New Jersey Discusses Implementation of Convenience of Employer Rule
by David Engel The New Jersey Division of Taxation has issued initial guidance on the adoption of the convenience of …
Retirement Plan Sponsors Request Transition Relief From Section 603 Catch-up Contribution Change
A group of 50 retirement plan sponsors comprised of corporations, government entities, and other organizations sought transition relief from a …
Trustee Nabs Joint Income Tax Refund in Spouse’s Bankruptcy
By David J. Light An Ohio couple must pay their entire federal income tax refund, minus applicable exemptions, to the …
IRS Proposes Regs to Identify Monetized Installment Sale Transactions as Listed Transactions
The IRS has issued proposed regs that would identify monetized installment sale transactions and substantially similar transactions as listed transactions, …
PCAOB Issues Five Inspection Reports, Including Grant Thornton’s
The PCAOB on July 18, 2023, published five inspection reports, including one on Grant Thornton LLP, that revealed failures to …
Hot on the Hill: Proposed Legislation as of August 3, 2023
Ingrid Chawla Several pieces of proposed legislation introduced in the 118th Congress’ first session could significantly alter the American payroll …
Analysis: How the Tax World Has Responded to Stanford’s Study on Black Audit Rates
In the months following the release of joint research finding Black taxpayers are more frequently audited than others, the tax …
Mental Health Parity: Agencies Report to Congress on Continued Compliance Issues and Highlight Enforcement Activity
MHPAEA Comparative Analysis Report to Congress (July 2023); DOL Fact Sheet: FY 2022 MHPAEA Enforcement Report to Congress Fact Sheet …
IRS Continues ERC Fraud Focus; New FAQs Get First Update
By Debbie Tam We have the first update to the IRS’ recently released new FAQs regarding the Employee Retention Credit (ERC). …
FASB Proposes New Disclosure Rules for Public Companies on Income Statement Expenses
The FASB on July 31, 2023, issued a proposal that will require public companies to disclose additional information about significant …