District of Columbia 2025 Budget Support Legislation Becomes Law
By Denis Del Bene The “Fiscal Year 2025 Budget Support Act of 2024,” which was sent to Congress for review, …
Thomson Reuters Tax & Accounting News
Whistleblower Attorneys Announce ‘Historic’ Tax Fraud Recovery
The IRS recovered $263 million in a settlement after three whistleblowers brought a taxpayer’s fraud to the agency’s attention, said …
The Ramifications of Moore v. United States
By Jonathan D. Grossberg Moore v. United States is the first time in many, many years that the Supreme Court has …
IRS Chief Counsel to Combine Large, Small Business Divisions
The IRS announced on September 18 that the Large Business & International (LB&I) and Small Business/Self-Employed (SB/SE) Divisions will be …
IRS Releases 2024 Draft of Small Employers’ Annual Tax Return Instructions
The IRS issued a September 17, 2024, draft version of the Form 944, Employer’s Annual Federal Tax Return instructions used by small employers …
Additional Guidance Issued on Alternative Fuel Vehicle Refueling Property Credit
On September 18, the Treasury Department and IRS issued a notice of proposed rulemaking and other guidance on the Alternative …
DOL Clarifies That Its Cybersecurity Guidance Applies to All Employee Benefit Plans
DOL Compliance Assistance Release No. 2024-01 Available at https://www.dol.gov/agencies/ebsa/key-topics/retirement-benefits/cybersecurity/compliance-assistance-release-2024-01 The DOL’s Employee Benefits Security Administration (EBSA) has updated 2021 cybersecurity …
Prager Metis Settles SEC Charges for Faulty FTX Audits, Violations of Auditor Independence Rule
Accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs LLP agreed to pay $1.95 …
Premium Tax Credit Increases Access to Care, But at What Cost?
The enhanced premium tax credit is fulfilling its goal of increasing access to health insurance coverage, heard the Senate Finance …
Pennsylvania Imposes Electric Vehicle Road User Charge, Eliminates Alternative Fuels Tax on Electricity for Residential Charging
By Rita L. Eng Pennsylvania has enacted legislation to impose an annual electric vehicle road user charge (EV Fee) on …
Proposed Regs Amend Definition of ‘Coverage Month’ for Premium Tax Credit
The IRS issued proposed regs on September 16 amending the computation of the Premium Tax Credit (PTC) by adjusting what …
Senators Debate How to Get to ‘Fair’ Taxation
At a September 12 hearing previewing next year’s tax reform debate, Senate Finance Committee Chair Ron Wyden (D-OR) suggested that …
AICPA, NASBA Propose Alternative Path to CPA Licensure, Seek Industry Input
In a bid to increase flexibility for aspiring accountants while maintaining public protection standards, the American Institute of Certified Public …
Top SEC Accountant Explains Instances When Staff Guidance on Cryptos Would Not Apply
Securities and Exchange Commission (SEC) Chief Accountant Paul Munter at a conference on September 9, 2024, provided the staff’s views …
IRS Issues Long-Awaited Corporate Alternative Minimum Tax Regs
Over two years since the enactment of the Inflation Reduction Act (P.L. 117-169), the Treasury Department and IRS has issued …
Ways and Means Advances Five Tax Measures
On Wednesday, House Ways and Means Committee members marked up five tax-related bills — while debating everything from gun control …
Key 2025 Figures Calculated by Thomson Reuters Checkpoint Based on Inflation Data Now Available
Many tax, expensing, and penalty figures are adjusted annually for cost-of-living increases. These adjustments reflect the average chained Consumer Price …
Final Mental Health Parity Rules Solidify NQTL Comparative Analysis Requirements
Requirements Related to the Mental Health Parity and Addiction Equity Act: Final Rules, 26 CFR Part 54; 29 CFR Part …