GASB Chair: SEC’s Financial Data Transparency Rule Aligns with Expectations, but Raises Industry Concerns
Governmental Accounting Standards Board (GASB) Chair Joel Black told trustees on August 13, 2024, that the SEC’s proposed rule on …
Thomson Reuters Tax & Accounting News
Pushback Against Corporate Transparency Act Filing Requirements Continues
Another case alleging that the Corporate Transparency Act’s beneficial ownership reporting requirements are unconstitutional has been filed — while cases …
Illinois Repeals Grocery Tax and Amends Telecommunications Provisions
By Krista A. Cohane On August 5, 2024, Illinois Governor J.B. Pritzker signed legislation repealing the state grocery tax and …
IRS Postpones Tax Deadlines for Minnesota Victims Severe Storms, Flooding
The IRS has postponed tax deadlines for Minnesota victims of severe storms and flooding that began on June 16, 2024. …
IRS Updates Draft Digital Asset Information Return
The IRS updated the early draft version of the information return for digital asset brokers to report certain sale and …
Treasury: New Energy Credits ‘More Popular’ Than Expected
Ahead of the two-year anniversary of the enactment of the Inflation Reduction Act (PL 117-169), the Treasury Department shared data …
FinCEN Explains, Refines Beneficial Ownership Reporting Requirements
With the Corporate Transparency Act’s beneficial ownership reporting deadline looming, the agency in charge of administering the law — Treasury’s …
Potential State Employment Tax Implications of a Post-Loper Landscape
By Ingrid Chawla Over the weeks since the Loper Bright ruling, tax and legal professionals looking for potential ramifications of the ruling …
Can We Terminate COBRA Coverage Early If a Qualified Beneficiary Submits a Fraudulent Claim?
QUESTION: A COBRA qualified beneficiary has submitted a fraudulent claim to our health plan. Can we terminate her COBRA coverage …
Proposed Rules on Dual Consolidated Losses and Certain Disregarded Payments Issued
The IRS has issued proposed regulations addressing certain issues arising under the current dual consolidated loss rules and certain disregarded …
SEC Plans to Issue 4 Proposals by End of 2024
The Securities and Exchange Commission (SEC) is planning to issue 13 proposals in the next 10 months or so with …
Connecticut Issues Guidance on Conveyance Tax Credit
The Connecticut Department of Revenue Services has provided guidance stipulating that, due to changes made in the 2022 legislative session, …
Multistate Survey: Income Tax Immunity Erodes as States Follow MTC Statement on P.L. 86-272
Tom Cornett and Rebecca Newton-Clarke Sixty-five years ago, Congress enacted Public Law 86-272 to prevent states from imposing net income taxes on …
Work Authorization for Undocumented Immigrants Would Improve Tax Collections, Analysts Say
Undocumented immigrant workers who do not possess a Social Security number but still pay taxes on their income or property …
Consumer Demand for EVs Exists Regardless of Tax Credits, Senators Hear
Lawmakers considered what is driving American consumers toward electric vehicles and whether EV tax credits are necessary at a July …
Tax Bill Fails to Pass Senate Hurdle
The broad tax bill that passed the House in January with overwhelming support finally reached the Senate floor on Thursday, …
IASB Examples Would Offer Glimpse into Companies’ Climate Change Management Strategies
The International Accounting Standards Board (IASB) on July 31, 2024, released eight illustrative examples, including one that would encourage companies …
USCIS Plans Second Random Selection for FY 2025’s H-1B Regular Cap
The U.S. Citizenship and Immigration Services (USCIS) is preparing to conduct a second random selection process for the fiscal year 2025 H-1B …