Uncertainty Abounds as TCJA Expiration Looms, Tax Pros Say
With several provisions of the Tax Cuts and Jobs Act (TCJA, PL 115-97) set to expire or change in 18 months, …
Kansas Governor Signs Omnibus Tax Legislation Revising Individual Income Tax Rates
By Ashleigh M. Paige On June 20, 2024, Kansas Governor Laura Kelly signed omnibus tax legislation which modifies income tax …
Bipartisan Bill Would Make Expiring ABLE Account Provisions Permanent
Senators Eric Schmitt (R-MO) and Bob Casey (D-PA) recently introduced legislation (S 4539) to extend expiring Tax Cuts and Jobs …
Status Quo for States as U.S. Supreme Court Upholds Federal Mandatory Repatriation Tax
The U.S. Supreme Court yesterday, in a 7-2 decision in Moore v. U.S., upheld the one-time federal transition tax on accumulated earnings …
Supreme Court OKs TCJA Transition Tax in Moore
The Supreme Court held 7-2 on June 20 that the one-time mandatory repatriation tax (MRT) or “transition tax” under the …
FDII Deduction’s Fate in Question
While some lawmakers have called for expanding the foreign-derived intangible income (FDII) deduction – which was intended to keep intellectual …
IRS Releases Final Rules on PWA Requirements for Increased Clean Energy Project Credits
The IRS has issued final regulations on the prevailing wage and apprenticeship (PWA) requirements for claiming an increased credit or …
Leader at Accounting Firm Discusses Trends and Best Practices Regarding Unclaimed Wages
Payroll professionals have a crucial role in identifying, tracking, and reporting unclaimed wages to prevent liability issues. As unclaimed property …
Experts Offer Advice to Charitable Hospitals as IRS Steps Up Audits
As the IRS steps up audits of tax-exempt nonprofit hospitals, experts at Grant Thornton offered advice to help tax professionals …
Can We Pay a Deceased Employee’s Unused HRA Balance to the Employee’s Surviving Spouse?
QUESTION: Our company sponsors a health reimbursement arrangement (HRA) that is integrated with our major medical plan. One of our …