House, Senate Republicans Introduce Resolutions to Nix SEC Cyber Breach Disclosure Rules
Republicans in the House and Senate have introduced Congressional Review Act (CRA) resolutions to scrap the SEC’s cybersecurity incident disclosure …
Real Estate Tax Experts Talk FIRPTA Withholding Challenges
At a tax conference panel on tax strategies for foreign investments in US real estate, a pair of practitioners shared …
Colorado, Ohio, Texas Voters Decide Tax-Related Ballot Questions
Taxpayers in Colorado, Ohio and Texas voted on tax-related ballot questions on November 7, 2023. The unofficial results, as of …
House Democrat Floats China Risk Reporting, Crypto Tax Reforms
Representative Brad Sherman (D-CA) on November 9, 2023, rolled out draft legislation that would expand risk disclosures related to public …
Foreign Currency Prop Regs Issued
The IRS has issued proposed regs relating to the determination of taxable income or loss and foreign currency gain or …
Tax Court: Overall Foreign Loss Recaptured, Remaining Gain Not Exempt or Recharacterized
The Tax Court determined that a US company’s gain from the sale of its foreign subsidiary was not recharacterized as …
Statement of Cash Flows to be Narrowly Reorganized for Financial Institutions, FASB Says
The FASB on November 8, 2023, voted to add a rulemaking project to its agenda to reorganize the statement of …
No Supervisory Approval Needed for Penalty Assessed by Computer Program
The Tax Court has determined that a failure to file information returns penalty, assessed by the IRS’ Combined Annual Wage …
CMS FAQs Address Imposition of Penalties for MSP Reporting Violations
Medicare Secondary Payer and Certain Civil Money Penalties: Frequently Asked Questions (Nov. 2, 2023) Available at https://www.cms.gov/files/document/medicare-secondary-payer-and-certain-civil-money-penalties-frequently-asked-questions.pdf Less than a …
Secretary Yellen: Paperless Filing Initiative ‘Ahead of Schedule’
The IRS’ Inflation Reduction Act-funded (PL 117-169) initiative to move tax filing, correspondence, and assistance services online is coming along …