District of Columbia Enacts 2025 Budget Support Legislation
By Denis Del Bene The District of Columbia has enacted emergency budget support legislation for Fiscal Year 2025. Among numerous …
Thomson Reuters Tax & Accounting News
Required Minimum Distribution Rules Incorporate SECURE, SECURE 2.0 Act Changes
The IRS has issued final regulations updating required minimum distribution requirements for certain retirement plan participants and IRA owners and …
FASB Moves to Clarify Accounting Rules for Complex Business Deals
The FASB took a step towards simplifying the complex world of business combinations involving Variable Interest Entities (VIEs), voting unanimously …
PCAOB Criticizes EY for Quality Control Problems Twice in a Row; Finds Deficiencies at China, Hong Kong Big Four Affiliates
The Public Company Accounting Oversight Board (PCAOB) criticized Ernst & Young LLP for failing to address quality control (QC) problems …
Recaptured Gains from Stock Sale Qualified for Installment Method
Addressing an issue of first impression, the Tax Court determined that the installment method applied to the taxpayers’ gains from …
Eleventh Circuit: No Pre-Birth FMLA Leave Entitlement for Non-Married Expectant Father
Tanner v. Stryker Corp. of Mich., 2024 WL 3058746 (11th Cir. 2024) Available at https://media.ca11.uscourts.gov/opinions/pub/files/202214188.pdf An employee was expecting a …
NIL Collectives Blocked by IRS From Claiming Tax-Exempt Status
The IRS has become stricter in disallowing applications for tax-exempt status filed by organizations created to facilitate name, image, and …
TIGTA: Digital Asset Form Delay Hindering IRS Compliance Enforcement
Without a dedicated information return, the IRS’ “line of sight” into digital asset transactions is limited because of a lack …
Missouri Amends Historic Tax Preservation Tax Credit; Property Tax Provisions
Missouri Governor Michael L. Parson has signed legislation amending the historic tax preservation tax credit and naming it the Missouri …
Tribune, IRS Spar Over Loper Bright in Anti-Abuse Case
In a dispute between the IRS and a media company over the tax consequences of a disguised sale of a …
FASB Unveils Ambitious Agenda for Second Half of Year
The FASB has outlined a packed agenda for the second half of the year, with plans to issue two new …
Wyden, Crapo Push to Fill Tax Court Vacancies
As the Tax Court nominees approved by the Senate Finance Committee last month await full Senate consideration, the committee considered three more …
SEC Proposal on Human Capital Management Disclosure is Delayed Once Again, With Dim Prospects
The Securities and Exchange Commission (SEC) has once again delayed issuing a proposal intended to standardize and increase data that …
Courts Invoke Loper Bright to Block Expansion of ACA Section 1557 Nondiscrimination Rules to Gender Identity
Tennessee v. Becerra, 2024 WL 3283887 (S.D. Miss. 2024); Texas v. Becerra, 2024 WL 3297147 (E.D. Tex. 2024) A court in …
Biden Administration Rule Would Revive Employer Pay Data Collection
The Equal Employment Opportunity Commission (EEOC) is proposing a rulemaking to amend regulations regarding the collection of pay data or related information …
Treasury: $1B Past-Due Tax Debt Collected From High Earners So Far
The Treasury Department and the IRS announced that it has collected $1 billion from “high-income, high-wealth” individuals through an enforcement …
Unclaimed Property Expert Talks Audit Trends
Correction, 7/11/2024: This article has been updated with a corrected quote in paragraph four regarding bank and insurance company audits. …
Ways and Means Passes Joint Resolution Blocking EV Final Regs
A joint resolution under the Congressional Review Act formally disapproving of final IRS regs implementing Inflation Reduction Act (PL 117-169) tax credit …