PCAOB Report Notes ‘Troubling’ Deficiency Rate in Audit Engagement Quality Reviews
The PCAOB on Oct. 12, 2023, issued a staff report to urge engagement quality reviewers to do a better job …
Social Security Wage Base Increases to $168,600 in 2024
The Social Security Administration (SSA) announced that the maximum earnings subject to Social Security (OASDI) tax will increase from $160,200 to …
FASB Revises Fourth Quarter Agenda Outlook: Three New Standards, Two Proposals Left to Come by Year-End
The FASB revised its fourth quarter technical agenda on Oct. 10, 2023, to showcase that the board will issue three …
Commissioner Peirce Criticizes SEC Adoption of Revised Beneficial Ownership Reporting Rule
Even though the Securities and Exchange Commission (SEC) on Oct. 10, 2023, finalized a modified version of a proposal that …
IRS Warns High-Income Taxpayers About Danger of Improper Art Donation Deduction Promotions
The IRS has cautioned taxpayers to be on the alert for promotions involving “exaggerated art donation deductions” that are aimed …
IRS Releases 2023 Affordable Care Act Forms
The IRS released the final versions of the following 2023 Affordable Care Act (ACA) forms: (1) Form 1094-B, Transmittal of Health Coverage …
CMS Finalizes Regulations Addressing Penalties for MSP Reporting Violations
HHS Final Rule: Medicare Program; Medicare Secondary Payer and Certain Civil Money Penalties, 42 CFR Part 402, 45 CFR Part …
FASB Publishes New Accounting Standard to Incorporate 14 SEC Disclosure Rules into GAAP
The FASB on Oct. 9, 2023, issued an accounting standard that pulls 14 SEC disclosure requirements into the U.S. GAAP …
TIGTA Assesses Development of IRS-Run E-Filing System
The Treasury Inspector General for Tax Administration (TIGTA) has released an audit initiated to assess the IRS’ compliance with a …
Louisiana Income Tax Return Filing Deadlines Extended Due to Seawater Intrusion
The Louisiana Department of Revenue is granting automatic filing extensions to taxpayers whose primary residences, principal places of business, critical …