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AICPA provides recommendations on domestic content bonus credit
AICPA has provided recommendations to the Department of the Treasury and the IRS on interim guidance in Notice 2023-38 as updated by Notice 2024-41. The guidance describes certain rules that Treasury and the IRS intend to include in proposed regulations regarding the domestic content bonus credit (DCBC) requirements and related recordkeeping and certification requirements. AICPA’s…
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Bill to expand CTC, restore tax breaks fails in Senate
A bill to expand the child tax credit (CTC) and restore some tax breaks for businesses failed to advance in the Senate on Thursday on a 48-44 vote. Republicans largely opposed the measure, arguing they would be in position to get a better deal next year. The $79bn legislation would have expanded CTC eligibility among…
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Senate Majority Leader Schumer plans vote on Tax Relief Act
Senate Majority Leader Chuck Schumer (D-NY) plans to bring up a vote on the Tax Relief for American Families and Workers Act later this week. The $78bn bill, which has been stalled in the Senate, aims to revive various tax breaks and increase penalties for tax-related offenses. While the bill is not expected to pass,…
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Study shows lowering foreign taxes of U.S. multinationals unlikely to benefit domestic workers
Policies that lower the foreign taxes of U.S.-based multinational corporations are unlikely to benefit domestic workers, according to a recent academic study. The study, from researchers at the Wharton School of the University of Pennsylvania, Grinnell College, and Stanford University, examined the impact of two different provisions: the 1997 “Check-the-Box” regulations and the 2004 “repatriation…
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IRS focuses on regulatory changes ahead of election
The IRS is focusing on regulatory changes ahead of the upcoming election. Both the Republican and Democratic parties have outlined their platforms, with the Republican party promising to make permanent the provisions of the Tax Cuts and Jobs Act of 2017. The Democratic party’s platform is set to be released in August. Accountants and tax…
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Boosting salary transparency key to attracting young accountants
Increasing starting salaries is crucial for attracting and retaining young accountants. Accounting Today and Arizent conducted a salary survey, revealing that accounting starting salaries have fallen behind other professions. The lack of salary transparency makes it difficult for accountants to determine their worth and negotiate fair compensation. Young accountants, especially Generation Z, are less willing…
