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IRS crackdown on bogus COVID refunds hits snags
The IRS’ first big batch of rejected claims of a controversial pandemic-era tax credit contains obvious mistakes by the government, tax advisers say, as the agency struggles to separate legitimate refund requests from bogus ones. In its initial test of the new sorting system the IRS built to evaluate returns, the agency disallowed 28,000 tax-credit…
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Tax practitioner complaint leads to review of advocate phone service
A tax practitioner who complained to a federal watchdog about the slow response from the Taxpayer Advocate Service (TAS) regarding a tax refund was granted a review by TIGTA, which found that the phone service provided by TAS offices was slow and inconsistent. The review revealed that some phone lines were not in service, voicemail…
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Record number of students awarded PCAOB scholarships
The PCAOB has announced that a record number of 676 students will receive scholarships of $15,000 each for the 2024-2025 academic year. This is the largest cohort in the history of the PCAOB Scholars Program, with an increase from 369 students in 2023 and 250 students in 2022. The scholarship money is provided by the…
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California Department of Tax and Fee Administration creates coins and bullion sales tax exemption
The California Department of Tax and Fee Administration (CDTFA) has adopted a rule to align sales tax exemption dates for specified sales of coins and bullion with the Revenue and Taxation Code. The rule, which has no regulatory effect, aims to streamline the tax exemption process. This move will benefit both buyers and sellers of…
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FASB achieves milestones with final chapter of conceptual framework
The FASB has achieved two critical milestones with the adoption of the final chapter of its conceptual framework. This chapter focuses on measurement factors for board members to consider when setting standards. The FASB has created a baseline by anchoring measurement in prices, both entry and exit prices. This will be crucial as the profession…
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U.S. appeals court orders judge to reconsider Biden administration ESG investing rule
A U.S. appeals court has ordered a Texas judge to reconsider his decision upholding a Biden administration rule that allows socially conscious investing by employee retirement plans. The court cited a recent Supreme Court ruling that eliminated Chevron deference, requiring courts to use their independent judgment in deciding whether agency rules are valid. The rule,…
