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 …
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 …