Corporate Alternative Minimum Tax Depreciation Guidance Is Limited, Tax Pro Says
Preliminary guidance on the corporate alternative minimum tax (CAMT) released by the IRS late December does not go far enough …
CPAs Promote Simplicity, Fairness in 2023 Tax Proposals
The American Institute of Certified Public Accountants (AICPA) on February 7 released its compendium of tax legislative proposals for 2023, spanning …
New Service Industry Tip Reporting Program Proposed
The IRS has issued a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program. SITCA …
Kansas Announces Sales and Use Tax Rate Changes Effective April 1, 2023
by Ashleigh M. Paige Effective April 1, 2023, the combined Kansas state and local sales and use tax rates will …
House Democrats Call for Probe into Disclosure of Taxpayer Information to Facebook
A group of House Democrats are calling for an investigation into major online tax filing companies over their disclosure of …
Former Taxpayer Advocate: IRS Reform Should Not Be Done ‘in a Vacuum’
Transformation at the IRS, propelled by the $80 billion appropriation from the Inflation Reduction Act (PL 117-169), should involve more …
SEC Commissioner Suggests Audited Financial Statement Requirement for Large Companies Using Reg D Exempt Offering
SEC Commissioner Caroline Crenshaw, during a recent speech, floated the idea of requiring big private companies that raise funds using …
FASB Crypto Proposal Coming by End of March amid Slight Sector Rebound from Lows
The FASB on Feb. 1, 2023, said the public will get 75 days to comment on a proposal on accounting …
CRS: Stock Buyback Issues Still Need IRS Clarification
According to Congressional Research Service (CRS) report R47397 issued January 25, a few repurchase issues with regards to the recently-enacted 1% excise tax …
Las Vegas Company to Pay More Than $3.6 Million in Back Wages/Damages/Penalties for FLSA Violations
The U.S. Department of Labor (DOL) has announced that it obtained a consent judgment in federal court that requires a …