The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.
News & Tips
FASB took a step forward in resolving challenges in its rules for recognizing and measuring deferred revenue in business combinations.
Nearly one-third (30%) of financial planners say their clients’ top retirement fear is running out of money, according to a recent AICPA survey of 631 CPA financial planners.
The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.
The International Auditing and Assurance Standards Board has proposed new rules designed to ensure that engagement quality reviews maintain their effectiveness.
The challenges associated with FASB’s new revenue recognition standard have been substantial for many companies, but at least they’re gaining valuable data and process improvements as a result of the implementation.
The IRS announced that it is expanding its identity protection personal identification number (IP PIN) program to taxpayers in seven additional states.
FASB proposed providing an option to measure certain types of assets at fair value, a change aimed at making the transition to its new credit losses standard easier.
The IRS posted guidance for the public explaining how it will be operating now that the shutdown has ended, to catch up on its backlog in audits, collections, tax return processing, and Tax Court cases.
The partial shutdown of the federal government ended just in time to allow the full IRS workforce to return to work for the start of tax season.