At Ceremonial Swearing-In Werfel Says Funding Plan Ready This Week
During his swearing-in ceremony as 50th IRS Commissioner on April 4, 2023, Danny Werfel took to the podium at the …
Kentucky Revises Pass-through Entity Tax Treatment and Phases Out Distilled Spirits Tax
by Teresa Callahan Kentucky legislation repeals the pass-through entity tax provisions enacted in L. 2023, H360 (c. 92) and instead …
IRS to Provide Longer Transition Period for FTC Single-Country Doc Requirement
The IRS has announced that it will provide a longer transition period for the “documentation requirement” when the single-country exception …
COSO Publishes Guidance for Internal Control Over Sustainability Reporting
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) on March 30, 2023, published a study along with supplemental …
IRS Issues New Clean Vehicle Credit Proposed Regs
The IRS has issued proposed regs regarding the Code Sec. 30D new clean vehicle credit. (Preamble to Prop Reg REG-120080-22, IR 2023-64, Fact …
Ways and Means Republicans Seek to Halt OECD Funding
Fundamental differences in taxation philosophies between Republican taxwriters and Organization for European Economic Co-Operation (OECD) prompted a group of House …
Hot on the Hill: Proposed Legislation as of March 30, 2023
Ingrid Chawla Several pieces of proposed legislation introduced in the last the 118th Congress’ first session could significantly alter the American …
Supreme Court Hears Oral Arguments in IRS Record Summons Notice Case
On March 29, the Supreme Court heard oral arguments in a case to resolve a circuit-level split over the scope of statutory …
PCAOB Rulemaking Could Lead to More Timely Issuance of Audit Inspection Reports
The Public Company Accounting Oversight Board on March 28, 2023, voted unanimously to issue a proposal that could in part …
Newly Issued FASB Accounting Rule Offers Simpler Way to Report Federal and State Tax Credit Investments
An accounting rule that was specifically developed for reporting low-income housing tax credit (LIHTC) investments has been expanded to include …