Treasury Official Sheds Light on Sec. 761(a), Clean Energy Credit Elective Payment Election Regs
Attorney Advisor Sarah Haradon of the Treasury Department Office of Tax Policy shared the rationale behind the issuance of proposed …
Thomson Reuters Tax & Accounting News
Florida Governor Signs Omnibus Tax Bill
By Carlton Huntley On May 7, 2024, Florida Governor Ron DeSantis signed an omnibus tax bill that: adopts the current …
Republicans Call for Harsher Data Leak Penalties; IRS Tightens Security
publican lawmakers, led by House Ways and Means Committee Chair Jason Smith (MO), have introduced legislation that would increase penalties …
New PCAOB Standard is Expected to Lead to More Timely Issuance of Audit Inspection Reports
The Public Company Accounting Oversight Board (PCAOB) on May 13, 2024, voted unanimously to adopt a new standard that could …
IRS Increases Security Measures for Practitioners Obtaining Client Transcripts
In an attempt to stem the tide of identity theft and refund fraud, the IRS has announced increased security measures …
Werfel Updates Congressional Committee on IRS’s Ongoing ERC Fraud Actions
By Debbie Tam On May 7, 2024, IRS Commissioner Daniel Werfel, during a hearing before the House Committee on Appropriations, discussed …
Senate Tax Advisor: New Energy Credits Likely Safe From ‘Full Repeal’ in 2025
Various energy tax credit programs amended or created by the Inflation Reduction Act (PL 117-169) likely will not be outright …
Fourth Circuit: Exclusion of Gender Affirming Care Violates ACA Section 1557
Kadel v. Folwell, 2024 WL 1846802 (4th Cir. 2024) In a combined decision, the Fourth Circuit has affirmed trial court …
Experts Discuss Impacts of TCJA Expirations on S-Corps, Path Forward
Hill staff and tax practitioners considered how allowing Tax Cuts and Jobs Act (TCJA; PL 115-97) provisions to expire would impact …
Firms Starting to Field Questions on New Crypto Accounting Rules, Panel Says
Questions have started to trickle in to firms about new FASB accounting rules for crypto assets, and the pace is …
Second Billionaire Sues Over IRS Data Leak
Update: This article was revised to add a statement from Booz Allen. Following the sentencing of a former IRS contractor …
Right to Remove: SEC Administrative Enforcement Opt-out Gets Fresh Look as Supreme Court Ruling Looms
The Supreme Court’s looming decision in SEC v. Jarkesy has reignited discussion over “right to remove,” a decades-old concept in which the …
In ‘Dear Stakeholders’ Alert, FASB Trustees Urge Firms to Opine on Private Company Council
The FASB’s trustees are pressing for firms to submit comments about the effectiveness of the Private Company Council (PCC), the …
DC Circuit: IRS Can Assess Sec. 6038(b) Penalties
The IRS has the statutory authority to assess penalties for failing to report control of foreign businesses, the DC Circuit …
SEC Issues Staff Statement to Assist Companies Affected by Permanent Bar of Audit Firm BF Borgers
The Securities and Exchange Commission (SEC) staff on May 3, 2024, issued a statement to assist public companies that were …
PCAOB Staff Report Recommends Root Cause Analysis to Improve Audit Quality
The Public Company Accounting Oversight Board (PCAOB) on April 30, 2024, published a staff report about how a root cause …
Debt Accounting Rules Flagged as Still too Complex for Private Companies
Private companies still find the accounting rules for debt modifications and extinguishments tough to understand, even with educational material the …
IRS Gives First Annual Update on Inflation Reduction Act Spending
A year after releasing its game plan on how it intends to spend additional funding from the Inflation Reduction Act …