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, …
The Treasury Department and IRS issued proposed regulations related to increased clean tax credits or deduction amounts for clean energy facilities that meet certain prevailing wage and apprenticeship (PWA) requirements enacted as part of the Inflation Reduction Act. Ensure that your auditors can assist you in properly understanding this new act. In coordination with the …
IRS Releases Proposed Regulations on Prevailing Wage and Apprenticeship Requirements: Read More »
The IRS has issued a notice that updates administrative exemptions from and waivers of the requirements to file certain returns in electronic form. Talk with an accounting professional if you have clarifications on exemptions and waivers. An additional exemption is now available for filers whose use of technology required to file electronically conflicts with their …
When traveling abroad to a place like Rome or otherwise for the first time since the pandemic, there are a lot of to-do items to be ticked off on your financial checklist. One of the most important being preparing your credit card companies by letting them know where you’re going so they don’t freeze your …
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