Lawmakers Unite Against IRS Plan to Limit Access to Taxpayer Data for Child Support Enforcement
In a show of bipartisanship, the House Ways and Means Committee unanimously advanced a bill that would allow child support …
PCAOB Criticizes Deloitte for the Same Quality Control Problems Three Years in a Row; Flags Deficiencies at Six Firms
The Public Company Accounting Oversight Board (PCAOB) has criticized Deloitte & Touche LLP for failing to address quality control (QC) …
IRS Issues Final and Proposed Required Minimum Distribution Regulations Reflecting SECURE and SECURE 2.0 Act Changes
Final Regulations, Required Minimum Distributions, 29 CFR Parts 1, 31, and 54, 89 Fed. Reg. 58886 (July 19, 2024); Notice …
No Substantial Changes to IRS’s 2025 Draft Form 941
The IRS’s 2025 draft version of Form 941, Employer’s Quarterly Federal Tax Return, contains no substantial changes from the current 2024 version. …
IRS: ‘Key Milestones’ Hit in Online, In-Person Service Expansion
In providing an update on how the IRS is progressing towards ‘transformation efforts’ using Inflation Reduction Act (PL 117-169) funds, …
Tax-Exempt Orgs Under Additional House Scrutiny
Lawmakers considered how best to increase transparency around tax-exempt organizations’ activities and funding mechanisms at a July 23 hearing — amid calls …
Federal Reserve Fines Bank for Hidden Tax Prep Fees
The Federal Reserve System Board of Governors issued a cease-and-desist order and assessed a $44 million penalty against a bank …
District of Columbia Enacts 2025 Budget Support Legislation
By Denis Del Bene The District of Columbia has enacted emergency budget support legislation for Fiscal Year 2025. Among numerous …
Required Minimum Distribution Rules Incorporate SECURE, SECURE 2.0 Act Changes
The IRS has issued final regulations updating required minimum distribution requirements for certain retirement plan participants and IRA owners and …
FASB Moves to Clarify Accounting Rules for Complex Business Deals
The FASB took a step towards simplifying the complex world of business combinations involving Variable Interest Entities (VIEs), voting unanimously …