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 …
Thomson Reuters Tax & Accounting News
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 — …
Lyft to pay $2.1 million fine to settle US charges it inflated drivers’ earnings prospects
By Jonathan Stempel Lyft (LYFT.O), agreed to pay a $2.1 million civil fine to settle U.S. Federal Trade Commission charges …
What Are the Medicare Secondary Payer Reporting Requirements for Our Company’s Group Health Plans?
QUESTION: We’ve heard that employer-provided health plans are subject to Medicare Secondary Payer (MSP) mandatory reporting requirements. Does our company …
FASB Proposes New Software Accounting Rules to Reflect Modern Development Methods
In a significant move to bring accounting practices in line with modern technology, the FASB on October 29, 2024, proposed …
Ayahuasca Church’s Tax-Exempt Status Denial Appeal Should Not Be Reheard, IRS Tells Court
A federal appellate court correctly affirmed the district court’s decision to deny tax-exempt status to an Iowa-based religious entity for …
Majority of Large Companies Say They Have Material AI Risks, Report Says
Over 60% of large companies reviewed believe they have material artificial intelligence (AI) risks, according to a new report by …
North Carolina Expands Hurricane Helene Interest Relief for Tax Preparers or Tax Records
By Rita L. Eng On October 25, 2024, North Carolina Governor Roy Cooper signed the Disaster Recovery Act of 2024—Part …
It’s ‘All About That Base,’ When it Comes to Post-Election Tax Reform
With the Treasury Department reporting a $1.8 trillion budget deficit for fiscal year 2024, and interest on the federal debt …