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 …
IRS: April 18 Is Deadline for Making 2022 IRA Contributions; April 15 Is Deadline for Removing Excess Plan Deferrals
On April 11, 2023, the IRS reminded individual taxpayers that they have until April 18, 2023, to make contributions to a traditional …
DOJ Touts Efforts to Crack Down on Fraudulent Tax Preparers
The Department of Justice, ahead of Tax Day, advised taxpayers to exercise extreme caution in selecting tax preparers and touted …
Red Hill Fuel Spill Payments Excluded From Income, IRS Announces
The IRS has announced that civilians who received payments from the Defense Department to reimburse expenses or damages caused by …
Employment Tax Payment Violations Result in Prison Time
A business owner in Miami, Florida will spend two and a half years in prison after willfully failing to remit …
Coming FASB Proposal on Disclosures for Annual and Quarterly Expenses Will be Costly to Apply
The FASB on March 29, 2023, unanimously voted to issue a proposal that will add new disclosure requirements for reporting …