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AICPA Asks IRS for Guidance on Excess Business Losses

CPA Practice

IRC Section 461(l) disallows EBLs for taxpayers other than C corporations for tax years beginning after 2020 and before 2029. The letter also provides recommendations to help the IRS deliver practical guidance that would be helpful to both taxpayers and tax practitioners.

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Quantum Computing Could Spark Cybersecurity Armageddon, Says IBM

CPA Practice

He said a “trainwreck” is unfolding, estimating that it will take banks eight to ten years to transfer to post-quantum protocols, while scalable quantum computers will be available by 2029 or 2030. Anything that uses encryption, from ecommerce to online banking, is at risk, according to Hidary.

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What’s new in sales tax?

TaxConnex

State updates California has expanded its sales and use tax exemption for new, used or remanufactured trucks and new or remanufactured trailers or semitrailers delivered to a purchaser in state for use in interstate commerce to include used trailers or semitrailers. The sunset of this expanded exemption is also extended to Jan.

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How Might Subscription Commerce Look In 2029?

PYMNTS

You don’t need a subscription for this brief trip down memory lane — but the way things are going, you might one day. Think back to 2009, just as Recurly CEO Dan Burkhart and Karen Webster of PYMNTS did during a recent discussion about all that has changed in the past decade when it comes to subscription commerce.

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IRS Announces Annual PCOR Fee Adjustment

ThomsonReuters

However, legislation enacted at the end of 2019 reinstated the PCOR provision, continuing the fee requirements through plan years ending before October 1, 2029 (see our Checkpoint article ). Because the ACA provision included an expiration date, PCOR fees originally were collected only for plan years ending before October 1, 2019.

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IRS Announces Annual PCOR Fee Adjustment

ThomsonReuters

However, legislation enacted at the end of 2019 reinstated the PCOR provision, continuing the fee requirements through plan years ending before October 1, 2029 (see our Checkpoint article ). Because the ACA provision included an expiration date, PCOR fees originally were collected only for plan years ending before October 1, 2019.

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Alabama Promotes the Great Outdoors with Proposed “Adventure Awaits” Sales Tax Holiday

CPA Practice

Or, it could regard House Bill 258 , which would require the Alabama Department of Revenue to recalculate the simplified sellers use tax rate annually, implementing the new rate starting September 1, 2029, each September 1 thereafter. Sales tax holiday season will soon be upon us.

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