New York’s Fiscal Budget Bill Adds a New Tax Credit, Amends the Cannabis Tax, and Makes Other Changes
by Jill C. McNally After a number of Budget Extenders, New York’s 2024-2025 Budget Bill implementing the state’s fiscal plan …
Thomson Reuters Tax & Accounting News
IRS Updates Clean Vehicle Credit FAQs
The IRS has revised its FAQs that provide guidance to taxpayers seeking to claim tax credits for new or previously …
IRS Releases Digital Asset Draft Form
The IRS on April 19 made available an early release draft of the information return for reporting digital asset transactions …
Investor Advisory Group Asks PCAOB to Strengthen Proposal on Firm Registration Rules
Members of the Public Company Accounting Oversight Board’s (PCAOB) Investor Advisory Group (MIAG) asked the board to strengthen its proposal …
TIGTA: IRS Has Mixed Success With Enforcement of ‘Ghost Employers’
The IRS’ criminal investigation processes for identifying and examining a certain group of noncompliant employers are currently more effective than …
Senate Stablecoin Bill Would Override SEC Crypto Accounting Bulletin
A bipartisan stablecoin framework rolled out on April 17, 2024, by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) would …
Senate Report: Scam Victims Harmed by Casualty, Theft Loss Deduction Change
The Senate Special Committee on Aging published a report with its findings from an investigation into how the elimination of …
IRS FAQs Address Tax Treatment of Work-Life Referral Services
IRS FS-2024-13: Frequently asked questions about work-life referral services (Apr. 2024) Available at https://www.irs.gov/newsroom/frequently-asked-questions-about-work-life-referral-services The IRS has released guidance on …
Senators Question IRS Commissioner on Spending, Budget
The Senate Finance Committee heard from IRS Commissioner Danny Werfel about how the agency spent $80 billion in funding this …
FASB to Re-Expose Proposal on Interim Disclosure Rules for Public Comment
The FASB on April 10, 2024, voted to issue a second proposal for interim disclosure rules, provisions companies would use …
Segment Reporting, AI, Commercial Real Estate are Among SEC Disclosure Review Priorities for 2024
At a conference, senior Securities and Exchange Commission (SEC) officials said that the staff will closely review several areas, including …
IRS 2024 Tax Filing Season; Expands Services on Phones, In-Person and Online
The IRS highlighted a variety of improvements that expanded service for millions of taxpayers during the 2024 filing season. (IR …
New Jersey Based Firm Permitted to Use Market Sourcing Prior to Change in Law
By David Engel The New Jersey Tax Court has ruled that facts and circumstances permitted a firm to use market …
Despite Passing Tax Bill, House Dems, Reps Disagree on Path Forward
While the bipartisan tax bill awaits action in the Senate, two House committees held hearings last week debating the merits …
R&D Expert: Capitalization, Amortization Requirement Hurts Smaller Businesses
An unpopular provision of the 2017 tax reform bill that disallows immediate expensing of research and development costs has created …
Exception to Derivatives Accounting Rules to be Expanded in Coming FASB Proposal
The nation’s accounting rulemaker plans to propose rules this summer that would keep the boundaries of complex derivatives accounting rules …
US Audit Regulator Imposes Record Penalty on KPMG Netherlands for Exam Cheating by Hundreds of Professionals
The US Public Company Accounting Oversight Board (PCAOB) on April 10, 2024, said it fined KPMG Netherlands a record $25 …
FCC Starts ‘Spring Cleaning’ by Quashing Fake Tax Relief Robocalls
The Federal Communications Commission’s Enforcement Bureau launched a “Spring Cleaning” initiative to crack down on harmful robocalls and phone scams, …