IRS Publishes the Unused Housing Credit Carryovers for 2023
The IRS has published the unused low-income housing tax credit (LIHTC) carryovers for calendar year 2023. The IRS has allocated …
Prop Regs and Other Guidance on EV Car Credit Transfer Rules
The IRS has issued proposed regs and a revenue procedure that would provide guidance for taxpayers who purchase qualifying previously-owned …
Prop Regs: Triangular Reorganizations and Nonrecognition Transactions
The IRS has issued proposed reliance regs related to triangular reorganizations and nonrecognition transactions. The proposed regs adopt, with modifications, …
Audit Committee Chairs Worry about Accounting Staff Shortage
The Great Resignation was frequently mentioned as a topic of concern by public company audit committee chairs, according to a …
House Republicans Ask Commissioner Werfel 10 Questions on ERC Processes
The U.S. House of Representatives Committee on Ways and Means has requested that IRS Commissioner Daniel Werfel provide answers to 10 questions …
Lawmakers Press IRS on Tax Fairness, Employee Retention Credit Fraud
With a government shutdown averted for the time being, members of Congress in both chambers this week have refocused attention …
Agency FAQs (Part 61) Lift Enforcement Deferrals for Some Transparency in Coverage Requirements
FAQs About Affordable Care Act Implementation Part 61 (Sept. 27, 2023) Available at https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/our-activities/resource-center/faqs/aca-part-61.pdf The DOL, HHS, and IRS have issued FAQ guidance …
New Subtopic for Crypto Assets to be Added to Intangibles Section of U.S. GAAP by Year-End
The FASB plans to add a new subtopic number for crypto assets into the intangible assets section of the codification …
Reminder: Extended 2022 Return Due Dates Fast Approaching for Individuals, Corporations
The IRS reminds taxpayers of the October 16 tax filing extension deadline. To avoid a possible late filing penalty, those …
North Carolina Budget Bill Lowers the Personal Income Tax Rate and Enacts New Excise Tax on Uber and Lyft Among Other Changes
by Rita L. Eng On September 22, 2023, North Carolina Governor Roy Cooper announced that he will allow the budget, …