Insights

Rising inflation is impacting many aspects of the tax code. The IRS recently announced annual inflation adjustments for the 2023 tax year for over 60 tax provisions, including the 2023 standard deductions and IRS tax brackets.

In an effort to help prevent tax fraud and other unlawful financing activities, the Financial Crimes Enforcement Network (FinCEN) has issued final rules related to ownership disclosure obligations for U.S. entities. The final rules will be effective January 1, 2024.

The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) to improve the disclosures about a public entity’s reportable segments by requiring more detailed information about such expenses on an annual and interim basis.

The Tax Court held that the value of checks written prior to but paid after a decedent’s date of death were includible in the decedent’s gross estate.

One of the contributors answering “Can finance industry deliver on demand for faster closings, more automation?” published on NJBiz, was Roman Matatov, Senior Manager.

The industry was caught off-guard when the Office of Management and Budget (OMB) announced that for Fiscal Year’s that ended in 2022, Single Audits would be collected by the General Service Administration (GSA) rather than the Bureau of Census changing  a procedure that has been in place since the advent of Data Collection.

Plan sponsors should review the cost of living adjustments (COLAs) to determine what, if any, changes need to be communicated to employees by means of orientation meetings and enrollment forms.