Noted; loan sharks; lowering the Boomer; and other highlights of recent tax cases.
Day: September 12, 2024
Corporate AMT proposed regulations issued; some penalties waived
The IRS issued proposed regulations providing guidance on the corporate alternative minimum tax (AMT) and a notice that waives the penalty for failure to pay estimated tax with respect to the corporate AMT for 2024.
Congressional panel advances repeal of 1099-K threshold change
The House Ways and Means Committee voted to advance a set of five tax-related bills, including one that would eliminate a twice-delayed requirement to report payments of at least $600 received through third-party networks like Venmo.
Tax relief for weather victims in Conn., New York
The IRS is pushing back payment and filing deadlines for taxpayers hit by August weather.
The accounting profession’s role in ESG reporting
CPA firms are perfectly positioned to provide advisory and assurance services on ESG reporting, given their infrastructure around audit quality, independence requirements, and professional development.
AICPA, NASBA propose a new pathway to CPA licensure
The CPA Competency-Based Experience Pathway offers an additional option for CPA candidates. Comments on the proposal are being accepted through Dec. 6.
IRS and Treasury propose guidance on CAMT
The Internal Revenue Service and the Treasury issued proposed regs on the Corporate Alternative Minimum Tax.