Issues will Bubble Up to FASB from Financial Data Transparency Act’s Impact on Companies
The Financial Data Transparency Act (FDTA) will impact corporate SEC Registrants’ digital reporting and therefore that law should be kept …
Court Rules Insufficient Penalty Notice May Determine Payment as Deposit Not Subject to Additional Interest
Lisa B. Fagan The U.S. Court of Appeals for the Third Circuit has ruled whether a remittance is a deposit …
IRS: April 18 Is Deadline for Making 2022 IRA Contributions; April 15 Is Deadline for Removing Excess Plan Deferrals
On April 11, 2023, the IRS reminded individual taxpayers that they have until April 18, 2023, to make contributions to a traditional …
DOJ Touts Efforts to Crack Down on Fraudulent Tax Preparers
The Department of Justice, ahead of Tax Day, advised taxpayers to exercise extreme caution in selecting tax preparers and touted …
Red Hill Fuel Spill Payments Excluded From Income, IRS Announces
The IRS has announced that civilians who received payments from the Defense Department to reimburse expenses or damages caused by …
Employment Tax Payment Violations Result in Prison Time
A business owner in Miami, Florida will spend two and a half years in prison after willfully failing to remit …
Coming FASB Proposal on Disclosures for Annual and Quarterly Expenses Will be Costly to Apply
The FASB on March 29, 2023, unanimously voted to issue a proposal that will add new disclosure requirements for reporting …
At Ceremonial Swearing-In Werfel Says Funding Plan Ready This Week
During his swearing-in ceremony as 50th IRS Commissioner on April 4, 2023, Danny Werfel took to the podium at the …
Kentucky Revises Pass-through Entity Tax Treatment and Phases Out Distilled Spirits Tax
by Teresa Callahan Kentucky legislation repeals the pass-through entity tax provisions enacted in L. 2023, H360 (c. 92) and instead …
IRS to Provide Longer Transition Period for FTC Single-Country Doc Requirement
The IRS has announced that it will provide a longer transition period for the “documentation requirement” when the single-country exception …