Tax, accounting, auditing news - Journal of Accountancy

January 17, 2025

Final regs address taxes on gifts to taxpayers from ex-U.S. citizens, residents

The final regulations implement Sec. 2801, added to the Code in 2008, and follow up on proposed regulations issued 10 years ago.

January 17, 2025

Final regs. address resolution of federal tax controversies by Appeals

The final regulations, which include 24 exceptions to consideration of federal tax controversies by the Independent Office of Appeals, generally follow the proposed regulations issued in October 2022.

January 16, 2025

IRS testing changes to alternative dispute resolution programs

New pilot programs involve fast-track settlements and post-appeals mediation.

January 15, 2025

Prop. regs. address expanded annual compensation deduction limitation

The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C).

January 15, 2025

Economic optimism rises among CFOs

Almost three-fourths of CFOs in a Deloitte survey think the economy will improve over the next year. That sentiment, among finance leaders at companies with more than $1 billion in annual revenue, is up sharply from the previous quarter.

January 15, 2025

Prop. regs. issued for spinoff transactions and their reporting

The IRS said it used feedback from tax advisers to write the proposed regulations, which include new multiyear tax reporting requirements.

January 14, 2025

Update: Digital assets practice aid addresses new FASB standards

The AICPA resource features new guidance and terminology for financial statement preparers and auditors.

January 14, 2025

Regs. identify microcaptive transactions as reportable transactions

The final regulations, posted by the IRS on Tuesday in the Federal Register, identify certain microcaptive transactions as reportable listed transactions or transactions of interest.

January 13, 2025

Prop. regs. address 401(k), 403(b) automatic enrollment requirement

The proposed regulations provide guidance to plan administrators on implementing the automatic enrollment requirement established by the Secure 2.0 Act.

January 13, 2025

Who cares? Companies that care are better positioned with talent

Most employees don’t think their employers prioritize their well-being, creating an opportunity for companies that cultivate a culture of caring.

January 13, 2025

DOL’s ‘retirement security rule’ runs into obstacles

The U.S. Department of Labor’s recent effort to impose new requirements on financial professionals providing retirement investment advice faces doubtful prospects because of court challenges and the change in presidential administration.

January 10, 2025

Plaintiffs ask Supreme Court to reject DOJ’s BOI request

In response to the Justice Department’s application for a stay of a district court injunction related to beneficial ownership information reporting, the plaintiffs claim that staying the injunction would harm reporting companies more than it would help the government.

January 10, 2025