Tax Orgs Find Draft Dual Consolidated Loss Regs Problematic
Upon the closure of the public comment period for proposed regs addressing issues related to dual consolidated losses (DCL) and rules on …
Thomson Reuters Tax & Accounting News
Roads, Bridges, and Water Systems: GASB Floats Early Views for Infrastructure Asset Reporting
The Governmental Accounting Standards Board (GASB) has unveiled a preliminary proposal to enhance financial reporting for state and local governments, …
The Future of R&D Expensing
With lawmakers setting their tax priorities for 2025, one proposal with bipartisan support is bringing back a provision that allowed …
Final Regs Amend Outbound Intangible Property Transfer Rules
The IRS has released final regs that terminate the application of the outbound intangible property transfer rules, in certain circumstances, …
Final Forms and Instructions for IRS’ 2024 ACA Reporting Available
The IRS has released final forms and instructions for Affordable Care Act (ACA) information reporting for 2024. As a reminder, Forms 1094 -B and …
PCAOB Investor Panel Picks Deloitte, EY for Having 3 Most Useful Critical Audit Matters in 2023
The Public Company Accounting Oversight Board’s (PCAOB) Investor Advisory Group (IAG) has presented three examples of the most decision-useful critical …
The Hidden Truth: Why Cash Flow Statements Are Failing Investors
In the high-stakes world of finance, one critical aspect of corporate reporting has long been shrouded in mystery: cash flow. …
Guidance Released for Long-Term, Part-Time Employees in 403(b) Plans
The IRS has issued guidance addressing long-term, part-time employees in 403(b) retirement plans under the SECURE 2.0 Act, which applies …
SEC Waiting for the Fed: Banker Incentive Compensation Rulemaking
When financial regulators earlier in the year issued a third proposal on Dodd-Frank incentive-based compensation arrangements for financial institutions, two …
Tax Relief Provided to Victims of Hurricane Helene, Seven States Qualify
The IRS has provided tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of …
Treasury: Expect More Clean Energy Tax Credit Guidance Before End of Biden’s Term
The Treasury Department and IRS are on track to finalize a suite of regs implementing various clean energy tax provisions …
Council of Institutional Investors Again Urges SEC to Close Loophole on Non-GAAP in Executive Pay
The Council of Institutional Investors (CII) once again pressed the Securities and Exchange Commission (SEC) to add a rulemaking project …
What Are Mandatory 401(k) Roth Contributions Under the SECURE 2.0 Act?
QUESTION: We have heard that the SECURE 2.0 Act will require us to treat certain catch-up contributions under our 401(k) …
IRS Officials on the Current State of Online Accounts, ID Verification
Correction, 10/3/2024: This article has been updated to reflect the correct publication number for Special Publication 800-63-3. A previous version …
Corporate Transparency Act Reaches the 11th Circuit
Last week, challengers of the Corporate Transparency Act’s beneficial ownership information reporting requirements argued their position in the first case …
FASB Floats 5 Areas of Key Reforms to Simplify Hedge Accounting Rules
The FASB proposed five areas of targeted changes to hedge accounting rules on September 25, 2024, to better align financial …
Stopgap Government Funding Bill Raises Question on IRS Funding Cuts
While Congress was able to pass a short-term Continuing Resolution (CR) to prevent a government shutdown through December 20, it …
PCAOB to Press Ahead With ‘NOCLAR’ Standard Opposed by Auditors, Businesses
Despite calls by auditors and businesses to issue a revised proposed auditing standard on so-called noncompliance with laws and regulations …