House Panel Examines Social Security Solvency
For the first time in decades, both the Social Security Trustees and the Congressional Budget Office project the retirement Trust …
Supreme Court Denies Cert in Four Tax Cases
On Monday, April 24, the U.S. Supreme Court denied certiorari in four cases involving tax issues. In the first case, …
Legal Tax Expert Says to Start Preparing for Employment Tax Audits ‘Now’
A former senior litigation counsel at the U.S. Department of Justice (DOJ) has stressed that since the IRS’ funding plan …
Bicameral Bill Would Regulate Return Preparers
Senator Cory Booker, Democrat of New Jersey and Representative Suzanne Bonamici, Democrat of Oregon, on April 19 introduced bicameral legislation …
Former IRS Commissioner, Practitioners Weigh In On Strategic Operating Plan
As the tax community digests the IRS’ Strategic Operating Plan detailing its vision for spending the 10-year, $80 billion appropriation …
Werfel Commits to Transparency on Audits, Spending
IRS Commissioner Daniel Werfel told the Senate Finance Committee April 19 that the agency was fully committed to transparency in …
Digitization Led to Successful Tax Season, Officials Say
Early efforts by the IRS to deploy Inflation Reduction Act (PL 117-169) funds towards expanding electronic filing tools and implementing …
CPAs Comment on Interim Corporate AMT Guidance
As the IRS considers guidance and proposed regs on the corporate alternative minimum tax (CAMT) established under the Inflation Reduction …
Rev Proc: Safe Harbor for Gas Transmission Expenditure Accounting
The IRS has released a revenue procedure that provides a safe harbor method of accounting that taxpayers may use to …
FedEx Secures Foreign Tax Credit Win in Offset Earnings Battle
Finding that Treasury’s final transaction tax reg conflicts with the Tax Code, a federal district court agreed with transport industry …