House Democrat Floats China Risk Reporting, Crypto Tax Reforms
Representative Brad Sherman (D-CA) on November 9, 2023, rolled out draft legislation that would expand risk disclosures related to public …
Foreign Currency Prop Regs Issued
The IRS has issued proposed regs relating to the determination of taxable income or loss and foreign currency gain or …
Tax Court: Overall Foreign Loss Recaptured, Remaining Gain Not Exempt or Recharacterized
The Tax Court determined that a US company’s gain from the sale of its foreign subsidiary was not recharacterized as …
Statement of Cash Flows to be Narrowly Reorganized for Financial Institutions, FASB Says
The FASB on November 8, 2023, voted to add a rulemaking project to its agenda to reorganize the statement of …
No Supervisory Approval Needed for Penalty Assessed by Computer Program
The Tax Court has determined that a failure to file information returns penalty, assessed by the IRS’ Combined Annual Wage …
CMS FAQs Address Imposition of Penalties for MSP Reporting Violations
Medicare Secondary Payer and Certain Civil Money Penalties: Frequently Asked Questions (Nov. 2, 2023) Available at https://www.cms.gov/files/document/medicare-secondary-payer-and-certain-civil-money-penalties-frequently-asked-questions.pdf Less than a …
Secretary Yellen: Paperless Filing Initiative ‘Ahead of Schedule’
The IRS’ Inflation Reduction Act-funded (PL 117-169) initiative to move tax filing, correspondence, and assistance services online is coming along …
PCAOB Slows Down Standard-Setting and Rulemaking Activities
Except for one rulemaking item regarding follow-on disciplinary proceedings, the Public Company Accounting Oversight Board (PCAOB) has pushed back the …
Speaker Johnson Doubles Down on Stripping IRS Funds for Israel Support
Days after the House passed a $14.3 billion Israel emergency aid package, the chamber’s new leader defended Republicans’ decision to …
Texas No Tax Due Report Discontinued Beginning With 2024 Report Year
by Margaret Eisler The Texas Comptroller of Public Accounts has provided notice of the discontinuation of the No Tax Due Report …