COSO Publishes Guidance for Internal Control Over Sustainability Reporting
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) on March 30, 2023, published a study along with supplemental …
IRS Issues New Clean Vehicle Credit Proposed Regs
The IRS has issued proposed regs regarding the Code Sec. 30D new clean vehicle credit. (Preamble to Prop Reg REG-120080-22, IR 2023-64, Fact …
Ways and Means Republicans Seek to Halt OECD Funding
Fundamental differences in taxation philosophies between Republican taxwriters and Organization for European Economic Co-Operation (OECD) prompted a group of House …
Hot on the Hill: Proposed Legislation as of March 30, 2023
Ingrid Chawla Several pieces of proposed legislation introduced in the last the 118th Congress’ first session could significantly alter the American …
Supreme Court Hears Oral Arguments in IRS Record Summons Notice Case
On March 29, the Supreme Court heard oral arguments in a case to resolve a circuit-level split over the scope of statutory …
PCAOB Rulemaking Could Lead to More Timely Issuance of Audit Inspection Reports
The Public Company Accounting Oversight Board on March 28, 2023, voted unanimously to issue a proposal that could in part …
Newly Issued FASB Accounting Rule Offers Simpler Way to Report Federal and State Tax Credit Investments
An accounting rule that was specifically developed for reporting low-income housing tax credit (LIHTC) investments has been expanded to include …
All Eyes on Werfel as New IRS Commissioner Settles Into Role
Now that the dust has settled from the confirmation process of the IRS’ new head official, much attention will be …
Enron Former CFO: ‘I am one of the Poster Boys’ for Fraud
Convicted felon Andy Fastow, the infamous chief financial officer of Enron Corp., ironically said accounting and auditing rules need to …
New FASB Accounting Rules Issued for Leases Between Related Businesses with a Common Owner
As expected, the FASB on March 27, 2023, published narrowly drawn amendments to lease accounting rules that clarify issues that …