Michigan Explains Changes to Tax Treatment of “Prepared Food”
By Peter G. Pupke The Michigan Department of Treasury has issued a release explaining the legislative changes to the definition …
Tax Bill Scorers Assess Cost, Economic Impact of Temp Incentives/ERC Crackdown
In scoring the Tax Relief for American Families and Workers Act of 2024 (HR 7024), the Congressional Budget Office (CBO) …
Cash Flows Rules Causing Misleading Valuations of Tech Firms? Some Want FASB to Study
The FASB should add another project to its agenda on the statement of cash flows because current rules cause analysts …
AICPA Auditing Board’s 2024 Workplan Includes Several Standard-Setting Projects
The AICPA Auditing Standards Board (ASB) has four standard-setting projects, one project under active consideration, and one research project, according …
IRS Extends Hours for Face-to-Face Taxpayer Assistance
The IRS has announced that nearly all of its Taxpayer Assistance Centers (TACs) will extend their weekly office hours during …
IRS Highlights EITC Awareness Day
On January 26, 2024, the IRS launched its annual EITC Awareness Day, an outreach campaign that is designed to help …
FTC Bars Intuit From Distorting Eligibility for TurboTax Free Edition
TurboTax Owner Intuit was prohibited by the Federal Trade Commission from marketing the “free” version of the tax preparation software …
Sample Client Letter on Beneficial Ownership Interest Reporting Requirements
The new BOI reporting requirements, effective January 1, 2024, apply to domestic and foreign companies created or registered to do …
Governors Ask IRS for Guidance on Taxability of State Paid Family Leave
Nine governors signed a letter to the IRS urging clarification and guidance on the federal tax treatment of state paid family and …
SEC Adopts Tougher Rules for SPACs
Almost two years after the Securities and Exchange Commission (SEC) proposed a sweeping set of reforms for special purpose acquisition …