Prop Regs for Long-Term Part-Time Employees With 401(k) Plans
The IRS has issued proposed reliance regs that would amend the rules applicable to Code Sec. 401(k) plans to provide guidance with …
IRS Quashes OSHA Guidance Tactic for ERC Eligibility
Taxpayers cannot rely on communications from the Occupational Safety and Health Administration (OSHA) during the COVID-19 pandemic to meet the …
Form 1099-K Reporting Threshold Change Delayed; Phase-In to Start 2024
After facing pushback from the tax community and third-party payment facilitators, the Form 1099-K reporting threshold will remain unchanged for …
HHS Announces Adjusted Annual Limitation on Cost-Sharing for 2025 Benefit Year, Issues Proposed 2025 Benefit and Payment Parameters
Proposed Rule: PPACA, HHS Notice of Benefit and Payment Parameters for 2025; Updating Section 1332 Waiver Public Notice Procedures; Medicaid; Consumer …
House Financial Services Chair Urges IRS to Revised Proposed Digital Asset Reporting Regs
In a letter to Assistant Treasury Secretary Lily Batchelder, the Chair of the House Financial Services Committee and a bipartisan group …
Maine 2024 Individual Income Tax Rate Schedules, Personal Exemption, Standard Deduction Released
By Jennifer J. Troyer Maine Revenue Services released the individual income tax rate schedules and personal exemption and standard deduction …
PCAOB’s 2024 Budget is Set to Increase 11%
The Public Company Accounting Oversight Board (PCAOB) on November 16, 2023, voted unanimously to approve its 2024 budget of $384.7 …
Proposed Crypto Regs Go Too Far, Industry Reps Tell IRS
At a public rulemaking hearing, the IRS heard reoccurring themes in testimony from tax practitioners and stakeholders from the digital …
Chief Counsel Discusses Trust Structure Marketed as a Tax Shelter
In a Generic Legal Advice Memo (GLAM), Chief Counsel discusses a nongrantor trust structure marketed as a tax shelter. Chief Counsel concluded …
Two IRS Publications Tout Work Opportunity Tax Credit
Two IRS publications recently discussed the benefits of the Work Opportunity Tax Credit (WOTC) for employers (SSA/IRS Reporter, 3rd Quarter …