Month: October 2023

Sunset at the beach

Hawaii Explains Suspension of General Excise Tax for Housing Projects

by Krista A. Cohane, Esq. The Hawaii Department of Taxation has issued a tax information release regarding the governor’s proclamations related to homelessness, which suspended the general excise tax for the planning, design, financing, construction, sale or lease in Hawaii of a certified housing project for housing homeless persons. (Hawaii Tax Information Release No. 2023-06, …

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EBIA Weekly – October 26, 2023

ERISA Compliance for Health & Welfare Plans Abrogating Precedent, Fourth Circuit Narrows Equitable Remedies for Fiduciary Breach A 27-year-old who needed a heart transplant requested approval of the procedure from his employer’s self-insured health plan. After the plan denied his request and subsequent appeals, he died—shortly before an external reviewer overturned the claim denials. The …

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AICPA Q&A Guidance on Noncompliance with Laws and Regulations

The AICPA’s Professional Ethics Executive Committee adopted two new interpretations of the “Integrity and Objectivity Rule” (ET 1.100.001 and ET 2.100.001) of the AICPA Code of Professional Conduct in 2022—one directed to members in public practice and the other applicable to members in business. The two interpretations of the same name, “Responding to Noncompliance with Laws and Regulations” (ET …

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IRS Launches Initiatives to Ensure Large Corporations Pay Taxes Owed

The IRS has announced new initiatives using Inflation Reduction Act funds to improve compliance among high-income individuals, complex partnerships, and large corporations, as well as continue to improve service, and modernize technology infrastructure. The initiatives targeting high-income and large corporate taxpayers, among those are South Florida business owners, include a large foreign-owned corporations transfer pricing …

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