Federal Reserve Fines Bank for Hidden Tax Prep Fees
The Federal Reserve System Board of Governors issued a cease-and-desist order and assessed a $44 million penalty against a bank …
District of Columbia Enacts 2025 Budget Support Legislation
By Denis Del Bene The District of Columbia has enacted emergency budget support legislation for Fiscal Year 2025. Among numerous …
Required Minimum Distribution Rules Incorporate SECURE, SECURE 2.0 Act Changes
The IRS has issued final regulations updating required minimum distribution requirements for certain retirement plan participants and IRA owners and …
FASB Moves to Clarify Accounting Rules for Complex Business Deals
The FASB took a step towards simplifying the complex world of business combinations involving Variable Interest Entities (VIEs), voting unanimously …
PCAOB Criticizes EY for Quality Control Problems Twice in a Row; Finds Deficiencies at China, Hong Kong Big Four Affiliates
The Public Company Accounting Oversight Board (PCAOB) criticized Ernst & Young LLP for failing to address quality control (QC) problems …
Recaptured Gains from Stock Sale Qualified for Installment Method
Addressing an issue of first impression, the Tax Court determined that the installment method applied to the taxpayers’ gains from …
Eleventh Circuit: No Pre-Birth FMLA Leave Entitlement for Non-Married Expectant Father
Tanner v. Stryker Corp. of Mich., 2024 WL 3058746 (11th Cir. 2024) Available at https://media.ca11.uscourts.gov/opinions/pub/files/202214188.pdf An employee was expecting a …
NIL Collectives Blocked by IRS From Claiming Tax-Exempt Status
The IRS has become stricter in disallowing applications for tax-exempt status filed by organizations created to facilitate name, image, and …
TIGTA: Digital Asset Form Delay Hindering IRS Compliance Enforcement
Without a dedicated information return, the IRS’ “line of sight” into digital asset transactions is limited because of a lack …
Missouri Amends Historic Tax Preservation Tax Credit; Property Tax Provisions
Missouri Governor Michael L. Parson has signed legislation amending the historic tax preservation tax credit and naming it the Missouri …