Corporate Transparency Act Won’t Be Enforced Against US Citizens, Domestic Entities
U.S. citizens, domestic entities, and their beneficial owners need not worry about penalties and fines under the Corporate Transparency Act …
Draft Bill Aims to Strengthen Taxpayer Rights
Top Senate taxwriters released draft legislation Thursday that they say would “improve the taxpayer experience” — included are proposals to …
Final IRS Regs Possibly Subject to Congressional Review
The Treasury Department during the Biden administration used its final months to finalize or correct several IRS regs, including guidance …
House Bill Reintroduced to Add FASB Procedural Checks, Require Annual Chair Testimony
A House Republican on December 12, 2023, reintroduced legislation requiring the chair of the FASB to testify annually before two …
IRS Spending Plan Elicits Mixed Reactions From Congress, Policy Groups
Following the release of the much-anticipated spending plan for how the IRS intends to deploy the $80 billion appropriation granted by the …
Retirement Expert: SECURE 2.0’s Impact on RMD Penalty Tax Collection Is TBD
The SECURE 2.0 Act, included in the year-end omnibus bill approved by Congress (Consolidated Appropriations Act, 2023), features 100 retirement provisions that …
House Tees Up Short-Term Funding Bill
The House plans to vote either December 14 or 15 on a one-week funding bill as negotiators for a year-long …
2023 Tax Outlook Pt. 1: Lame Duck Session, Split Congress Expectations
This two-part series forecasts tax developments the remainder of this month and the new year will bring. Part 1 begins …
Concerns Bubbling Up Over Implications of Financial Data Transparency Act for GASB
The GASB is monitoring the process of the Financial Data Transparency Act of 2022 that was floated by Congress earlier …
Must Pass Legislation May Bump Pension Bill From Lame Duck Consideration
Funding the government to avert a shutdown before the end of the calendar year is must-pass legislation for Congress as …