The Internal Revenue Service and the Treasury released a notice Friday containing interim guidance for insurance companies ahead of issuing upcoming proposed regulations on the corporate alternative minimum tax of 15% under the Inflation Reduction Act. Notice 2023-20 includes information for insurance companies and certain other taxpayers related to their
KPMG laid off nearly 700 people in its advisory business, or close to 2% of its total staff. It’s the first Big Four firm to do so, according to the Financial Times, which broke the news of the layoffs Wednesday, citing a memo from Carl Carande, vice-chair of KPMG’s U.S.
CFOs have been adjusting to higher interest rates and inflation over the past year, but finding the right people is still a priority at many companies. “There’s more optimism from CFOs, in terms of how they’re going to manage through change, and there’s more change all the time,” said Kathryn
The rebate runaround; three ways to file; good, bad, ugly and the IRS; and other highlights from our favorite tax bloggers. Secret formula National Association of Tax Professionals (https://blog.natptax.com/): The IRS “is aware” of questions involving special refunds or payments made by certain states related to the pandemic. A look
The Internal Revenue Service is making some changes in its Compliance Assurance Process program, testing out a new option to address complaints from participants. The IRS said Monday that it has begun piloting a new Bridge Plus phase for large corporate taxpayers that were enrolled in the so-called Bridge phase
The Internal Revenue Service provided details late Friday on a question that has perplexed tax professionals and held up tax filings this past week, clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS said it has determined that in the interest of sound
The Internal Revenue Service provided details late Friday on a question that has perplexed tax professionals and held up tax filings this past week, clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS said it has determined that in the interest of sound
The SECURE 2.0 Act that Congress passed in December as part of the omnibus spending bill contains a dizzying array of provisions related to retirement savings accounts and distributions that will likely affect the planning for accounting and tax clients. A number of provisions take effect this year, while others
Enhancing the taxpayer experience and addressing high-end, complex noncompliance with the Tax Code are the goals behind the new hiring of attorneys for the IRS Office of Chief Counsel. “We’re immediately seeking motivated attorneys to accomplish this highly challenging work,” principal deputy chief counsel William Paul said in a statement,
Payroll and HR services provider Gusto let go of 126 of its employees Wednesday, about 5% of its staff, the latest in a string of layoffs in the tech sector this year. Gusto CEO Josh Reeves explained the rationale behind the layoffs and the support and severance pay offered to