Despite Election Results, PCAOB to Press Ahead With Noncompliance With Laws and Regulations
Despite coming administration change in early 2025, the Public Company Accounting Oversight Board (PCAOB) plans to press ahead with its …
Thomson Reuters Tax & Accounting News | Uncategorized
Do Employer Contributions Count Toward the Contribution Limit That Applies to Health FSAs?
QUESTION: Our company’s cafeteria plan includes a health FSA that has always been funded solely by employee salary reductions. For …
Big 4 Tax Director: Fate of TCJA in the Hands of a ‘Very Different’ GOP
What ultimately becomes of permanent and temporary provisions of the Tax Cuts and Jobs Act (TCJA) will be largely decided …
Illinois Announces Municipal and County Cannabis Retailers’ Occupation Tax Rate Changes Effective January 1, 2025
By Margaret Eisler The Illinois Department of Revenue has announced the counties and municipalities that are imposing a cannabis retailers’ …
IRS Shares FY 2024 Revenues, Financial Position Ahead of Funding Fight
The IRS released its annual financial report for fiscal year 2024, touting strides taken using Inflation Reduction Act (P.L. 117-169) …
Public Hearing Set on Proposed Dual Consolidated Loss Regulations
The IRS and the Department of the Treasury have scheduled a public hearing this November on the proposed regulations regarding …
Hurricane Victims Granted Extensions Under Certain Benefit Plans
Several federal agencies in a joint notice announced extensions to various time frames for participants, beneficiaries, and qualified beneficiaries of …
IRS Announces 2025 Retirement Plan Dollar Limits and Thresholds
IRS Notice 2024-80 (Nov. 1, 2024); IRS News Release IR-2024-285 (Nov. 1, 2024) Notice News Release The IRS has announced …
Renewed Calls to Close Puerto Rico Tax Loophole
A group of House Democrats introduced a resolution in late October taking aim at a Puerto Rican tax regime they …
PCAOB Chair Williams Criticizes Restatements as Indicator of Audit Quality
Public Company Accounting Oversight Board (PCAOB) Chair Erica Williams disputed arguments that the number of financial restatements is a good …
FASB Unveils New Guidelines to Boost Transparency in Corporate Expense Reporting
The Financial Accounting Standards Board (FASB) on November 4, 2024, issued new guidelines aimed at enhancing the transparency and clarity …
How Loper Bright Might Impact IRS Rulemaking
After the U.S. Supreme Court’s decision this year on agency deference, legal experts gave their predictions on how the IRS …
Pennsylvania Enacts Changes to Tax Appeals Process, Clarifies Medical Cannabis Business Deduction
By Rita L. Eng On October 29, 2024, Pennsylvania Governor Josh Shapiro signed legislation to provide corporate net income tax …
Final Regs Update Guidance on Sales of Seized Property
The IRS has issued final regs designed to modernize the rules governing sales of taxpayer property seized by the IRS …
Housing Reform Should Restore, Enhance Lapsed Tax Breaks, House Taxwriters Told
With the deadline now passed for public stakeholders to submit comments to members of the House Ways and Means Committee …
SEC Chair Gensler Praises Current PCAOB Members, Criticizes Past Boards
Securities and Exchange Commission (SEC) Chair Gary Gensler last week said that the Public Company Accounting Oversight Board (PCAOB) has …
With Corporate Transparency Act Deadline Looming, Community Associations Are Denied Relief
Another federal court has sided with the government in a case challenging the Corporate Transparency Act’s reporting requirements, denying preliminary …
DOJ Urged to Look Into Tax Prep Companies’ Privacy Practices
Democrat lawmakers have asked the U.S. Department of Justice (DOJ) to investigate major tax preparation companies’ data privacy practices — …