PCAOB Staff Report Recommends Root Cause Analysis to Improve Audit Quality
The Public Company Accounting Oversight Board (PCAOB) on April 30, 2024, published a staff report about how a root cause …
Thomson Reuters Tax & Accounting News
Debt Accounting Rules Flagged as Still too Complex for Private Companies
Private companies still find the accounting rules for debt modifications and extinguishments tough to understand, even with educational material the …
IRS Gives First Annual Update on Inflation Reduction Act Spending
A year after releasing its game plan on how it intends to spend additional funding from the Inflation Reduction Act …
Draft of April 2024 Version of Form 941-X and Instructions Released
The IRS released drafts of Form 941-X and its instructions with an April 2024 revision date. Form 941-X. Employers use Form 941-X to correct …
No Tax Hikes for Middle Class, Says Yellen
Despite Tax Cuts and Jobs Act (TCJA; PL 115-97) provisions that are set to expire, Treasury Secretary Janet Yellen told the House …
DOL Final Regulations Raise Compensation Thresholds for Overtime Exemption
Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees, 29 CFR Part 541, 89 Fed. …
GAO Issues Latest Report on Financial Audit of IRS
The Government Accountability Office (GAO) released a report addressed to IRS Commissioner Danny Werfel which “is intended for IRS management’s …
Broken Workload Management, Other Issues Blocking Pipeline of CPA Talent, Study Says
Companies will need to pursue business model changes aggressively to attract and retain top CPA talent, especially amid staff shortages, …
Corporate Transparency Act Case Wrongly Decided, Say Lawmakers
Five lawmakers have submitted an amicus brief arguing that an Alabama federal district court wrongly found the Corporate Transparency Act (CTA) — …
Tax Pros: Data Readiness, Protection Critical to AI Strategy
Tax practices seeking to begin developing an artificial intelligence (AI) strategy should understand their end goals and limitations from the …
Alabama Amends Deadline for Making Pass-Through Entity Tax Election
By Denis Del Bene Alabama has enacted legislation amending the due date for an Alabama pass-through entity to make an …
Direct File Gets High Marks From Pilot Participants
An independent survey conducted during and immediately after the 2023 tax filing season to gauge public opinion on the IRS-run …
PCAOB Investor Advisory Group Seeks Public Nominations for Best Critical Audit Matters
The Public Company Accounting Oversight Board’s (PCAOB) Investor Advisory Group (IAG) is formally seeking the public’s nominations for the “most …
Plan to Amend Stock Compensation Disclosure Rules for Private Companies Scrapped After 2 Years of Study
The FASB’s main advisers for private companies decided not to amend stock compensation disclosure rules, voting 8 to 3 to …
House Republicans Ask IRS to Look Into Tax-Exempt Orgs
House Ways and Means Committee Republicans have asked the IRS for information on its practices and procedures regarding tax-exempt organizations, …
Nonprofits Should Disclose Risks of Big Donor Withdrawals Over Emerging Events, Panel Signals
Not-for-profit organizations should make sure they are providing good disclosures around the risk of big donors withdrawing contributions over “events …
House Republicans Form Tax Teams to Address 2025 Cliff
Newly formed Republican “tax teams” will study expiring Tax Cuts and Jobs Act (TCJA, PL 115-97) tax cuts, said House Ways and Means …
HHS Provides Update on Progress of Advanced Explanation of Benefits Guidance
Progress Toward Advanced Explanation of Benefits (AEOB) Rulemaking and Implementation (Apr. 23, 2024) Available at https://www.cms.gov/files/document/progress-aeob-rulemaking-implementation.pdf HHS has released an …