is slated to be considered on the …
California Legislature Overturns OTA Decision, Negates APA Requirements, Raising Broader Deference Questions
by Niki Ford As previously reported in Checkpoint State Tax Update,1 California Governor Gavin Newsom on June 27, 2024, signed into …
Treaty Does Not Exempt Tribe Member From Self-Employment Tax, Court Holds
There is no treaty between the federal government and a Minnesota Native American tribe, nor any statute “expressly or implicitly” …
New Jersey Creates New Credit for AI Businesses
By David Engel On July 25, 2024, Governor Phil Murphy signed legislation that will provide tax credits to eligible artificial …
Crypto Sector Slow to Adopt New Accounting Rules Despite Years of Advocacy
Despite years of pressing the FASB to develop a standard, the crypto sector has not been scrambling to adopt new …
Tax Pros Discuss Impact of Loper Bright on IRS Regs
The Supreme Court’s decision in Loper Bright Enterprises v. Raimondo that overturned the long-standing Chevron doctrine’s deference to government agencies’ statutory interpretations may have …
Lawmakers Unite Against IRS Plan to Limit Access to Taxpayer Data for Child Support Enforcement
In a show of bipartisanship, the House Ways and Means Committee unanimously advanced a bill that would allow child support …
PCAOB Criticizes Deloitte for the Same Quality Control Problems Three Years in a Row; Flags Deficiencies at Six Firms
The Public Company Accounting Oversight Board (PCAOB) has criticized Deloitte & Touche LLP for failing to address quality control (QC) …
IRS Issues Final and Proposed Required Minimum Distribution Regulations Reflecting SECURE and SECURE 2.0 Act Changes
Final Regulations, Required Minimum Distributions, 29 CFR Parts 1, 31, and 54, 89 Fed. Reg. 58886 (July 19, 2024); Notice …
No Substantial Changes to IRS’s 2025 Draft Form 941
The IRS’s 2025 draft version of Form 941, Employer’s Quarterly Federal Tax Return, contains no substantial changes from the current 2024 version. …
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, …