The Internal Revenue Service provided details late Friday on a question that has perplexed tax professionals and held up tax filings this past week, clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS said it has determined that in the interest of sound
The SECURE 2.0 Act that Congress passed in December as part of the omnibus spending bill contains a dizzying array of provisions related to retirement savings accounts and distributions that will likely affect the planning for accounting and tax clients. A number of provisions take effect this year, while others
A team of students from Southern Illinois University, Carbondale, won the 21st annual Deloitte FanTAXtic national case study competition by presenting the best analysis on an issues-driven business tax case. This year, 16 teams were challenged to rank investors best suited for a startup enterprise while examining tax or non-tax
Enhancing the taxpayer experience and addressing high-end, complex noncompliance with the Tax Code are the goals behind the new hiring of attorneys for the IRS Office of Chief Counsel. “We’re immediately seeking motivated attorneys to accomplish this highly challenging work,” principal deputy chief counsel William Paul said in a statement,
Rich Mintzer’s new book, Start Your Own Pet Business, outlines everything you need to know about launching and growing an animal-based business from your home. In this excerpt, he dives into the specifics of managing your finances to keep your business as healthy and happy as your tail-wagging clients. Sign
Payroll and HR services provider Gusto let go of 126 of its employees Wednesday, about 5% of its staff, the latest in a string of layoffs in the tech sector this year. Gusto CEO Josh Reeves explained the rationale behind the layoffs and the support and severance pay offered to
State doings; Medicare won’t wait; the wayside; and other highlights from our favorite tax bloggers. Dangerous curve ahead Tax Vox (https://www.taxpolicycenter.org/): While Congress talks about the federal debt, it’s still hesitating to deal with one major source of rising deficits — Medicare — that it can’t avoid much longer. Wolters
The Institute of Internal Auditors is pushing back against part of a proposed new standard on audit confirmations from the Public Company Accounting Oversight Board, saying it would jeopardize the traditional relationship between internal and external auditors and criticizing the implication that internal auditors are untrustworthy. IIA president and CEO
The Internal Revenue Service has issued proposed guidance for a voluntary tip-reporting program between the agency and employers in various service industries. Notice 2023-13 contains a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement program, which aims to leverage advancements in point-of-sale, time and attendance systems
The Organization for Economic Cooperation and Development unveiled technical guidance for its far-reaching reform of the global tax system in which multinational companies would be subject to a minimum tax of 15% on their profits. The OECD and the G20 agreed on a so-called Pillar Two framework in 2021 for
