Tax Rules

The IRS has extended the temporary exemption from the requirement that certain signatures must be seen “in the physical presence” of a representative of the plan or a solicitor until the end of 2022. (The physical attendance requirement is imposed under IRS regulations regarding electronic consents and elections for certain retirement plans, including 401(k) plans.) …

IRS Extends Physical Presence Exemption For Witnessing Electronic Signatures Again Read More »

Starting this year, companies must write off their research and development (R&D) spending over five years instead of immediately deducting it from taxable income, a policy change designed to increase federal tax revenues in the near term. As policymakers consider the future of the R&D tax change, one option on the table is to postpone …

Postponing R&D Depreciation: Details and Analysis Read More »

Aid to Ukraine passes Senate. The $40 billion emergency aid package was approved by the Senate just in time. The Pentagon had nearly used up its money to send weapons to Ukraine. Eleven Republicans opposed the measure. The House of Representatives passed the bill last week. It contains no offsets. Schumer and Manchin talk about …

Ukraine Aid, School Taxes and Federal Prison Read More »

10. Disclosure whether the revaluation of assets is based on the valuation by a motorhome: When the company has revalued its tangible fixed assets, the company must disclose whether the revaluation is based on the valuation by a registered valuer as defined in Rule 2 of the rules for companies (registered appraisers and valuation), 2017. …

Amendments to Schedule III of Companies Act, 2013: An Overview Read More »

Christian Employers Alliance v. EEOC, No. 1:21-cv-195 (DND, May 16, 2022) A federal court has prevented HHS and the EEOC from enforcing certain interpretations by agencies of Section 1557 of the Affordable Care Act (ACA) and Title VII of the Civil Rights Act against a Christian employer group. The group assists member employers in providing …

Court Blocks Enforcement of Certain ACA Section 1557 and Title VII Non-Discrimination Rules Against Christian Employer Group Read More »

After being indoors and working remotely for over a year, Canopy is excited to go out again and attend our first in-person trade show in over a year: The American Institute of Certified Public Accountants (AICPA) Engage 2022, which runs from June 6-9 in Las Vegas, Nevada with also a virtual option. We want to …

Come see us at AICPA Engage 2022! Read More »

296 total views No reassessment for FYs 2012-13, 2013-14 and 2014-15 if the income escaping tax is less than Rs 50 lakh. CBDT has issued detailed guidance on how to proceed with the Supreme Court decision in UOI vs Ashish Agarwal, which was recently passed. The CBDT had also issued an opinion on this. The …

No reassessment for FYs 2012-13, 2013-14 and 2014-15 as income Read More »

Texas Med. associate v. HHS, 2022 WL 542879 (ED Tex. 2022); on appeal to 5th Cir., No. 22-40264, Doc. 00516304229 (May 3, 2022) At the request of the IRS, DOL and HHS, the Fifth Circuit has suspended the agencies’ appeals from the lawsuit, vacating key portions of preliminary final regulations implementing the No Surprises’ independent …

Fifth Circuit Suspends Proceedings Over Release of Portions of No Surprises Act IDR Regulations Read More »

Times have changed in recent years, haven’t they? There are so many differences all over the world not only in our personal life but also in our professional life. Changing times affect everyone, including customers. Your clients are rethinking their needs when it comes to their accounting professionals. Gone are the days when customers only …

How the global consumer trends of 2022 could impact your business Read More »

It was reported this week that during her recent trip to Poland, Finance Minister Janet Yellen offered estimates from the EU tax observatory as evidence that the Polish government would benefit from supporting the global tax deal. Poland has been cautious about supporting EU legislation to implement the minimum tax rules, and Minister Yellen tried …

Global Tax Agreement: Time for an Updated Impact Assessment Read More »