House Panel Examines Social Security Solvency
For the first time in decades, both the Social Security Trustees and the Congressional Budget Office project the retirement Trust …
Supreme Court Denies Cert in Four Tax Cases
On Monday, April 24, the U.S. Supreme Court denied certiorari in four cases involving tax issues. In the first case, …
Mississippi Amends and Expands Cash Contribution Credits
by Ashleigh M. Paige On April 19, 2023, Mississippi Governor Tate Reeves signed legislation amending existing tax credits and providing …
Legal Tax Expert Says to Start Preparing for Employment Tax Audits ‘Now’
A former senior litigation counsel at the U.S. Department of Justice (DOJ) has stressed that since the IRS’ funding plan …
Fed Up with Lease Accounting Rules, Some Private Companies Turn to Tax Basis to File Statements
Some privately held companies are fed up and “exhausted” over adopting big new accounting standards, especially leases, and now have …
Bicameral Bill Would Regulate Return Preparers
Senator Cory Booker, Democrat of New Jersey and Representative Suzanne Bonamici, Democrat of Oregon, on April 19 introduced bicameral legislation …
Study Finds Negative Impact on Audit Partners who Give Adverse Internal Control Opinions
As regulators review audit independence requirements to figure out whether the rules should be changed in order to promote auditor …
Companies Can Focus Solely on Climate-Related Disclosures at First Adoption Next Year, ESG Rulemaker Says
The International Sustainability Standards Board (ISSB) voted on April 4, 2023, to grant companies the option to only report on …
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 …