TSCPA Franchise Tax Update
On Thursday, April 25, 2024, the 113th General Assembly adjourned sine die.
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IRS releases final guidance on transfers of certain credits under the Inflation Reduction Act
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.
View MoreTSCPA Supports Designating Accounting as a STEM Profession
Recognizing accounting as a STEM field will help ensure future generations of CPAs are highly skilled.
View MoreFASAB Issues Statement of Federal Financial Accounting Standards 63, Omnibus Amendments 2024-1: Amending SFFAS 38, 49, and Technical Bulletin 2011-1
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.
View MoreIRS Announces Changes to Delivery Methods for Transcripts
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.
View MoreTreasury and IRS announce new regulations on corporate stock repurchase excise tax
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.
View MoreTSCPA Joins AICPA in Letter To Voice Concerns With BOI Rollout and Request Delay of Enforcement
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.
View MoreGet ahead of the tax deadline; act now to file, pay or request an extension
With the April 15 tax deadline approaching, the IRS reminds taxpayers there is still time to file their federal income tax return electronically and request direct deposit.
View MoreFASB Issues Standard That Clarifies Accounting Guidance Related to Profits Interest Awards
The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves generally accepted accounting principles (GAAP) by adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation.
View MoreSEC Accepts 2024 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2024 GAAP Financial Reporting Taxonomy (GRT) and the 2024 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”).
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