TSCPA Franchise Tax Update
On Thursday, April 25, 2024, the 113th General Assembly adjourned sine die.
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Harnessing the Power of Volunteerism: TSCPA's 2023 Collective Effort
National Volunteer Week, celebrated each April during Global Volunteer Month, is a time to acknowledge and appreciate the transformative power of volunteers.
View MoreTSCPA Supports Designating Accounting as a STEM Profession
Recognizing accounting as a STEM field will help ensure future generations of CPAs are highly skilled.
View MoreFASAB Issues Statement of Federal Financial Accounting Standards 63, Omnibus Amendments 2024-1: Amending SFFAS 38, 49, and Technical Bulletin 2011-1
The chair of the Federal Accounting Standards Advisory Board (FASAB or “the Board”), George A. Scott, announced today that the Board issued Statement of Federal Financial Accounting Standards (SFFAS) 63, Omnibus Amendments 2024-1: Amending SFFAS 38, 49, and Technical Bulletin 2011-1.
View MoreTreasury and IRS announce new regulations on corporate stock repurchase excise tax
The Department of the Treasury and the Internal Revenue Service today issued proposed regulations that would provide taxpayers and tax professionals with new guidance concerning the one percent excise tax owed on corporate stock repurchases.
View MoreTSCPA Joins AICPA in Letter To Voice Concerns With BOI Rollout and Request Delay of Enforcement
In a letter addressed to the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), TSCPA and the AICPA voiced serious concerns regarding the enforcement of the Beneficial Ownership Information (BOI) reporting requirements.
View MoreGet ahead of the tax deadline; act now to file, pay or request an extension
With the April 15 tax deadline approaching, the IRS reminds taxpayers there is still time to file their federal income tax return electronically and request direct deposit.
View MoreFASB Issues Standard That Clarifies Accounting Guidance Related to Profits Interest Awards
The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves generally accepted accounting principles (GAAP) by adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation.
View MoreSEC Accepts 2024 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2024 GAAP Financial Reporting Taxonomy (GRT) and the 2024 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”).
View MoreMarch 22 deadline approaching to resolve incorrect Employee Retention Credit claims; IRS urges businesses to review questionable claims to avoid future compliance action
With a key March 22 deadline rapidly approaching, the Internal Revenue Service renewed calls for businesses to review the Employee Retention Credit (ERC) guidelines to avoid future compliance action for improper claims.
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