R&D Expert: Capitalization, Amortization Requirement Hurts Smaller Businesses
An unpopular provision of the 2017 tax reform bill that disallows immediate expensing of research and development costs has created …
In Separate Actions, PCAOB Fines PwC US $2.75M and PwC Australia $600,000 for Quality Control Failures
In separate enforcement actions, the US Public Company Accounting Oversight Board (PCAOB) on March 28, 2024, fined PricewaterhouseCoopers LLP in …
Lawmakers Urge IRS to Close Corporate Airfare Tax Loophole
On the heels of President Biden’s State of the Union Address and a recent IRS announcement of a new enforcement …
Tax Expert: Timing of Tax Deal Bill May Impact Taxpayer Decision on When to File
The bipartisan tax package awaiting its fate in the Senate contains multiple retroactive provisions that would affect the current filing …
House Republicans Push for Legislation on TCJA ‘Big Three’
A large coalition of House Republicans called for year-end legislation addressing three business tax areas of the Code altered by …
Summer Employment May Come With Tax Credits
This summer, certain employers may benefit from federal tax credits for employing qualified summer youth employees. The Work Opportunity Tax Credit (WOTC) …
The Long Read: Advising Clients on New Corporate Minimum Tax
By Shannon Christensen and Joseph Boris The 15% corporate alternative minimum tax in the recently signed Inflation Reduction Act of …
Key Guidance to Watch for in IRS’ 2022-2023 Plan Year
The IRS has received many recommendations ahead of the release of its regulatory to-do list through summer 2023. The agency …
Security Summit Produces Sample Written Information Security Plan for Tax Professionals
The Security Summit—a partnership between the IRS, state tax agencies and the tax industry—has released a 29-page document titled “Creating …
Lawmakers Seek Review of Political Group’s Church Status
A group of congressional Democrats has called for a review of a conservative advocacy group’s tax-exempt status as a church, …