Tax

The tax incentive that took effect on Jan. 1 is part of President Joe Biden's signature climate law, the Inflation Reduction Act.

Trump has expressed interest in reviewing options for adjusting the cap on the state and local tax deduction but is not currently advocating for a specific fix.

Some related-party 'basis shifting' arrangements are now considered 'transactions of interest' per the IRS's final regulations.

Proposed new rules were issued for the tax credit for qualified commercial clean vehicles, along with guidance on claiming tax credits for clean fuel.

The proposed regulations involve provisions of the SECURE 2.0 Act, including auto enrollment in 401(k) and 403(b) plans, and the Roth IRA catchup rule.

Newly expanded and improved tools will be available when tax season kicks off this month.

Ericksen Krentel elects sixth MP; Yeo & Yeo, Grassi and BMSS move offices; IFRS Foundation appoints three new trustees; and more news from across the profession.

Plus, IRIS beefs up Firm Management solution, customer success function; and other accounting tech news and updates.

Weeks after Danish judges sentenced the hedge fund trader to 12 years in prison, the country's lawyers turned to a U.S. court to recoup about $500 million.

Officials are weighing whether the bank — now owned by UBS — breached a 2014 plea deal in which it paid $2.6 billion and admitted helping Americans evade taxes.