Hawaii Issues Revised PTET Guidance
By Krista A. Cohane The Hawaii Department of Taxation has issued a revised Tax Information Release providing guidance on changes …
Year Two IRS Funding Report Card Highlights Increased Compliance, Disrupting Scams, and Increased E-Filing/Scanning
The IRS released a report card highlighting significant improvements made in the second year of funding from the Inflation Reduction …
CPAs Must Upskill to Succeed in Top Finance Roles, Report Finds
Certified Public Accountants (CPAs) seeking to advance to chief financial officer (CFO) roles must develop a broader range of skills …
Relief Sought in Final Foreign Trust Information Reporting Regs
The IRS should include certain reporting exemptions and penalty abatement carve-outs in final regs covering information reporting of transactions with …
Trade Org Says Proposed Regs on Corp Stock Buyback Excise Tax Fails Loper Bright Standard
Following a landmark Supreme Court ruling that ended the four-decade era of the Chevron doctrine, a non-profit industry trade group reiterated previous …
Unpacking Social Security Benefits Taxes
Last month, former President Donald Trump proposed eliminating taxes on Social Security benefits — since then, a number of policy experts have …
Harris, GOP Taxwriters Exchange Blows on Child Tax Credit Policy
Recent timeline. The Tax Cuts and Jobs Act (P.L. 115-97, TCJA) of 2017 made several temporary changes to the CTC that …
IRS Withdraws, Reproposes Foreign Currency Gain, Loss Regs
The IRS has released new proposed regulations on making and revoking certain foreign currency gain or loss elections. These new …
Circuit Court Revives Crypto Reporting Legal Challenge
In partially reversing a lower court’s dismissal of multiple constitutional challenges to the amended Code section requiring the disclosure of …
FASB Pushes Forward with Targeted Accounting Reforms, Investors to Benefit
The FASB remains on track with its efforts to enhance financial reporting standards, with a slew of new proposals and …