The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2024-19, relating to rules for distributions from retirement plans and IRAs and for retirement plan loans, for certain individuals impacted by federally declared major disasters.
The IRS recently issued Rev. Proc. 2024-23, providing an updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently modified, apply.
IRS Updates List of Automatic Accounting Method Changes Read More »
On Thursday, April 25, 2024, the 113th General Assembly adjourned sine die.
TSCPA Franchise Tax Update Read More »
The Department of Treasury and Internal Revenue Service issued final regulations today describing rules and definitions for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations.
National Volunteer Week, celebrated each April during Global Volunteer Month, is a time to acknowledge and appreciate the transformative power of volunteers.
Harnessing the Power of Volunteerism: TSCPA’s 2023 Collective Effort Read More »
Recognizing accounting as a STEM field will help ensure future generations of CPAs are highly skilled.
TSCPA Supports Designating Accounting as a STEM Profession Read More »
The chair of the Federal Accounting Standards Advisory Board (FASAB or “the Board”), George A. Scott, announced today that the Board issued Statement of Federal Financial Accounting Standards (SFFAS) 63, Omnibus Amendments 2024-1: Amending SFFAS 38, 49, and Technical Bulletin 2011-1.
In a letter addressed to the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), TSCPA and the AICPA voiced serious concerns regarding the enforcement of the Beneficial Ownership Information (BOI) reporting requirements.
The Department of the Treasury and the Internal Revenue Service today issued proposed regulations that would provide taxpayers and tax professionals with new guidance concerning the one percent excise tax owed on corporate stock repurchases.
Treasury and IRS announce new regulations on corporate stock repurchase excise tax Read More »
As part of the IRS’ effort to continue combatting identity theft and protecting taxpayers’ personal information, the agency announced it will be making changes that will impact how tax professionals receive transcripts.
IRS Announces Changes to Delivery Methods for Transcripts Read More »