Former IRS Commissioner, Practitioners Weigh In On Strategic Operating Plan
As the tax community digests the IRS’ Strategic Operating Plan detailing its vision for spending the 10-year, $80 billion appropriation …
IRS Issues 2023 Draft Form 941-X With Minor Changes As Backlog Continues to Grow
A few days before the IRS issued an April 2023 draft version of Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or …
Werfel Commits to Transparency on Audits, Spending
IRS Commissioner Daniel Werfel told the Senate Finance Committee April 19 that the agency was fully committed to transparency in …
SEC Chair Gensler Defends Staff Accounting Bulletin 121 in Crypto-Heavy House Hearing
SEC Chair Gary Gensler on April 18, 2023, defended the year-old Staff Accounting Bulletin (SAB) No. 121 before a House panel, pushing …
Digitization Led to Successful Tax Season, Officials Say
Early efforts by the IRS to deploy Inflation Reduction Act (PL 117-169) funds towards expanding electronic filing tools and implementing …
CPAs Comment on Interim Corporate AMT Guidance
As the IRS considers guidance and proposed regs on the corporate alternative minimum tax (CAMT) established under the Inflation Reduction …
Arkansas Waterways Investment Income Tax Credit Created
Arkansas Governor Sarah Huckabee Sanders has signed legislation providing a credit against income tax for the cost of making capital …
Rev Proc: Safe Harbor for Gas Transmission Expenditure Accounting
The IRS has released a revenue procedure that provides a safe harbor method of accounting that taxpayers may use to …
PCAOB Clears Backlog of Inspection Reports
After a leadership change in early 2022, the Public Company Accounting Oversight Board (PCAOB) has been much more active in …
FedEx Secures Foreign Tax Credit Win in Offset Earnings Battle
Finding that Treasury’s final transaction tax reg conflicts with the Tax Code, a federal district court agreed with transport industry …