CPA Never under estimate the value
Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets.
Source: JOA News
Read More here – FASAB offers new guidance on seized and forfeited digital assets
The IRS issued guidance for exceptions for emergency personal expense distributions and for domestic abuse victim distributions.
Source: JOA News
Read More here – Exceptions to penalty on early retirement plan distributions outlined
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 recent claims.
Source: JOA News
Read More here – IRS: Review of 1 million ERC claims reveals most show signs of risk
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.
Source: JOA News
Read More here – Supreme Court issues narrow opinion upholding Sec. 965 transition tax
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.
Source: JOA News
Read More here – Regs. cover green energy incentive wage and apprenticeship 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.
Source: JOA News
Read More here – TQA addresses related-party disclosure requirements
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.
Source: JOA News
Read More here – Private equity has big plans for small firms
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.
Source: JOA News
Read More here – IRS moves to end ‘shell game’ of basis-shifting transactions
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.
Source: JOA News
Read More here – IRS gives another limited estimated corporate AMT underpayment waiver
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.
Source: JOA News
Read More here – EY makes big investment in accounting profession
