Uncertainty Abounds as TCJA Expiration Looms, Tax Pros Say
With several provisions of the Tax Cuts and Jobs Act (TCJA, PL 115-97) set to expire or change in 18 months, …
Thomson Reuters Tax & Accounting News
Kansas Governor Signs Omnibus Tax Legislation Revising Individual Income Tax Rates
By Ashleigh M. Paige On June 20, 2024, Kansas Governor Laura Kelly signed omnibus tax legislation which modifies income tax …
Bipartisan Bill Would Make Expiring ABLE Account Provisions Permanent
Senators Eric Schmitt (R-MO) and Bob Casey (D-PA) recently introduced legislation (S 4539) to extend expiring Tax Cuts and Jobs …
Status Quo for States as U.S. Supreme Court Upholds Federal Mandatory Repatriation Tax
The U.S. Supreme Court yesterday, in a 7-2 decision in Moore v. U.S., upheld the one-time federal transition tax on accumulated earnings …
Supreme Court OKs TCJA Transition Tax in Moore
The Supreme Court held 7-2 on June 20 that the one-time mandatory repatriation tax (MRT) or “transition tax” under the …
FDII Deduction’s Fate in Question
While some lawmakers have called for expanding the foreign-derived intangible income (FDII) deduction – which was intended to keep intellectual …
IRS Releases Final Rules on PWA Requirements for Increased Clean Energy Project Credits
The IRS has issued final regulations on the prevailing wage and apprenticeship (PWA) requirements for claiming an increased credit or …
Leader at Accounting Firm Discusses Trends and Best Practices Regarding Unclaimed Wages
Payroll professionals have a crucial role in identifying, tracking, and reporting unclaimed wages to prevent liability issues. As unclaimed property …
Experts Offer Advice to Charitable Hospitals as IRS Steps Up Audits
As the IRS steps up audits of tax-exempt nonprofit hospitals, experts at Grant Thornton offered advice to help tax professionals …
Can We Pay a Deceased Employee’s Unused HRA Balance to the Employee’s Surviving Spouse?
QUESTION: Our company sponsors a health reimbursement arrangement (HRA) that is integrated with our major medical plan. One of our …
Business Group: Banking Agencies’ Incentive Pay Proposal Without SEC, Fed Violates Law
As the Securities and Exchange Commission (SEC) is in the middle of writing a third proposal on Dodd-Frank incentive-based compensation …
IRS, Treasury Crack Down on Abusive Partnership Transactions in New Initiative
The IRS and Treasury Department issued a suite of guidance as part of a new regulatory initiative aimed at closing …
Do Not ‘Solely Rely’ on AI Tax Advice, Says Taxpayer Advocate; Industry Responds
Customers of major tax preparation companies should take tax advice from artificial intelligence chatbots with a grain of salt due …
PCAOB: ‘John Doe’ Auditor Challenging Enforcement Action Needs to Identify Self
An auditor challenging the constitutionality of PCAOB disciplinary proceedings against him should be required to identify himself, the board argued …
FATCA IDES Migrating to Updated System June 14, 2024
The FATCA International Data Exchange Service (IDES) is migrating to an updated system and vendor beginning at 8 am EDT …
Reminder: 2024 Second Quarter Estimated Tax Payment Deadline is June 17
The IRS is reminding taxpayers who need to make estimated tax payments that the 2024 second quarter estimated tax deadline …
Suit Alleging All Day/Every Day On-Call Duty Fails FLSA Claim
By Debbie Tam The U.S. Court of Appeals for the Tenth Circuit ruled that an employee who claimed to be …
PCAOB Adopts Rule Intended to Increase Auditor Accountability
Less than a year after proposing a rule intended to more effectively deter auditor misconduct, the Public Company Accounting Oversight …