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 …
Thomson Reuters Tax & Accounting News
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 …
Advanced Manufacturing Production Credit Regs Finalized
The IRS issued final regs implementing Code Sec. 45X under the Inflation Reduction Act (P.L. 117-169) to further the Treasury Department’s goal …
A Conversation With US Chamber’s Tom Quaadman About the PCAOB
Summary: The following article is a conversation with Thomas Quaadman, executive vice president of the U.S. Chamber of Commerce Center …
Tax-Exempt Organizations Exempt From Filing Form 4626 for Tax Year 2023
On Wednesday, the IRS excused tax-exempt organizations from the requirement to file Form 4626, Alternative Minimum Tax – Corporations, for tax year …
Tax Pro Shares Keys to Navigating Fed Rate Changes, Political Uncertainty
Businesses have opportunities to increase cash flows and lower tax liabilities in light of the recent cut to the federal …
IRS Releases 2025 Cost-of-Living Adjustments for Health FSAs, Transportation Benefits, Adoption Assistance, and More
The IRS has released the 2025 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including limits relating to …
In Unusual Move, PCAOB Member Ho Lambasts Senators Warren, Whitehouse
Public Company Accounting Oversight Board (PCAOB) member Christina Ho has hit back at Democratic Senators Elizabeth Warren and Sheldon Whitehouse …
Final Regs Issued Regarding Withholding on Section 3405 Distributions
The IRS has finalized regs under Code Sec. 3405(a) and Code Sec. 3405(b) to amend income tax withholding rules on certain periodic payments and …