Guidance issued on consequences of certain state payments after 2022
The IRS issued guidance on the treatment of refunds of state or local taxes and certain other payments made by states made to individuals in 2023 and future years, including spillover payments made in 2023 under 2022 programs covered by IRS News Release IR-2023-23. Read [...]
Businesses must e-file Form 8300 for $10,000+ cash payments in 2024
The new e-filing requirement, beginning in 2024, applies to businesses mandated to e-file certain other information returns, such as Forms 1099 series and Forms W-2. Read More
Quality management standards: How to perform a root cause analysis
An expert discusses the requirements to perform a root cause analysis as part of monitoring and remediation. Read More
Inflation no longer the top challenge for CPA decision-makers, survey shows
Finance executives in business and industry still have concerns, but optimism is on the rise and expectations of business contraction are far lower, according to the quarterly Business and Industry Economic Outlook Survey. Read More
Prevailing wage and apprenticeship requirements guidance issued
The IRS issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship requirements. Read More
Two-year reprieve granted from Roth catch-up requirement
Employees who participate in a Sec. 401(k) or similar retirement plan and whose prior-year Social Security wages were over $145,000 have been given a two-year reprieve from the new requirement that any catch-up contributions they make to the plan must be designated as after-tax Roth [...]
Prop. regs. require brokers to report digital asset sales and exchanges
Long-awaited proposed regulations, part of a broader effort by Treasury to close the tax gap and address tax evasion risks posed by digital assets, require brokers to report sales and exchanges of digital assets by customers. Read More
Tax pros give mixed reviews to wait times, service on PPS line
Wait times increased about the same time as the IRS ended program that thwarted line-jumping services, say tax practitioners, who also questioned the training of new hires. Read More
FASAB seeks to enhance note disclosures in financial statements
The Federal Accounting Standards Advisory Board is accepting public comments on an exposure draft aimed at making note disclosures an ‘integral part’ of financial statements. Read More
SEC adopts amendments impacting broker-dealers, private fund advisers
Fewer broker-dealers will be exempt from registering with FINRA; private fund advisers face new regulations. Read More
FASB amendments address financials of newly formed joint ventures
The Accounting Standards Update aims to bring consistency to the financial statements of joint ventures when they are formed. Read More
Saving for college with multiple children: New considerations
Parents have new choices because of a recently enacted rule that will soon allow limited rollovers of leftover funds from 529 plans to a beneficiary’s Roth IRA. Read More
