U.S. Inspections Show ‘Unacceptable Rates’ of Problems in Chinese and Hong Kong Audit Firms
The U.S. Public Company Accounting Oversight Board on May 10, 2023, issued long awaited audit inspection reports on two affiliates …
FASB to Whittle Through Agenda ‘Fairly Quickly’ and Issue Consult Document Again Next Year, Chair Says
The FASB plans to complete most of the projects on its technical agenda in the next 18 months and may …
IRS Proposes to Amend Final Regs on Interests in Life Insurance Contracts
The IRS has proposed amending its final rules on interests in life insurance contracts to provide guidance on how the …
Indiana Governor Signs Omnibus Tax Bill, IRC Conformity Date Advanced
by Chad E. Voss On May 4, 2023, Indiana Governor Eric Holcomb signed an omnibus tax bill that advances the …
IRS Official: Voice, Chat Bots Continue to Streamline Service
About a year into the full launch of IRS chat and voice bots designed to answer taxpayer questions and encourage …
Collection Notices to Gradually Resume, IRS Announces
Correction, May 9, 2023: A previous version of this story incorrectly stated that CP14 Notices were suspended during the COVID-19 …
Senate Democrats Blast House GOP Debt Bill
Senate Democrats pressed Republicans on the debt ceiling stalemate May 4 in a Senate Budget hearing on what they say …
IRS Clarifies Reimbursement of Unsubstantiated Medical Expenses Through FSA Included in Gross Income
A IRS Chief Counsel recently addressed an inquiry whether unsubstantiated medical expenses reimbursed by a health Flexible Spending Account (FSA) may be …
Senators Question IRS Preparedness for Tax Scams Generated by ChatGPT
A bipartisan group of Senate Finance Committee members is raising concerns with the IRS over potential use of artificial intelligence …
Name, Image, & Likeness Revisited: Where We Are Now
The collegiate sports landscape has evolved in the two years since student-athletes have been able to enter into name, image, …