FASAB offers new guidance on seized and forfeited digital assets
Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets. Read More
Exceptions to penalty on early retirement plan distributions outlined
The IRS issued guidance for exceptions for emergency personal expense distributions and for domestic abuse victim distributions. Read More
IRS: Review of 1 million ERC claims reveals most show signs of risk
The IRS says that at least 10% of employee retention credit claims will be denied in the coming weeks and that at least 60% of claims show an “unacceptable” level of risk. The IRS will leave in place its moratorium on processing a majority of [...]
Supreme Court issues narrow opinion upholding Sec. 965 transition tax
The Supreme Court upheld the mandatory repatriation tax as a valid exercise of Congress’s taxing authority. The Court did not reach the question of whether income must be realized to be taxable. Read More
Regs. cover green energy incentive wage and apprenticeship requirements
Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements. Read More
TQA addresses related-party disclosure requirements
The AICPA issued a new Technical Question and Answer to provide nonauthoritative guidance regarding the audit implications of a new related-party disclosure requirement for institutions that participate in the financial assistance programs of the Higher Education Act. Read More
Private equity has big plans for small firms
Investment groups are showing record interest in the field of public accounting, leading many in the profession to look at their options while also looking inward at their business model. Read More
IRS moves to end ‘shell game’ of basis-shifting transactions
The Service said it will release new proposed regulations and a revenue ruling to challenge the use of basis-shifting transactions used by complex partnerships in moves that could add over $50 billion to government coffers over 10 years. Read More
IRS gives another limited estimated corporate AMT underpayment waiver
The IRS issued a notice extending earlier relief for a corporation’s failure to pay the part of estimated income tax attributable to the revised corporate alternative minimum tax. Read More
EY makes big investment in accounting profession
The Big 4 accounting firm announced that it will invest $1 billion over three years in talent and technology. The investment includes a commitment to improve pay for early-career professionals. Read More
PCAOB tightens liability standard
The board took three actions to update auditing standards and procedures, including the adoption of a change to an almost 20-year-old rule that tightens the standard of liability to “negligent” from “reckless” for an associated person who contributes to a firm’s violations. Read More
9 months into ERC claim processing moratorium, still a waiting game
New employee retention credit (ERC) claims continue to be filed, and the IRS still has a backlog of claims from before a processing moratorium was announced in September. National Tax Advocate Erin Collins says “soon” is the answer to when the moratorium will end. Meanwhile, [...]
