IRS Official Speaks on Final Digital Asset Regs
An IRS official shared preliminary information on new digital asset tax reporting rules and related guidance Friday afternoon with an audience of …
US Supreme Court Overturns Chevron; Future of Federal and State Tax Guidance in Question
On June 28, 2024, in a pair of companion opinions, the United States Supreme Court overturned Chevron USA Inc. v Natural …
IRS Whistleblower Claims Processing Far Too Slow, Say Practitioners
The IRS’ Whistleblower Office announced record claims numbers and awards in its annual report to Congress — but practitioners say work is …
Supreme Court Sidesteps Broader Questions on SEC Judge Constitutionality in ‘Pointed’ Jarkesy Ruling
The Supreme Court on June 27, 2024, issued a closely watched 6-3 ruling in SEC v. Jarkesy, holding that targets of …
Center for Audit Quality Asks PCAOB to Reduce Burdens on Small Accounting Firms
A task force of the Center for Audit Quality (CAQ) urged the Public Company Accounting Oversight Board (PCAOB) to consider …
Unpacking Universal Savings Accounts
Some groups are calling on Congress to establish a new type of tax-advantaged account — universal savings accounts similar to …
Supreme Court: Defendants Facing SEC Fraud Charges Involving Penalties are Entitled to Jury Trial
The Supreme Court on June 27, 2024, in a 6-3 ruling in SEC v. Jarkesy, concluded that defendants facing SEC …
90-day Deadline for Filing Petition to Redetermine Employment Tax Status Not Jurisdictional
The Tax Court has determined that the 90-day deadline for filing a petition for redetermination of employment status is not …
IRS Should Replace ‘Misleading’ Level of Service Metric, NTA Says
The measure the IRS has used for over two decades to evaluate its telephone service does not accurately “reflect the …
IRS Provides Guidance on Emergency Personal Expense and Domestic Abuse Victim Distributions
IRS Notice 2024-55 (June 20, 2024) Available at https://www.irs.gov/pub/irs-drop/n-24-55.pdf The IRS has released Notice 2024-55, which provides guidance on new …