News

Tax Court Dissent Concludes Section 280E Is Unconstitutional
 

Tax Court Dissent Concludes Section 280E Is Unconstitutional

Posted: October 24, 2019
Section 280E of the Internal Revenue Code has long been a thorn in the side of the cannabis industry. However, in a United States Tax Court opinion issued October 23, 2019, one judge’s partial dissent suggests that the firm ground undergirding Section 280E may be starting to weaken.

Guidance Provided on SAS No. 134 Implementation
 

Guidance Provided on SAS No. 134 Implementation

Posted: October 24, 2019
A Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board's new standard on auditor reporting.

Senate Rejects Democrats
 

Senate Rejects Democrats' Effort to Repeal SALT Deduction Rules

Posted: October 24, 2019
The resolution aimed to repeal Treasury Department regulations that prohibited high-tax states from creating charitable funds where residents could contribute their state tax payments, effectively bypassing the SALT limit.

Top 10 IRS Challenges for 2020
 

Top 10 IRS Challenges for 2020

Posted: October 18, 2019
The Treasury Inspector General for Tax Administration has reported on the most serious management and performance challenges facing the Internal Revenue Service for fiscal 2020. The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.


FASB Votes to Delay Effective Dates for 3 Major Standards
 

FASB Votes to Delay Effective Dates for 3 Major Standards

Posted: October 18, 2019
Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses (known as CECL) and hedging after a unanimous vote Wednesday by FASB.



IRS Issues Additional Guidance on Tax Treatment of Virtual Currency
 

IRS Issues Additional Guidance on Tax Treatment of Virtual Currency

Posted: October 9, 2019
The IRS has provided additional detailed guidance to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The new guidance includes Revenue Ruling 2019-24 and frequently asked questions.