Tax Court: IRS’ Delinquent Tax Debt Designation to State Not Erroneous
The Tax Court has held that a taxpayer’s tax liabilities constituted a “seriously delinquent tax debt” under Code Sec. 7345, and …
Companies Exempted from Accounting for Deferred Taxes that Stem from Global Tax Reform
The International Accounting Standards Board (IASB) on May 23, 2023, published an amendment to a key income tax accounting standard …
Colorado Modifies and Creates Income Tax Credits to Advance Decarbonization
by Tyna Mikulec On May 11, 2023, Colorado Governor Jared Polis signed legislation that enacted tax policy to advance decarbonization …
U.S. Chamber Joins Calls for Restoring Depreciation, Amortization Addback
The U.S. Chamber of Commerce has joined trade organizations and companies in supporting proposed legislation that would revert a limitation …
Commissioner Uyeda: ‘Accounting violations is a focus for the SEC’
SEC Commissioner Mark Uyeda, during a speech in London, said that both commission and the PCAOB have brought more charges …
Bipartisan Bill Would Raise 1099-K Reporting Threshold
Newly proposed legislation would partly reverse a provision of COVID-19 relief legislation that lowered the transactions reporting threshold for third-party …
SEC Tells Third Circuit Coinbase Not Entitled to Faster Answer on Crypto Rules Petition
The SEC on May 15, 2023, urged the Third Circuit to deny Coinbase’s demand for an answer on the exchange’s …
Supreme Court: No Notice Required for Third-Party Collection Summons
The IRS wasn’t required to notify third parties about collection summonses sent to three banks, according to a unanimous opinion issued on …
Senior PCAOB Enforcement Official Gives Tips When Auditors Face Investigations
At a conference about accountants’ liability, William Ryan, a deputy director in the PCAOB’s Division of Enforcement and Investigations (DEI), …
Draft 2024 Form W-3 Contains No Substantial Changes
Payroll Update Staff The IRS has issued a draft version of Form W-3 (Transmittal of Wage and Tax Statements) for the 2024 …