US Regulator Fines Chinese Auditors $7.9M
A year after the US Public Company Accounting Oversight Board (PCAOB) was able to inspect Chinese and Hong Kong audit …
IRS to Shutdown Business Filing Tuesday, December 26
In a Quick Alert for Tax Professionals, the IRS announced that it will shut down its modernized e-filing system (MeF) for …
FinCEN Extends Beneficial Ownership Information Reports Deadline for New Entities
The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for new entities to file their initial beneficial ownership information (BOI) reports. …
IRS Says No Worker Classification Letter Rulings for Prospective Employment
In a recently released IRS Information Letter, the IRS addressed an individual taxpayer worker classification inquiry regarding performing work as …
Agency FAQs (Part 63) Address Surprise Billing IDR Batching Issues; Highlight Updated CLAS Guidance
FAQs About Affordable Care Act and Consolidated Appropriations Act, 2021 Implementation Part 63 (Nov. 28, 2023); County Data for Culturally and Linguistically …
FASB Publishes New Segment Expense Disclosure Rules for Public Companies
The FASB issued a new accounting standard on November 27, 2023, which makes the biggest changes in 25 years to …
Michigan Updates Guidance on Tax Treatment of Retirement Income
By Peter G. Pupke The Michigan Department of Treasury issued a release that discusses the tax treatment of retirement and …
Prop Regs for Long-Term Part-Time Employees With 401(k) Plans
The IRS has issued proposed reliance regs that would amend the rules applicable to Code Sec. 401(k) plans to provide guidance with …
IRS Quashes OSHA Guidance Tactic for ERC Eligibility
Taxpayers cannot rely on communications from the Occupational Safety and Health Administration (OSHA) during the COVID-19 pandemic to meet the …
Form 1099-K Reporting Threshold Change Delayed; Phase-In to Start 2024
After facing pushback from the tax community and third-party payment facilitators, the Form 1099-K reporting threshold will remain unchanged for …