Thomson Reuters Tax and Accounting

1 week ago | tax.thomsonreuters.com | Bill Flook

The Senate parliamentarian has deemed a Republican proposal to fold the PCAOB into the SEC to be subject to the “Byrd Rule,” dealing a severe setback to plans to eliminate the audit regulatory board. Democratic lawmakers, academics, and ex-regulators had predicted the SEC-PCAOB consolidation would run afoul of the Senate rule designed to exclude non-budgetary provisions from filibuster-proof reconciliation bills.

1 week ago | tax.thomsonreuters.com | Christopher Wood

Highlight: The IRS Form 941 is one of the most important payroll-related tax returns used by businesses to report employment taxes, including federal income tax withholding, Social Security tax, Medicare tax, and Additional Medicare tax. What is the IRS Form 941? IRS Form 941, Employer’s Quarterly Federal Tax Return, is the federal tax form employers use to report income taxes, Social Security tax, and Medicare tax withheld from employees’ paychecks.

2 weeks ago | tax.thomsonreuters.com | Denise Lugo

“No burning issues” stand out that would merit an accounting overhaul for reporting about private credit agreements, but certain disclosures could be improved to provide more transparent information to more investors, a FASB advisory panel of senior finance heads said on June 5, 2025.

3 weeks ago | tax.thomsonreuters.com | Maureen Leddy

In a unanimous decision, the U.S. Supreme Court held that Wisconsin violated a church-affiliated charity’s First Amendment rights by denying a state unemployment tax exemption based on “theological choices.” (Catholic Charities Bureau, Inc. v. Wisconsin Labor & Industry Review Commission, No. 24-154)In the case, Catholic Charities, the social ministry arm of a Roman Catholic diocese, challenged Wisconsin’s reading of a statute that provides a “religious purposes” exemption from unemployment tax.

3 weeks ago | tax.thomsonreuters.com | Soyoung Ho

Dozens of former regulators and academics are urging senators to oppose a provision in a budget reconciliation bill that would transfer the Public Company Accounting Oversight Board’s (PCAOB) functions into the Securities and Exchange Commission (SEC) because it violates the so-called Byrd Rule, which limits the bill to only those changes necessary to align federal revenues and expenditures.