IRS Clarifies Tax Treatment of CHIPS Award Recipients
The IRS specified in a November 26 announcement that the amounts a CHIPS Incentives Program awardee pays or incurs for …
PCAOB Approves 2025 Budget
The Public Company Accounting Oversight Board (PCAOB) on November 21, 2024, voted 4-1 to approve its 2025 budget of $399.7 …
Who Can Make Additional 401(k) Catch-up Contributions Under the SECURE 2.0 Act?
QUESTION: We understand that the SECURE 2.0 Act permits additional catch-up contributions for older participants. Can you explain how these rules …
PCAOB Adopts Auditor Performance Metrics, Increased Firm Reporting Rules
The Public Company Accounting Oversight Board (PCAOB) on November 21, 2024, adopted two separate but related rules intended to increase …
Resolve Improper Employee Retention Credit Claims Now, IRS Says
The IRS is urging businesses to resolve improper Employee Retention Credit (ERC) issues now. The employer deadline for the second …
Bipartisan Pressure to Examine Nonprofit Hospitals Continues
Senators Elizabeth Warren (D-MA) and Chuck Grassley (R-IA) urged the IRS to take a closer look at hospitals claiming a …
IRS FAQs: Guidance on Reemployed Veterans and Restoration of Plan Benefits
The IRS has updated its FAQs on the reemployment of veterans and the restoration of retirement plan benefits under the …
Final Regs Allow Certain Co-Owned Elective Pay Entities to Opt Out of Partnership Treatment
The IRS finalized regs providing guidance on how clean energy projects with multiple owners can elect to not be treated …
Experts Discuss the ‘Bottom Line’ for Tax Reform
Republicans secured the trifecta of the presidency, House, and Senate, and many experts predict that tax reform — including extension …
Massachusetts Issues Guidance on Law Changes in the FY 2025 Budget Act
By Vidor A. Nosce The Massachusetts Department of Revenue has issued guidance on recent law changes included in the FY …