Repair thyself; this beauty’s a steal; oh mama; and other highlights of recent tax cases.
Day: February 22, 2024
The clean-energy direct-pay election for not-for-profits and governmental entities
Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return.
Firms grapple with sustainability reporting and assurance
Most companies are providing some disclosures about their sustainability efforts, but not as many are getting assurance on their numbers from auditing firms.
IRS free tax system moves into public test phase
The Internal Revenue Service’s Direct File pilot program has expanded beyond internal testing of its free tax prep system to taxpayers in a dozen states.
Using the Backsolve Method for stock-based compensation
If you audit or manage a startup company or other privately held business, don’t overlook the treatment of stock-based compensation.
Ultra-wealthy’s corporate jet is latest IRS crackdown
The agency will begin three to four dozen new audits this spring to see if inappropriate deductions were made.
Sustainability reporting, assurance rates on the rise globally
While reporting levels remain high and overall assurance levels are increasing, the level of assurance in the United States conducted by CPA firms remains low.