ASC 740: FASB proposes new income tax disclosures
On March 15, 2023, the Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Updates (proposed ASU) that includes certain amendments to Income Taxes (Topic 740).
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Proposed regulations on using forfeitures in retirement plans
Proposed regulations REG-122286-18, released Feb. 24, provide guidelines for plan administrators to use forfeited amounts in retirement plans.
Key takeaways for employers under the SECURE 2.0 Act of 2022
SECURE 2.0 Act significantly changes the tax rules governing qualified retirement plans and individual retirement accounts (IRAs).
Congressional midterm election results anxiously awaited
Tax and midterm elections: Whether or not Republicans take control of the House, tax policy centers on a year-end extenders bill.
IRS opens determination letter program for 403(b) plans
Revenue Procedure 2022-40, allows 403(b) retirement plans to use the same individually designed retirement plan determination letter program currently used by qualified retirement plans.
IRS makes statements on CARES Act Employee Retention Tax Credit risks
On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
Avoid these common pitfalls when establishing a retirement plan
When establishing a retirement plan, be sure to avoid common missteps when setting up your company’s retirement plan.
Inflation Reduction Act passes Senate; House vote expected this week
The Inflation Reduction Act contains incentives for investment in the energy sector, a corporate alternative minimum tax, an excise tax on stock buybacks, IRS funding and an extension of business loss limitations.
Inflation Reduction Act passes Senate; House vote expected this week
The Inflation Reduction Act contains incentives for investment in the energy sector, a corporate alternative minimum tax, an excise tax on stock buybacks, IRS funding and an extension of business loss limitations.
Retirement plan amendment deadlines extended
The IRS extended the due dates for plan sponsors to incorporate required amendments under the SECURE, CARES, and Miners Acts. Plan sponsors should review these deadlines with their service providers.
IRS issues stern warning that abusive microcaptive insurance schemes will be aggressively targeted
The IRS has recently announced that it will aggressively review microcaptive insurance arrangements.
States begin to consider digital asset taxation as sessions end
A number of states begin to consider or take steps related to the state taxation of digital assets as the economy for these assets continues to grow.
IRS 90-day pre-examination compliance pilot for retirement plans
The IRS is piloting a pre-examination compliance program for retirement plans, which provides plan sponsors with 90-day window to review plan operations and make corrections prior to examination.
Superfund excise tax FAQs and tax rates released by the IRS
The IRS issued FAQs regarding the Superfund chemical excise tax and tax rates today to help those taxpayers who may be impacted.
IRS to process all Forms 1040 originally filed in 2021 by end of week
Despite persistent challenges facing the IRS, the agency is on track to process all Forms 1040 originally filed in 2021 this week, with remaining inventory processed soon after.
IRS increases mileage rates for the remainder of 2022
The IRS provides some relief amid rising gas prices with an optional increase to the standard mileage rate for business travel.