IRS Says Federal Credit Unions May Claim ERC for Certain Periods
In a Chief Counsel Advice, the IRS Chief Counsel’s Office addresses whether federal credit unions may claim the employee retention …
SEC Adopts Sweeping Rules for Private Fund Advisers
The Securities and Exchange Commission on Aug. 23, 2023, adopted new rules that increase the regulation of private funds. Under …
New York Updates and Adds New Information on the Pass-Through Entity Tax.
by Jill C. McNally The Pass-through Entity Tax (PTET) is an elective tax imposed on an electing entity’s pass-through taxable …
Tenth Circuit Holds That ERISA Preempts Oklahoma PBM Law
Pharm. Care Mgmt. Ass’n v. Mulready, 2023 WL 5218138 (10th Cir. 2023) Available at https://www.ca10.uscourts.gov/sites/ca10/files/opinions/010110903570.pdf The Tenth Circuit has held …
Child Tax Credit Bill Has One Fatal Flaw, Nonprofit Says
A recent legislative proposal introduced by a cohort of Senate Democrats to permanently restore the now lapsed expanded child tax …
Exclusive Midyear Interview with FASB Chair Richard Jones
FASB Chair Richard Jones likened the accounting year so far to country music group Zac Brown Band’s “Same Boat,” a …
Deficiency Rates in Broker-Dealer Audits Increased in 2022, PCAOB Says
Rising deficiency rates in audits of broker-dealers “are a cause for significant concern,” the Public Company Accounting Oversight Board (PCAOB) …
FinCEN: Concerning Increase in Federal/State Payroll Tax Evasion
On August 15, 2023, the Financial Crimes Enforcement Network (FinCEN) announced the agency issued a notice to financial institutions regarding a concerning …
Ways and Means Seeks Input on Questionable EO Activities
The Committee on Ways and Means is conducting an investigation into whether entities that qualify as tax-exempt under Code Sec. 501 are …
HHS Prevails in Air Ambulance Providers’ Surprise Billing Challenge
Ass’n of Air Med. Servs. v. HHS, 2023 WL 5094881 (D.D.C. 2023) Available at https://www.govinfo.gov/content/pkg/USCOURTS-dcd-1_21-cv-03031/pdf/USCOURTS-dcd-1_21-cv-03031-0.pdf An association of air ambulance …