IRS Investment Update: Business Account Launches, Noncompliant US Subsidiaries Targeted
In a quarterly update on how the IRS has been utilizing Inflation Reduction Act (PL 117-169) resources, the agency announced …
Ways and Means Looking to Curb Pandemic Related Fraud
Federal agencies did not strategically manage fraud risks and were not adequately prepared to prevent fraud tied to COVID-19 relief …
Dissatisfied with Critical Audit Matter Disclosures, Advisers Recommend Changes to PCAOB to Improve Reporting
The Public Company Accounting Oversight Board’s (PCAOB) Investor Advisory Group (IAG) presented a set of recommendations to improve auditors’ reporting …
Tax Court Denies Hardship Waiver to 60-day Rollover Rule
In a case of first impression, the Tax Court held that it has jurisdiction under Code Sec. 6213(a) to review the IRS’s …
IRS Announces Tax Relief for Leave Donations to Aid 2023 Hawaii Wildfire Victims
IRS Notice 2023-69 (Sept. 28, 2023) Available at https://www.irs.gov/pub/irs-drop/n-23-69.pdf The IRS has announced special tax relief for leave-based donation programs …
Direct E-File Pilot Program Will Be Available in 13 States, IRS Says
The upcoming pilot program for an in-development tax preparation and electronic filing option operated by the IRS will be limited …
PCAOB Enforcement is Continuing to Flex its Muscles
It is no secret that—under the leadership of Erica Williams—the PCAOB has been aggressive in pursuing enforcement actions to better …
PCAOB Report Notes ‘Troubling’ Deficiency Rate in Audit Engagement Quality Reviews
The PCAOB on Oct. 12, 2023, issued a staff report to urge engagement quality reviewers to do a better job …
Social Security Wage Base Increases to $168,600 in 2024
The Social Security Administration (SSA) announced that the maximum earnings subject to Social Security (OASDI) tax will increase from $160,200 to …
FASB Revises Fourth Quarter Agenda Outlook: Three New Standards, Two Proposals Left to Come by Year-End
The FASB revised its fourth quarter technical agenda on Oct. 10, 2023, to showcase that the board will issue three …