Illinois Enacts Hydrogen Fuel Replacement Tax Credit
by Krista A. Cohane On July 25, 2023, Illinois Governor JB Pritzker signed legislation to tackle climate change by enacting …
Ruling Discusses When Cryptocurrency Staking Rewards Are Income
The IRS has issued a revenue ruling on when cryptocurrency staking rewards are income and in what year the income …
Crypto Miners, Wallet Makers May Not Be Digital Asset Brokers, Strategist Says
Positing who should need to report certain cryptocurrency transactions under a controversial recent addition to the Tax Code, a former …
FASB Votes to Finalize Proposed Changes to Segment Expense Disclosure Rules
The FASB on July 26, 2023, voted to finalize proposed changes to segment reporting, wrapping up about six years of …
Wyden Introduces Bills Revoking PGA/Saudi Tax Exemption & Tax Break
With the surprise merger between the PGA Tour and the Saudi Public Investment Fund (PIF) pending, Senate Finance Committee Chairman Ron Wyden, …
SEC Adopts Sweeping Cybersecurity Rules, Requiring Timely Reporting of Significant Breaches
The SEC on July 26, 2023, voted 3 to 2 to adopt a March 2022 proposal that requires public companies …
Recent IRS Webinar Highlights ERC Key Compliance Issues and Signs of ERC Fraud
Debbie Tam On July 25, the IRS presented a webinar on the Employee Retention Credit (ERC) to provide information regarding …
Bicameral GOP Bill Would Expand Child Tax Credit
A bill sponsored by Republicans in both the House and Senate would expand the Child Tax Credit to include unborn …
House Bill Would Require Yearly PCAOB Inspections for Audits of China-based Companies
A bipartisan House bill would again increase the frequency with which auditors of Chinese companies must be inspected by the …
PCAOB Chair Williams: Rising Audit Deficiency Rates are ‘Unacceptable’
Public Company Accounting Oversight Board (PCAOB) Chair Erica Williams urged accounting firms to do a better job of auditing public …