Proposed Regulations Would Limit Deductibility of Covered Employee Compensation Over $1 Million: The IRS has issued Prop. Reg. 1.162-33, which would amend guidance under IRC Sec. 162(m) on the definition of “covered employees” to include the five highest paid employees in a publicly held corporation for the tax year. Effective 12/31/2026, the American Rescue Plan Act of 2021 (ARPA, …
By Lisa Lopata, Esq., Checkpoint The New Mexico Taxation and Revenue Department (TRD) issued a ruling to a marketplace provider discussing gross receipts tax liability for various fees it receives. The marketplace provider offers products and services to marketplace sellers and customers. In response to a ruling request, the TRD explains the definition of gross …
New Mexico Advises on Gross Receipts Tax Liability for Marketplace Providers Read More »
By Federal Tax Update Staff Treasury and the IRS have proposed regulations on retirement plan automatic enrollment and catch-up contributions, incorporating changes under the 2022 SECURE 2.0 Act. (Preamble to Prop Reg REG-100669-24; IR 2025-09, 1/10/2025;Preamble to Prop Reg REG-101268-24; IR 2025-07, 1/10/2025) Automatic enrollment. The SECURE 2.0 Act added Code Sec. 414A, to require that certain newly-established 401(k) and 403(b) plans …
Retirement Plan Automatic Enrollment, Catch-up Contribution Rules Proposed Read More »
Each year, Thomson Reuters editors and outside authors review dozens of sets of financial statements while updating our products. We look to ensure they comply with accounting principles generally accepted in the United States (GAAP). This article highlights some of the recurring errors we found. Practical Consideration: Financial statement preparers should consider materiality when determining the …
Watch Out for These Common Financial Statement Errors Read More »
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