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 …
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 …