IRS Delays Implementation of $600 1099-K Reporting Requirement
The IRS has announced third-party settlement organizations will not be required to report tax year 2022 transactions on a Form …
Senate Passes Funding Bill with Retirement Package, House to Follow
The Senate passed a $1.7 trillion government funding bill (Consolidated Appropriations Act, 2023 (H.R.2617)) on December 22 in a 68-29 …
Retirement Reform Hits Paydirt in Omnibus Bill
After two years of negotiations and fine-tuning, the Securing a Strong Retirement Act of 2022, or SECURE 2.0 Act of …
EU Agrees to Implement Global Minimum Tax
On December 12, the 27 member states of the European Union unanimously decided to implement a major component of the …
Hedge Fund Manager Sues IRS, Treasury Over Tax Info Leak
Multibillionaire and CEO of global investment firm Citadel Ken Griffin sued the IRS and the U.S. Treasury Department, alleging his …
House, Senate Pass Short Term Funding Bill, Omnibus in Progress
The House of Representatives late on December 14 approved a one-week continuing resolution (CR) to keep the federal government funded …
Supreme Court to Take on IRS Record Summons Notice Dispute
The U.S. Supreme Court agreed to settle whether statute requires the IRS to notify third parties when summoning bank records …
Rep. Pascrell Calls Foul College Coach Pay
A leading congressional tax writer spoke out against the practice of universities, especially Division I National Collegiate Athletic Association (NCAA) …
Proposed CFU U.S. Shareholder Regs Issued
The IRS has issued proposed regs that treat members of a consolidated group as a single U.S. shareholder in certain …
Baker Tilly’s Michele Donohue Makes the case for Automation in Tax Practice
Tax and accounting professionals can use new digital tools to automate processes that reduce man-hours spent gathering data and manual …