South Carolina Passes 2024-2025 Budget
By Maria T. Albanese South Carolina’s 2024-2025 budget bill was ratified by the legislature on June 26, 2024, but on …
Thomson Reuters Tax & Accounting News
Lawmakers Push for Enhanced Paid Family and Medical Leave Credit
A recently introduced bipartisan House bill (HR 8860) would extend and enhance a tax credit under Code Sec. 45S available to employers …
Chief Counsel to Focus on ‘Transactions of Interest,’ Rollinson Says
The IRS Office of Chief Counsel is focusing its expansion and reorganization efforts to specialize in certain tax areas ripe …
Noting Issues Raised, SEC Extends Comment Deadline on PCAOB’s Standards on Quality Control and Auditors’ General Responsibilities
The Securities and Exchange Commission (SEC) has extended the deadline for the public to submit comment letters by 14 additional …
SCOTUS Revives Whistleblower’s Claim After Chevron Overturned
The Supreme Court vacated a judgment denying an IRS whistleblower’s award claim, citing its recent decision on agency deference. The …
Moore Attorney: Supreme Court ‘Validated’ Income Realization Arguments
In the wake of the Supreme Court’s decision upholding the constitutionality of the one-time mandatory repatriation tax (MRT), an attorney …
XBRL Helps Enforcement Activities – SEC Report
Machine-readable data has enabled the Securities and Exchange Commission’s (SEC) enforcement division to more efficiently analyze individual companies’ disclosures and …
Bipartisan Bill Takes Up Taxpayer Advocate Recommendations to Streamline Filings
Legislation introduced late last week would make three fixes to the Tax Code to streamline the filing process — applying …
IRS Issues FAQs on Educational Assistance Programs and Provides Sample Plan Document
IRS FS-2024-22: Frequently asked questions about educational assistance programs (June 2024), available at https://www.irs.gov/newsroom/frequently-asked-questions-about-educational-assistance-programs Publication 5993: [Sample] Educational Assistance Program …
IRS Official Speaks on Final Digital Asset Regs
An IRS official shared preliminary information on new digital asset tax reporting rules and related guidance Friday afternoon with an audience of …
US Supreme Court Overturns Chevron; Future of Federal and State Tax Guidance in Question
On June 28, 2024, in a pair of companion opinions, the United States Supreme Court overturned Chevron USA Inc. v Natural …
IRS Whistleblower Claims Processing Far Too Slow, Say Practitioners
The IRS’ Whistleblower Office announced record claims numbers and awards in its annual report to Congress — but practitioners say work is …
Supreme Court Sidesteps Broader Questions on SEC Judge Constitutionality in ‘Pointed’ Jarkesy Ruling
The Supreme Court on June 27, 2024, issued a closely watched 6-3 ruling in SEC v. Jarkesy, holding that targets of …
Center for Audit Quality Asks PCAOB to Reduce Burdens on Small Accounting Firms
A task force of the Center for Audit Quality (CAQ) urged the Public Company Accounting Oversight Board (PCAOB) to consider …
Unpacking Universal Savings Accounts
Some groups are calling on Congress to establish a new type of tax-advantaged account — universal savings accounts similar to …
Supreme Court: Defendants Facing SEC Fraud Charges Involving Penalties are Entitled to Jury Trial
The Supreme Court on June 27, 2024, in a 6-3 ruling in SEC v. Jarkesy, concluded that defendants facing SEC …
90-day Deadline for Filing Petition to Redetermine Employment Tax Status Not Jurisdictional
The Tax Court has determined that the 90-day deadline for filing a petition for redetermination of employment status is not …
IRS Should Replace ‘Misleading’ Level of Service Metric, NTA Says
The measure the IRS has used for over two decades to evaluate its telephone service does not accurately “reflect the …