Partnerships Get Penalty Relief for Failure to Furnish Payee Statements
In a notice, the IRS has provided failure to furnish penalty relief to partnerships that are required to furnish Form …
2023 NTA Annual Report: Big Strides Taken by IRS but Delays Linger
In her latest annual assessment of the IRS’ efforts to improve taxpayer services and overall administration, National Taxpayer Advocate Erin …
National Taxpayer Advocate “Very Concerned” About ERC Claims Delay in 2024
In its annual report to Congress, the National Taxpayer Advocate (NTA) said it was “very concerned” about delays in processing employee retention …
Third Proposal, Not Final Action on Dodd-Frank Incentive Pay Rule May Be More Prudent, Experts Say
Financial regulators last year finally decided to propose once again an unfinished Dodd-Frank executive compensation rule. While some reform advocates …
DOL Rescinds and Replaces FLSA Independent Contractor Regulations
Final Rule: Employee or Independent Contractor Classification Under the Fair Labor Standards Act, 29 CFR Parts 780, 788, and 795, 89 …
Ways and Means Chair Again Presses IRS on Tax Data Security
Calling the maximum possible sentence of a former IRS contractor who pleaded guilty to unlawfully disclosing private tax information to …
SEC Plans to Adopt 25 Rules in 2024
The SEC is planning to adopt 25 rules in 2024, according to the so-called Reg Flex Agenda, which lists planned …
Accountants Predict Easier Year as Big Ticket FASB Changes Aren’t on the Table
This year will be easier for reporting companies than prior years because the FASB scaled back somewhat on major standard-setting …
Income and Business Activity Taxation of Cryptoassets: Multistate Nexus and Apportionment Concerns
Over the past eighteen months, the cryptocurrency market has weathered both extreme volatility and the revelation that cryptocurrency transactions once …
IRS Funding Cuts Accelerated in FY 2024 $1.6T Spending Deal
Previously agreed upon cuts from the IRS’ Inflation Reduction Act (PL 117-169) funds across fiscal years 2024 and 2025 would …