
News & Tips
News & Tips
-
Senate passes amended $1.9 trillion COVID-19 stimulus bill
March 6, 2021The Senate approved a $1.9 trillion pandemic economic relief bill on Saturday. The bill will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House.
READ MORE
-
AICPA calls on SBA to change 'unfair' PPP guidance, deadline
March 5, 2021The AICPA reiterated its recommendation that the SBA delay the end of the Paycheck Protection Program (PPP) application period by at least 60 days and also urged the SBA to make retroactive new rules issued this week changing the formula sole proprietors use to calculate their maximum loan amounts.
READ MORE
-
AICPA recommends Circular 230 changes
March 5, 2021In response to a request for comments about planned revisions to Circular 230, Regulations Governing Practice Before the IRS, the AICPA sent a letter making recommendations to the director of the IRS’s Office of Professional Responsibility.
READ MORE
-
FASAB reappoints Scott for second term as chair
March 5, 2021The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.
READ MORE
-
AICPA requests tax deadline postponements until June 15
March 4, 2021In a letter, the AICPA asked the IRS to postpone until June 15, 2021, all 2020 federal income tax and information returns and payments (e.g., extension and estimated payments) originally due April 15, 2021.
READ MORE
-
New SEC enforcement task force to focus on climate, ESG compliance
March 4, 2021The Securities and Exchange Commission announced that it is creating a new Climate and ESG Task Force to identify compliance problems related to environmental, social and governance issues.
READ MORE
-
Economic confidence recovers to near pre-pandemic levels for finance leaders
March 3, 2021Sentiment has risen for three consecutive quarters in a quarterly survey of CPA executives in business and industry. Revenue and profit are projected to increase in the next year.
READ MORE
-
PPP borrowers can use gross income, SBA rules
March 3, 2021Paycheck Protection Program rules released by the SBA allow self-employed individuals who file a Form 1040, Schedule C, to calculate their maximum loan amount using gross income instead of net profit.
READ MORE
-
GASB proposes new guidance on compensated absences
March 3, 2021Employees’ vacation time and other forms of paid leave would be accounted for differently by state and local governments under a proposal issued by the Governmental Accounting Standards Board.
READ MORE
-
Will states be able to extend their tax filing seasons?
March 3, 2021An AICPA expert details some of the factors that could affect changes to filing dates.
READ MORE
-
AICPA urges Congress to extend PPP deadline
March 2, 2021The American Institute of CPAs, citing ongoing processing problems with the Paycheck Protection Program, called on Congress to extend the program’s application deadline past the current March 31 date. The AICPA is recommending an extension of at least 60 days.
READ MORE
-
IRS issues employee retention credit guidance
March 2, 2021The IRS issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans.
READ MORE
-
Assessing goodwill impairment amid COVID-19
March 2, 2021Goodwill impairment has become an area of increased focus since the beginning of the coronavirus pandemic. Here’s what CPAs need to know about goodwill impairment at this challenging time.
READ MORE
-
Quiz: Tax deduction limitations for business meals and entertainment
March 1, 2021Here’s a chance to test your knowledge of the rules for deductibility for business-related food and beverages and/or entertainment and how much, if any, of a given expenditure can be claimed as an ordinary and necessary expense of conducting a trade or business under Sec. 162.
READ MORE
-
House passes $1.9 trillion stimulus bill with a variety of small business relief
February 27, 2021The $1.9 trillion economic relief bill passed by the House of Representatives includes $25 billion for restaurants as well as additional funding for EIDL advance payments and the PPP. The bill also includes $1,400 stimulus payments to individuals and extends unemployment insurance supplements.
READ MORE
-
Tax provisions in the American Rescue Plan Act
February 27, 2021The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.
READ MORE
-
Automation to drive big shifts in corporate reporting
February 25, 2021A smarter and more automated operating model for corporate reporting is on the horizon, according to results of a new EY survey.
READ MORE
-
New proposals would provide guidance on CPAs' NOCLAR duties
February 25, 2021Complementary proposals by the AICPA Professional Ethics Executive Committee and the AICPA Auditing Standards Board would provide guidance for CPAs on their responsibilities related to noncompliance with laws and regulations.
READ MORE
-
Alaska, Maine, and Oklahoma weigh CPA firm mobility bills
February 25, 2021Alaska, Maine, and Oklahoma are the latest states to consider CPA firm mobility legislation, which allows CPA firms that meet certain licensing requirements to provide their services across state lines in order to serve clients without the need to obtain an additional license.
READ MORE
-
SEC places new focus on climate-related disclosures
February 24, 2021The SEC’s Division of Corporation Finance will place greater focus on climate-related disclosures in public company filings after a directive issued by SEC Acting Chair Allison Herren Lee.
READ MORE
-
AICPA seeks certainty on filing deadline and relief for 2020 tax year
February 24, 2021The AICPA has written to Treasury and the IRS, calling for certainty about the April 15 tax filing and payment deadline and for underpayment and late-payment penalty relief during the COVID-19 pandemic.
READ MORE
-
Value of licensure reaffirmed by new research report
February 23, 2021As the pandemic continues, and licensing issues keep getting prioritized on legislative agendas, the AICPA is monitoring occupational licensing bills to ensure they do not harm the profession and the public.
READ MORE
-
New PPP changes attempt to ease smallest businesses' access
February 22, 2021The White House said it will allow only businesses with fewer than 20 employees to apply for PPP loans during a two-week period starting Wednesday. The administration also will change the PPP loan calculation formula to help sole proprietors, independent contractors and self-employed individuals receive more financial support.
READ MORE
-
PPP processing delays continue
February 21, 2021Anti-fraud screenings by the SBA are delaying the processing of Paycheck Protection Program loan applications, sometimes for weeks, AICPA executives said during an online Town Hall.
READ MORE
-
IRS provides cafeteria plan relief for the pandemic
February 19, 2021The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.
READ MORE
-
Black CPA Centennial celebrates first Black CPA
February 18, 2021John W. Cromwell Jr., the son of a former slave, overcame many obstacles in his life to earn his place in history as the nation’s first Black CPA in 1921. His story is an inspiration and lesson in tenacity for future generations of Black accountants.
READ MORE
-
From the filings: Supply chain lessons from the pandemic
February 18, 2021Industrial giants 3M, Arrow Electronics, and Caterpillar explain how they navigated disruptions.
READ MORE
-
A road map for ESG disclosures and assurance
February 17, 2021As interest grows in environmental, social and governance information, a new resource provides insights for auditors to assist their clients with ESG disclosures and assurance.
READ MORE
-
Single audits: Deliver high quality in a challenging time
February 11, 2021The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.
READ MORE
-
SBA announces PPP process changes
February 10, 2021The US Small Business Administration said that it is updating the Paycheck Protection Program’s processes and application platform to speed up the flow of funds to small businesses.
READ MORE
-
FASB approves private company and NFP goodwill triggering event alternative
February 10, 2021Private companies and not-for-profits will have an option to perform goodwill impairment triggering event assessments at the reporting date (versus on the date of a triggering event as currently required), under an accounting alternative FASB voted to approve.
READ MORE
-
Virtual accounting: How to succeed remotely
February 10, 2021Founders of a fully virtual accounting firm share how accountants can succeed at working remotely now and after the pandemic is over.
READ MORE
-
Senate shows bipartisan support for mobile workforce tax legislation
February 5, 2021The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
READ MORE
-
5 steps for reliable ESG reporting amid growing demand
February 5, 2021The demand for environmental, social, and governance reporting is increasing. CPAs have a critical role in meeting that demand, and companies can take action now to enable enhanced ESG reporting.
READ MORE
-
Eligible educators may deduct personal protective equipment expenses
February 5, 2021The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.
READ MORE
-
New standards continue drive toward better audits
February 5, 2021With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.
READ MORE
-
New approach to quality management proposed by ASB
February 4, 2021The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.
READ MORE
-
AICPA raises PPP concerns with SBA
February 4, 2021The AICPA sent a letter urging the US Small Business Administration to address problems small businesses are encountering when trying to apply for Paycheck Protection Program forgivable loans.
READ MORE
-
Why it’s romantic to talk about money
February 4, 2021Nearly three-quarters (73%) of US adults living with a spouse or partner said financial decisions have caused tension in their relationship, an AICPA survey found.
READ MORE
-
IRS requires corrected information returns for certain SBA loans
February 2, 2021The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.
READ MORE
-
PPP advice for firms: Preach patience to clients
February 1, 2021Accounting firms are juggling competing client demands thanks to tax season coinciding with the reopening of the Paycheck Protection Program. How can firms keep from dropping the ball? It starts with taking the time to do the job right.
READ MORE
-
Maryland’s Tom Hood joins the Association of International Certified Professional Accountants
February 1, 2021Tom Hood, the longtime CEO of the Maryland Association of CPAs (MACPA), has joined the leadership team of the Association of International Certified Professional Accountants as executive vice president of business growth and engagement.
READ MORE
-
SBA issues FAQs for Shuttered Venue Operators Grants
February 1, 2021New guidance from the US Small Business Administration does not specify a starting date for the new Shuttered Venue Operators Grant program but does recommend actions potential applicants should be taking now while the SBA builds the application platform for the $15 billion COVID-19 relief initiative.
READ MORE
-
Beware of identity theft scam involving unemployment benefits
January 29, 2021The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.
READ MORE
-
FASB simplifies revenue recognition for private company franchisors
January 28, 2021FASB issued a standard that simplifies revenue recognition for pre-opening activities for private company franchisors.
READ MORE
-
Employee retention credit changes leave practitioners with questions
January 28, 2021The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.
READ MORE
-
Identity theft a risk to consumers as online purchases increase
January 28, 2021Amid a pandemic-related surge in online shopping, identity theft poses a more significant risk to consumers. Nearly 1 in 5 Americans experienced identity theft attempts, according to a new AICPA survey.
READ MORE
-
Not-for-profit auditors face new challenges amid pandemic
January 27, 2021Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.
READ MORE
-
SBA announces steps to improve PPP review process
January 26, 2021The SBA said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds.
READ MORE
-
6 tips for CPAs on newest round of PPP funding
January 21, 2021A new round of Paycheck Protection Program funding is available for businesses affected by the pandemic. Here’s what CPAs and business leaders need to know to get the funding they need.
READ MORE
-
Partner capital account reporting gets transition penalty relief
January 20, 2021Errors by partnerships in reporting partners’ tax capital accounts under new rules for 2020 may be excused, the Internal Revenue Service outlined.
READ MORE
-
IRS explains extended payroll tax due dates
January 20, 2021The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
READ MORE
-
Updated PPP loan forgiveness applications and rules unveiled
January 20, 2021The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.
READ MORE
-
Some individual taxpayers get relief from underpayment penalty
January 19, 2021The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.
READ MORE
-
Taxpayers need clarity on coordination of ERC and PPP loans
January 19, 2021The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
READ MORE
-
PPP calculations guidance released
January 19, 2021The SBA and Treasury issued guidance addressing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans — and what documentation should be provided to support those calculations.
READ MORE
-
Tax filing season to start Feb. 12, IRS announces
January 15, 2021The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
READ MORE
-
Individual CPAs can apply for .cpa web domain Friday
January 14, 2021Licensed CPAs can apply for individual .cpa domains beginning Jan. 15, the AICPA announced. Thousands of firms and approved organizations applied for the top-level domain during their application window, which was open from Sept. 1.
READ MORE
-
Guidance issued for PPP first-draw loan increases, reapplications
January 14, 2021New procedural guidance from the SBA outlines the processes Paycheck Protection Program borrowers and their lenders must follow to reapply for a first-draw PPP loan or request an increase to a loan approved by Aug. 8, 2020, which is when the first iteration of PPP stopped accepting applications.
READ MORE
-
PPP application dates announced
January 13, 2021Lenders with $1 billion or less in assets can start making Paycheck Protection Program loans on Friday, the U.S. Small Business Administration and Treasury announced. The application window will open for all lenders Jan. 19.
READ MORE
-
AICPA encourages firms to aggressively advance PPP applications
January 13, 2021The AICPA said Wednesday that it expects SBA and Treasury to open the Paycheck Protection Program’s application window to all lenders by Friday. The AICPA is also encouraging firms to advance the application process for small business clients seeking relief.
READ MORE
-
Deterring and detecting fraud at a time of heightened risk
January 12, 2021Fraud risks have increased as a result of the coronavirus pandemic. A new report by the Anti-Fraud Collaboration provides strategies for mitigating those risks.
READ MORE
-
Final regs. govern deductibility of fines and penalties
January 12, 2021The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
READ MORE
-
Final rules on exempt organization excess remuneration
January 12, 2021The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.
READ MORE
-
PEEC reviewing AICPA Code in response to new SEC independence rules
January 12, 2021The AICPA Professional Ethics Executive Committee is evaluating whether the AICPA Code of Professional Conduct needs to be revised in light of new SEC rules related to auditor independence requirements.
READ MORE
-
New AICPA TQAs address third-party assessment engagements
January 12, 2021Technical Questions and Answers released by the AICPA describe the characteristics of a third-party assessment program and the standards a member is required to apply to a third-party engagement.
READ MORE
-
PPP application forms released
January 9, 2021The new forms are Form 2483 for first-draw PPP loans and Form 2483-SD for second-draw PPP loans, which are available for previous PPP borrowers that need further assistance and meet eligibility requirements.
READ MORE
-
Date set for limited PPP reopening
January 8, 2021The US SBA and Treasury announced that community financial institutions that serve minority- and women-owned businesses exclusively will be able to make first-draw PPP loans starting Monday and second-draw PPP loans starting Wednesday.
READ MORE
-
Carried interests regulations are finalized
January 8, 2021The IRS finalized proposed regulations on certain carried interests to account for changes made by the Tax Cuts and Jobs Act (TCJA). The TCJA extended from one year to three years the holding period for making carried interests eligible for capital gain treatment.
READ MORE
-
New PPP guidance issued by SBA, Treasury
January 7, 2021The US SBA and Treasury released guidance for the revived and reconstituted Paycheck Protection Program. The guidance came in the form of two interim final rules, including one that details the guidelines for new PPP loans to businesses that previously received PPP funding.
READ MORE
-
FASB clarifies scope of reference rate relief
January 7, 2021FASB clarified which derivatives are eligible for optional expedients and exceptions under the new standard that provides accounting relief for reference rate reforms.
READ MORE
-
Final regs. address certain Sec. 163(j) rules
January 6, 2021The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.
READ MORE
-
Guidance permits change in vehicle use valuation during pandemic
January 5, 2021In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method for determining the value of an employee’s personal use of a vehicle during the pandemic.
READ MORE
-
Final rules govern income inclusion and advance payments
January 4, 2021The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
PPP expense deductibility and forgiveness raises basis, other issues
December 24, 2020The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.
READ MORE
-
Simplified accounting rules for small businesses allow annual election
December 24, 2020The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).
READ MORE
-
AICPA tax policy and advocacy recommendations deliver results in 2020
December 24, 2020Amid challenging circumstances, the AICPA’s tax policy and advocacy efforts provided successful results that benefited the accounting profession and taxpayers in 2020.
READ MORE
-
Financial fraud risks to watch for amid the pandemic
December 23, 2020CPAs need to be especially watchful for fraud amid the severe financial pressures associated with the coronavirus pandemic.
READ MORE
-
Guidance for single audits provided in OMB compliance addendum
December 23, 2020The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.
READ MORE
-
Many tax provisions appear in year-end coronavirus relief bill
December 22, 2020The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.
READ MORE
-
2021 standard mileage rates decrease
December 22, 2020The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
READ MORE
-
AICPA white paper tackles blockchain and SOC for Service Organization reports
December 22, 2020The AICPA has published a white paper designed to help practitioners perform SOC for Service Organization reports on companies that use blockchain to deliver services to customers.
READ MORE
-
Circular 230 update planned for 2021
December 22, 2020Updating the rules governing practice before the IRS is one of the goals of the IRS Office of Professional Responsibility for the new year, its director says.
READ MORE
-
COVID-19 relief bill addresses key PPP issues
December 21, 2020The $900 billion COVID-19 relief package passed Monday provides $284 billion for a revised Paycheck Protection Program (PPP) and clarifies that businesses can claim tax deductions for expenses paid for with forgiven PPP loans.
READ MORE
-
5 accounting considerations for divestitures and carveouts
December 21, 2020Divestitures, spinoffs and carveouts are business strategies that may be pursued by more companies amid the economic fallout from the coronavirus pandemic. These tips can assist in the accounting for these moves.
READ MORE
-
IRS regs. govern misdirected refund claims
December 21, 2020The IRS announced procedures for identifying and recovering direct deposit refunds that a taxpayer did not receive in the designated account.
READ MORE
-
FASB proposes goodwill evaluation relief for some private companies, NFPs
December 21, 2020FASB issued a proposal that would permit certain private companies and not-for-profits to elect not to perform goodwill assessments related to triggering events.
READ MORE
-
Forecasting and impairment tips for an unprecedented time
December 21, 2020The economic slump resulting from the pandemic has increased the risk of asset write-downs and added to the pressure on auditors to scrutinize impairment models. Company boards also are paying more attention to forecasting and impairment.
READ MORE
-
Executive compensation regulations finalized
December 18, 2020The IRS issued final rules on the $1 million executive compensation limits enacted by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with a few changes in response to comments.
READ MORE
-
New SEC rules require extraction companies to disclose payments
December 16, 2020The SEC issued new rules requiring disclosure of payments to governments by certain resource extraction companies. Critics say the rules don’t go far enough.
READ MORE
-
Quiz: Are you prepared to audit fraud risk during a pandemic?
December 16, 2020With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.
READ MORE
-
Temporary e-signature authorization for IRS forms extended
December 15, 2020The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.
READ MORE
-
FASB addresses revenue contracts with customers acquired in a business combination
December 15, 2020FASB proposed a standard that is intended to drive consistency in accounting for revenue contracts with customers acquired in a business combination.
READ MORE
-
FAQs on SOC 2 and SOC 3 engagements issued by AICPA staff
December 15, 2020The AICPA staff has posted new FAQ guidance on issues related to System and Organization Controls 2 and 3 (SOC 2 and SOC 3) engagements.
READ MORE
-
Some teleworkers could be hit with surprise tax bills
December 11, 2020With many workers unaware of the implications when remote work crosses state lines, CPAs may face frustration and confusion in clients.
READ MORE
-
US finance leaders wary as pandemic impacts continue
December 10, 2020Optimism is higher than in the third quarter, but plenty of obstacles remain, according to the AICPA’s quarterly economic outlook.
READ MORE
-
Final rules govern disallowed transportation fringe benefits
December 10, 2020The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
Q&A: FASAB reaches milestone amid pandemic
December 10, 2020After celebrating its 30th anniversary, the Federal Accounting Standards Advisory Board is continuing to move forward in its mission to deliver transparency in federal accounting, says board Chair George Scott, CPA, CGMA.
READ MORE
-
What to know about holiday travel policies during COVID-19
December 10, 2020Firms share the approaches they are using to keep employees safe, and HR experts advise firms to stay current with their state’s guidance, know their rights as employers and communicate policies clearly to staff.
READ MORE
-
Tips for auditing in a COVID-19 environment
December 9, 2020The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.
READ MORE
-
Assessing audit risks during the pandemic
December 9, 2020The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.
READ MORE
-
New attestation standard clarifies work effort of review engagements
December 9, 2020The limited assurance obtained by a practitioner in a review engagement is clarified in a standard issued by the AICPA Auditing Standards Board.
READ MORE
-
Several tax provisions set to expire at end of 2020
December 8, 2020Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
READ MORE
-
FASB to seek input on its standard-setting agenda
December 8, 2020FASB will undergo a comprehensive project starting this month to determine its future standard-setting priorities, FASB Chair Richard Jones said at the AICPA Conference on Current SEC and PCAOB Developments.
READ MORE
-
IRS finalizes qualified plan loan rollover rules
December 8, 2020The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.
READ MORE
-
New Form W-4 slow to gain traction with taxpayers
December 8, 2020Only 26% of taxpayers have changed their withholding since Form W-4 was revised in 2019, an AICPA survey found.
READ MORE
-
Why the best critical audit matter disclosures use entity-specific info
December 8, 2020Critical audit matters have more value when they provide entity-specific language and avoid boilerplate, experts say.
READ MORE
-
PCAOB changes 2021 inspection focus areas as a result of COVID-19
December 7, 2020PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.
READ MORE
-
Internal control focus critical as a result of pandemic changes
December 7, 2020The coronavirus pandemic has led to changes in operations that require increased attention to internal controls, Securities and Exchange Commission staff said at the AICPA Conference on Current SEC and PCAOB Developments.
READ MORE
-
Emergence through fresh-start reporting
December 7, 2020As an entity moves through the bankruptcy process, it must meet certain criteria to qualify, upon emergence, for fresh-start reporting under FASB ASC Topic 852, Reorganizations.
READ MORE
-
Answering clients’ estate planning questions this December
December 4, 2020This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.
READ MORE
-
AICPA and trade associations ask Congress to fix PPP loan deductibility
December 3, 2020In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.
READ MORE
-
Threats to licensing remain a concern for CPAs amid pandemic
December 3, 2020The economic fallout from the coronavirus pandemic is posing new challenges to state professional licensing statutes. CPAs have a role to play in advocating for responsible licensing regulation.
READ MORE
-
Expenses used for PPP loan forgiveness: Deductible or not?
December 3, 2020Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.
READ MORE
-
Practitioners provide new transparency through critical audit matters
December 2, 2020New PCAOB requirements for communicating critical audit matters give practitioners an opportunity to provide additional transparency to financial statement users. A Center for Audit Quality study shows how auditors are delivering this information.
READ MORE
-
IP PINs to be available to all individuals in 2021
December 2, 2020The IRS announced that it would begin allowing all individual taxpayers to opt in to receive an identity protection personal identification number (IP PIN), beginning in mid-January 2021.
READ MORE
-
Auditing fraud risk during a pandemic
December 2, 2020Fraud risk in the financial statements has been elevated amid the coronavirus pandemic. Here’s what practitioners need to know as they audit the risks of fraud during their engagements.
READ MORE
-
Succession issues surge at accounting firms
December 2, 2020According to the 2020 Succession Planning Survey, more than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016.
READ MORE
-
New report highlights digital transformation during COVID-19 and beyond
December 2, 2020Get some insights on how CPAs and finance professionals are using technology solutions to change their businesses in the era of COVID-19. A new report will guide a long-term, strategic approach to drive digital success, manage risk and streamline costs.
READ MORE
-
AICPA urges SBA and OMB to reconsider PPP Loan Necessity Questionnaires
November 25, 2020An AICPA letter suggests that the need for certain borrowers to complete a new form and provide extensive documentation supporting their request for relief funds be reconsidered and that other approaches be evaluated in assessing a borrower’s good faith certification.
READ MORE
-
Low demand leads to shrinking energy industry valuations
November 25, 2020The coronavirus pandemic and other factors have resulted in shrinking valuations in the energy industry, according to experts at the AICPA/PDI Oil & Gas Online Conference.
READ MORE
-
Challenges, opportunities await energy sector after pandemic disruption
November 25, 2020Energy producers are focusing on balance sheet strength and free cash flow as they recover from a severe blow dealt by the coronavirus pandemic.
READ MORE
-
Like-kind exchange rules define real property, incidental personal property
November 24, 2020The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange.
READ MORE
-
Final rules coordinate Sec. 245A and Sec. 951A
November 23, 2020The IRS issued final rules on the Sec. 245A extraordinary disposition rule and the Sec. 951A disqualified basis and disqualified payment rules, as well as reporting requirements to facilitate the rules.
READ MORE
-
AICPA mobilizes members to push for deductibility of PPP-funded expenses
November 23, 2020The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the Paycheck Protection Program can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.
READ MORE
-
Centralized partnership audit regime changes proposed
November 20, 2020The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules.
READ MORE
-
Final regs. govern computation of UBTI for separate businesses
November 20, 2020The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.
READ MORE
-
CPA Exam gets refresh after practice analysis
November 20, 2020Understanding of business processes and data analytics will receive greater focus while other topics will be de-emphasized on the CPA Exam.
READ MORE
-
IRS doubles down on nondeductibility of PPP-funded expenses
November 19, 2020The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.
READ MORE
-
PCAOB amends independence requirements to align with SEC changes
November 19, 2020The Public Company Accounting Oversight Board issued amendments that are designed to align its independence requirements with SEC rules that were updated in 2019 and 2020.
READ MORE
-
SEC amends guidance on MD&A, other disclosures
November 19, 2020The SEC has voted to adopt amendments that are intended to modernize, simplify and enhance management’s discussion and analysis and other required financial disclosures.
READ MORE
-
How CPAs help clients reinvent struggling businesses during COVID-19
November 19, 2020As the COVID-19 pandemic has changed the business environment, clients have turned to CPAs for help keeping their businesses afloat. CPAs serving restaurant, medical and real estate clients discuss how they’ve used client advisory services to help their clients stabilize and reposition their businesses.
READ MORE
-
Letters signed by AICPA raise concerns about PPP Loan Necessity Questionnaires
November 18, 2020The AICPA is among 80 organizations that have signed a pair of letters to SBA, Treasury and congressional leaders calling on the agencies to temporarily suspend use of the new Paycheck Protection Program Loan Necessity Questionnaires.
READ MORE
-
How to apply COSO’s ERM framework to compliance risk management
November 18, 2020A new publication provides guidance on how to apply the Committee of Sponsoring Organizations of the Treadway Commission’s enterprise risk management framework to manage and mitigate compliance risks.
READ MORE
-
FASB pursues impairment-triggering relief for certain private companies, NFPs
November 18, 2020FASB added a project to its technical agenda that would give certain private companies and not-for-profits the option to perform goodwill triggering event evaluation only on the annual reporting date.
READ MORE
-
IRS commissioner: Penalty relief will not be 'blanket'
November 17, 2020IRS Commissioner Charles Rettig told attendees at the AICPA National Tax & Sophisticated Online Tax Conference not to expect blanket penalty relief in response to the COVID-19 pandemic, and he addressed other effects of the pandemic on the agency.
READ MORE
-
New SEC rules enable electronic submissions
November 17, 2020The Securities and Exchange Commission voted to permit the use of electronic signatures in authentication documents and to facilitate electronic service and filing in the commission’s administrative proceedings.
READ MORE
-
GASB proposes new implementation guidance
November 17, 2020The Governmental Accounting Standards Board proposed Q&A guidance on the implementation of its standards for state and local governments.
READ MORE
-
It’s a tough year for year-end tax planning
November 16, 2020Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.
READ MORE
-
Quiz: Are you ready for year-end planning during a pandemic?
November 16, 2020When it comes time to put on your year-end planning hat, will you be prepared to provide the best tax and financial planning advice to clients? Take this quiz to see if you’re ready to tackle year-end planning for 2020.
READ MORE
-
IRS will mask business tax transcript identifying information
November 13, 2020The IRS announced that beginning Dec. 13 it will mask sensitive data on business tax transcripts, a step it took two years ago for individual tax transcripts.
READ MORE
-
Partnerships and S corps. can deduct state and local taxes
November 10, 2020The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.
READ MORE
-
Taxpayers allowed choice of bonus depreciation rules
November 9, 2020The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.
READ MORE
-
SBA to require PPP loan necessity form from large borrowers
November 6, 2020Businesses and not-for-profits that received $2 million or more in PPP loans must complete one of two new loan necessity questionnaires the SBA is sending to lenders for distribution to borrowers.
READ MORE
-
New lease accounting guidance proposed for federal entities
November 5, 2020The Federal Accounting Standards Advisory Board and the Accounting and Auditing Policy Committee issued a joint exposure draft related to lease accounting for federal entities.
READ MORE
-
FASB provides implementation relief for insurance companies
November 5, 2020FASB issued a standard that provides a delayed effective date to its long-duration insurance standard for companies adversely affected by the pandemic. The standard also eases requirements for early adopters.
READ MORE
-
ASB proposal addresses auditing of fair value estimates of financial instruments
November 4, 2020A proposed standard issued by the AICPA Auditing Standards Board would give practitioners more guidance on auditing management’s estimates of fair value, including on the use of pricing services.
READ MORE
-
Companies rethink the office, but they’re not ready to say goodbye
November 4, 2020Most plan to keep their current real estate, but they are reimagining what that space could look like.
READ MORE
-
9 tips for successful auditing of revenue recognition
November 3, 2020A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.
READ MORE
-
IRS announces help with tax debt
November 3, 2020The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
READ MORE
-
Fed opens up Main Street loans to smaller businesses
October 30, 2020The Federal Reserve board announced that it lowered the minimum loan size for three of its Main Street Lending Program facilities in an effort to make the program available to more and smaller businesses.
READ MORE
-
Guidance on deferred employee payroll tax issued
October 30, 2020The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.
READ MORE
-
FASB issues minor codification changes
October 29, 2020FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.
READ MORE
-
FASAB proposal would clarify presentation requirement
October 29, 2020A proposal issued by the Federal Accounting Standards Advisory Board would clarify how an advance should be presented in component entity financial statements.
READ MORE
-
FASB proposes scope clarification for reference rate relief
October 29, 2020Accounting relief from reference rate reform would be extended to a modification known as the “discounting transition” under a proposal issued by the Financial Accounting Standards Board.
READ MORE
-
Companies seek ways to report diversity progress
October 29, 2020Investors are looking for actions that back up statements about equity.
READ MORE
-
FASB staff weighs in on debt modifications and restructurings
October 28, 2020FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.
READ MORE
-
Template for requesting penalty abatement available from AICPA
October 28, 2020The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.
READ MORE
-
Cybersecurity provides opportunities for auditors to serve
October 27, 2020Practitioners can provide services to clients related to cybersecurity beyond their financial statement auditing role, according to a newly published report from the Center for Audit Quality.
READ MORE
-
2021 inflation adjustments and tax tables issued
October 26, 2020The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.
READ MORE
-
Inflation-adjusted income ranges for 2021 IRA and 401(k) plans
October 26, 2020The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021. Most of the other retirement plan contribution limits stayed the same, however.
READ MORE
-
FASB proposes clarifying forwards and options accounting
October 26, 2020FASB would clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified forwards and options under a proposal issued Monday.
READ MORE
-
Gauging risk assessment and response processes
October 23, 2020How well do auditors perform in assessing and responding to risks of material misstatement? New research provides some answers.
READ MORE
-
Draft instructions for partnership capital account reporting released
October 22, 2020The IRS released draft instructions for Form 1065, U.S. Return of Partnership Income, to calculate partner capital accounts using the tax-basis method.
READ MORE
-
Americans’ personal financial satisfaction sees record rebound
October 22, 2020The AICPA’s Personal Financial Satisfaction Index (PFSi) rose 99% in the third quarter, setting a new record for quarterly growth. This finding underscores this year’s economic volatility, as last quarter the PFSi saw its largest-ever quarterly decline.
READ MORE
-
UAA Model Rules updated to support evolution of CPA licensure
October 22, 2020The National Association of State Boards of Accountancy’s board of directors approved changes to the Uniform Accountancy Act Model Rules that create a clear path for the CPA Evolution project.
READ MORE
-
Pandemic resilience starts with compassion, accountants say
October 21, 2020Panelists at an AICPA fall Council presentation on resilience explained how basic values can drive success during troubled times such as the coronavirus pandemic.
READ MORE
-
Diversity and inclusion: Tips for moving the needle
October 20, 2020Building on a commitment to diversity with efforts to promote inclusion can make a difference in the accounting profession, according to panelists at the AICPA’s fall Council.
READ MORE
-
FASB proposes 3 targeted lease accounting changes
October 20, 2020FASB proposed three targeted changes to its lease accounting guidance. The proposal is a response to feedback the board received during its post-implementation process for the lease accounting standard.
READ MORE
-
Tips for single audits amid pandemic uncertainty
October 20, 2020An avalanche of new federal awards has left practitioners who perform single audits working under uncertain circumstances and awaiting regulators’ guidance. Here’s how practitioners can give themselves a chance to succeed under challenging conditions.
READ MORE
-
Unclaimed property distributions allowed as self-certified rollovers
October 19, 2020The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
READ MORE
-
FBAR deadline extended to Oct. 31 after confusion
October 19, 2020After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement Network has extended the deadline to Oct. 31.
READ MORE
-
Inflation-adjusted limit for 2021 HRAs issued
October 16, 2020The IRS issued the 2021 limit for excepted benefit health reimbursement arrangements using the Chained Consumer Price Index for All Urban Consumers inflation-adjustment method.
READ MORE
-
SEC aims to reduce unnecessary auditor independence red flags
October 16, 2020The SEC adopted amendments that are designed to reduce situations that trigger independence rule violations in situations that don’t necessarily impair an auditor’s objectivity or impartiality.
READ MORE
-
Government reporting and the future: A Q&A with GASB Chairman Joel Black
October 16, 2020With state and local governments facing serious pandemic-related concerns, the Governmental Accounting Standards Board is providing relief and resources while also working on its “big three” high-impact projects for the future. GASB Chairman Joel Black explains in this Q&A.
READ MORE
-
Report supports established interstate mobility principles
October 16, 2020A report released by the Alliance for Responsible Professional Licensing examines successful mobility and reciprocity practices in state licensure that permit professionals to practice across state lines.
READ MORE
-
FinCEN pulls announcement of extended FBAR deadline
October 15, 2020Treasury’s Financial Crimes Enforcement Network briefly announced, but then rescinded, an extension of this year’s deadline to e-file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
READ MORE
-
FASB clarifies callable debt securities accounting
October 15, 2020FASB published a new standard that clarifies accounting requirements for callable debt securities.
READ MORE
-
Costs and benefits: A Q&A with FASB Chair Richard Jones
October 14, 2020The chair of the Financial Accounting Standards Board describes his vision for standard setting and his dedication to making sure the costs of new rules don’t exceed the benefits.
READ MORE
-
2021 Social Security wage base announced
October 14, 2020The Social Security Administration announced that the maximum amount of wages subject to the old age, survivors, and disability insurance tax will increase to $142,800 in 2021 from $137,700 in 2020.
READ MORE
-
SBA settles confusion over PPP forgiveness application due date
October 13, 2020Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms display an expiration date of “10/31/2020” in the upper-right corner.
READ MORE
-
Consolidated group NOL rules are finalized
October 13, 2020The IRS finalized regulations governing the treatment of net operating losses by consolidated groups after recent legislation changed the rules.
READ MORE
-
Several states provide one-month filing relief for corporate deadlines
October 12, 2020With the Oct. 15 corporate tax filing deadline looming and the global pandemic still affecting taxpayers and practitioners, several states have provided one-month filing relief for their corporate Oct. 15 deadlines.
READ MORE
-
Audit committee cybersecurity disclosures rising in proxy statements
October 12, 2020Disclosures around oversight of cybersecurity risk by audit committees are increasing in public company proxy statements, according to a yearly analysis released by the Center for Audit Quality and Audit Analytics. But other disclosures have leveled off in recent years.
READ MORE
-
PPP forgiveness simplified for loans of $50,000 or less
October 9, 2020PPP borrowers of $50,000 or less will have the opportunity to apply for forgiveness using a simplified application. Under the new process, these borrowers will be exempted from penalties for reduction of full-time employees or employees’ salary or wages.
READ MORE
-
Rules govern withholding on transfers of partnership interests and ECI
October 8, 2020The IRS finalized proposed regulations on withholding from transfers of partnership interests to foreign persons and the definition of effectively connected income for those purposes.
READ MORE
-
Fair value, stablecoins addressed in new AICPA guidance
October 8, 2020Nonauthoritative set of 13 Q&As also touches on how investment companies and broker-dealers should account for digital assets.
READ MORE
-
SBA clarifies deferral period for PPP loan payments
October 7, 2020The SBA released guidance clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral.
READ MORE
-
With Oct. 15 looming, some practitioners face daunting challenges
October 7, 2020Tax practitioners have expressed concerns that they will not be able to meet upcoming Oct. 15 tax filing deadline for a variety of reasons related to the global pandemic.
READ MORE
-
Nonfilers have until Nov. 21 to apply for economic impact payment
October 6, 2020The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.
READ MORE
-
PPP borrowers, lenders get change-in-ownership guidance from SBA
October 5, 2020The US SBA issued a procedural notice designed to help PPP borrowers and their lenders understand their responsibilities when a borrower undergoes a change in ownership.
READ MORE
-
Health coverage reporting deadline extended
October 5, 2020The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.
READ MORE
-
ABLE account final rules provide wide-ranging guidance
October 2, 2020Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.
READ MORE
-
IRS releases final rules on business meals and entertainment
October 1, 2020The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, P.L. 115-97, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
READ MORE
-
Employers get guidance on income tax withholding from wages
October 1, 2020The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.
READ MORE
-
'Direct examination' engagement created by SSAE No. 21
September 30, 2020Practitioners will be able to perform a new engagement known as a direct examination for clients under a new standard published by the AICPA Auditing Standards Board (ASB).
READ MORE
-
Foreign tax credit allocation and apportionment rules finalized
September 30, 2020The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.
READ MORE
-
What COVID-19 has taught corporate boards
September 30, 2020Boards were meeting more regularly, more virtually, and getting more into the details on topics previously addressed only at a high level.
READ MORE
-
How auditors can enhance the reliability of non-GAAP reporting
September 29, 2020Practitioners are not required to provide an opinion on non-GAAP measures during a financial statement audit, but they can be engaged to perform additional procedures related to this information, according to a new Center for Audit Quality report.
READ MORE
-
Small business accounting regulations and tax shelter implications
September 28, 2020New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
READ MORE
-
Companies use full array of tools to navigate the pandemic
September 28, 2020Companies have used various means to expand credit, conserve cash and reduce tax burdens to combat the devastation of the pandemic. Here are some of the tactics that large public companies have used.
READ MORE
-
A data revolution, from hot dogs to fastballs
September 25, 2020The director of accounting for the San Diego Padres explains how teams are adopting technology to improve the on-field product and the customer experience.
READ MORE
-
Returns affected by e-filing outage will be timely if filed by Sept. 17
September 25, 2020For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.
READ MORE
-
Safety of employees, customers ranks as top pandemic-related concern
September 24, 2020A survey of U.S. finance decision-makers sheds light on the precautions businesses are taking and how they plan to address future office space needs.
READ MORE
-
SEC amends rules for whistleblowers, shareholder proposals
September 23, 2020The SEC voted to amend rules that govern its whistleblower program and the amount a shareholder must hold to have a proposal included in a company’s proxy statement.
READ MORE
-
PPP loan forgiveness: What CPAs should be doing now
September 23, 2020The forgiveness aspect of the Paycheck Protection Program remains a source of uncertainty for CPAs. This collection of facts and frequently asked questions can help CPAs understand what to do amid the confusion.
READ MORE
-
New FAQs address health care entity pandemic accounting
September 23, 2020Pandemic-related accounting issues for health care entities are addressed in new AICPA guidance that has been added to a list of previously posted frequently asked questions.
READ MORE
-
Lenders will not file Form 1099-C for forgiven PPP loans
September 22, 2020The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
READ MORE
-
Final regs. outline trust and estate expenses still deductible under TCJA
September 22, 2020The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
New ESG reporting metrics released by World Economic Forum
September 22, 2020Environmental, social and governance measures and disclosures released by the World Economic Forum are designed to make it easier for companies to benchmark their sustainable business performance.
READ MORE
-
IRS issues more bonus depreciation rules
September 22, 2020The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
READ MORE
-
AICPA ethics proposal would limit firms' loaning of staff to attest clients
September 22, 2020CPA firms’ ability to loan staff to attest clients would be limited to rare circumstances under a newly proposed AICPA ethics interpretation.
READ MORE
-
Final regs. govern CFC downward attribution
September 21, 2020The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
FASB proposes expedient for private company franchisors
September 21, 2020FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.
READ MORE
-
Corporate governance in COVID-19: Cybersecurity and technology considerations
September 18, 2020The coronavirus pandemic has resulted in a realignment of company strategies to enable success during these disruptive times. Some of these decisions — such as the sudden shift to remote work due to stay-at-home orders — have created additional risk corporate boards must consider.
READ MORE
-
AICPA urges passage of 'PPP 2' legislation
September 17, 2020The AICPA issued a news release renewing the organization’s call for the swift passage of legislation to extend and expand the Paycheck Protection Program (PPP).
READ MORE
-
Treasury report on CECL standard is inconclusive
September 17, 2020The coronavirus pandemic and current market conditions prevent a definitive assessment of the impact of the FASB’s new standard on accounting for credit losses, according to a new report released by Treasury.
READ MORE
-
FASB alters not-for-profit accounting rules for gifts-in-kind
September 17, 2020Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.
READ MORE
-
E-filing problems plague some Sept. 15 tax returns
September 16, 2020Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.
READ MORE
-
Premium tax credit unaffected by zeroing of personal exemptions
September 16, 2020The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.
READ MORE
-
Final regulations define 'qualifying relative'
September 16, 2020The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.
READ MORE
-
Final regs. govern eligible terminated S corporation rules
September 15, 2020The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and Jobs Act that provided favorable treatment for corporations that wished to terminate their S elections.
READ MORE
-
IRS issues 2020–2021 per-diem rates
September 11, 2020The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.
READ MORE
-
Consistency sought in sustainability, corporate reporting through global effort
September 11, 2020The IFRS called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate reporting.
READ MORE
-
Returning to work: Prioritizing mental health
September 11, 2020As employees are welcomed back to work or back to the office amid the coronavirus pandemic, the most successful employers will help them care for their mental, physical, and emotional well-being.
READ MORE
-
SEC changes disclosure rules for banks
September 11, 2020The SEC announced rule changes that will change the disclosures bank and savings and loan registrants are required to provide investors.
READ MORE
-
Pandemic makes meeting Sept. 15 filing deadline difficult
September 11, 2020Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.
READ MORE
-
6 more IRS forms can be filed with e-signatures
September 10, 2020The IRS added six more forms to the list of forms that can now be signed electronically to respond to the coronavirus pandemic.
READ MORE
-
IRS issues guidance on COVID-19 testing
September 9, 2020The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.
READ MORE
-
Finance leaders search for opportunities as outbreak drags on
September 2, 2020While some companies find pockets of success, overall sentiment is neutral regarding the next 12 months, according to a quarterly survey.
READ MORE
-
Additional BEAT regs. finalized
September 2, 2020The IRS issued final regulations on the base-erosion and anti-abuse tax, which was created by the Tax Cuts and Jobs Act to deter attempts to shift profits to foreign jurisdictions.
READ MORE
-
COVID-19 decisions create data dilemma for businesses
September 2, 2020The rush to set up and support remote working arrangements kept companies operating despite pandemic-related quarantines, but the swift shift to the cloud could mean that regulatory problems loom on the horizon. The first question that must be answered: Where is my data?
READ MORE
-
Regulations coming on S corporations with accumulated E&P and GILTI
September 2, 2020The IRS announced that it will issue regulations to allow S corporations with accumulated earnings and profits to elect to have global intangible low-taxed income inclusions increase the S corporation’s accumulated adjustments account.
READ MORE
-
TQAs discuss nongovernmental health care entities’ pandemic-related issues
September 2, 2020Technical Questions and Answers issued by the AICPA address nongovernmental health care entities’ accounting for governmental assistance related to the coronavirus pandemic.
READ MORE
-
TQAs address lease accounting for retirement communities
September 1, 2020Background and nonauthoritative guidance on lease accounting for continuing care retirement community Type A life care contracts is provided in Technical Questions and Answers (TQAs) published by the AICPA.
READ MORE
-
How to get Black female leadership talent into the C-suite
September 1, 2020Women, particularly Black women and other women of color, are a rare sight in executive leadership. A panel discussion at ENGAGE explores why and how to change it.
READ MORE
-
A new internet domain for the CPA profession: .cpa
September 1, 2020The AICPA and CPA.com are launching .cpa, a restricted Internet domain exclusively for licensed CPA firms and, beginning next year, individual CPAs. The new .cpa domain is designed to promote greater trust in firms’ online interactions with clients and the public.
READ MORE
-
IRS temporarily allows e-signatures on some forms
August 31, 2020The IRS identified a dozen forms for which is will accept e-signatures for the rest of the year. The forms covered include Form 8879, IRS e-file Signature Authorization, used for e-filing individual income tax returns.
READ MORE
-
Blockchain not seen transforming accounting processes — yet
August 31, 2020Blockchain is often misunderstood. For instance, there is not one blockchain but many. Similarly, there are many opinions about how blockchain will affect the practice of accounting. Participants in the our annual technology roundtable add their voices to the debate.
READ MORE
-
Guidance issued on payroll tax deferral
August 28, 2020The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.
READ MORE
-
How lenders should account for forgivable PPP loans
August 28, 2020The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the SBA, according to new Technical Question and Answer Guidance issued by the AICPA.
READ MORE
-
Proposal aims to enhance auditors’ risk assessment process
August 27, 2020A proposed standard by the AICPA Auditing Standards Board is designed to enhance auditors’ processes for identifying and responding to the risks of material misstatement in financial statements.
READ MORE
-
Tools to help nonfilers receive economic impact payments
August 27, 2020The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.
READ MORE
-
SEC changes disclosure rules, redefines 'accredited investors'
August 26, 2020The SEC voted to amend its rules for public company disclosures of the description of business, legal proceedings and risk factors. The commission also changed its definition of “accredited investor.”
READ MORE
-
Records-request duties clarified in AICPA ethics proposal
August 26, 2020AICPA members’ responsibilities when responding to client requests for client-provided records would be clarified under a proposal issued by the AICPA Professional Ethics Executive Committee that would amend the “Records Requests” interpretation in the AICPA Code of Professional Conduct.
READ MORE
-
New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs
August 25, 2020The SBA and Treasury published an interim final rule that provides clarity on Paycheck Protection Program loan forgiveness issues related to owner-employee compensation calculations and the eligibility of nonpayroll costs related to certain lease and property ownership scenarios.
READ MORE
-
Final regs. address new dividends received deduction and reporting rules
August 24, 2020The IRS finalized regulations and withdrew temporary regulations on the Sec. 245A dividend rules, as well as Sec. 954 and the reporting requirements for those new rules under Sec. 6038, which were all amended by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
IRS stops sending balance-due notices, corrects payroll tax penalties
August 24, 2020The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.
READ MORE
-
Video interview tips for forensic accountants and auditors
August 21, 2020Social distancing rules designed to stunt the growth of the COVID-19 pandemic have made it impossible, or at least impractical, to conduct in-person interviews for forensic and auditing engagements.
READ MORE
-
AICPA urges firms to schedule peer reviews as off-site deadline is extended
August 20, 2020The AICPA Peer Review Board voted to continue permitting remote system reviews for CPA firms without prior approval of the administering entity for system reviews commencing before June 30, 2021.
READ MORE
-
Promoting resilience helps firms and people in turbulent times
August 20, 2020Amid the coronavirus pandemic and social upheaval, taking a fresh look at your practice and leading with emotional intelligence can lead to improvements in business results and employee welfare.
READ MORE
-
Proposed regs. govern qualified plan loan rollovers
August 18, 2020The IRS issued proposed regulations explaining the extended rollover period that applies to qualified plan loan offsets after the rules were amended by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
IRS begins accepting e-filing of amended individual tax returns
August 18, 2020The IRS said it had launched its eagerly awaited program to accept Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically.
READ MORE
-
Auditors show resilience during pandemic, CAQ’s Lindsay says
August 17, 2020The effective response by public company auditors during the coronavirus pandemic has helped maintain the public’s faith in the capital markets, Center for Audit Quality Executive Director Julie Bell Lindsay said.
READ MORE
-
IRS posts information about check processing backlog and incorrect notices
August 17, 2020As the IRS works through its backlog of correspondence, it has posted information about checks it hasn’t cashed yet and notices that went out with incorrect dates.
READ MORE
-
FASB addresses valuation of private company share-based awards
August 17, 2020Private company share-based awards can be difficult to value because such shares often are not actively traded. FASB proposed guidance that is designed to make this valuation less costly and complex.
READ MORE
-
AICPA requests guidance on payroll tax deferral
August 13, 2020The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.
READ MORE
-
New PPP guidance addresses health insurance, EIDL, other issues
August 12, 2020Paycheck Protection Program issues related to health insurance, Economic Injury Disaster Loans and other matters were addressed in new guidance issued by the US Small Business Administration and Treasury.
READ MORE
-
Pandemic-related FAQs for health care entities
August 11, 2020Health care entities’ financial statement preparers and auditors can benefit from an FAQ document developed by the AICPA on issues related to the coronavirus pandemic.
READ MORE
-
AICPA encourages COVID-19 tax relief and issues new auditing standards
August 11, 2020Recent AICPA advocacy efforts have included requesting tax relief related to the coronavirus pandemic and issuing auditing standards related to audit evidence and auditing accounting estimates.
READ MORE
-
Final regs. issued on payments to charitable organizations
August 10, 2020The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
READ MORE
-
Executive order delays workers’ payroll tax payments
August 10, 2020President Donald Trump issued an executive order to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.
READ MORE
-
FASB simplifies accounting for convertible instruments, contracts in own equity
August 5, 2020FASB issued a new standard that is intended to simplify accounting for convertible instruments and contracts in an entity’s own equity.
READ MORE
-
New FAQs address PPP loan forgiveness issues
August 4, 2020The SBA and Treasury published guidance answering 23 frequently asked questions related to the forgiveness of loans issued under the Paycheck Protection Program.
READ MORE
-
TIGTA critiques IRS’s protection of taxpayer data
August 4, 2020The IRS continues to have challenges protecting taxpayer data, and especially ensuring that its various applications provide complete and accurate audit trails, according to the Treasury Inspector General for Tax Administration (TIGTA).
READ MORE
-
AICPA continues to ask Congress to include PPP deductibility in upcoming legislation
August 4, 2020In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.
READ MORE
-
Evaluating blockchain and internal control through a COSO lens
August 4, 2020Although blockchain technology creates new risks, organizations also can use it to improve risk management and create better controls.
READ MORE
-
Proposed rules govern carried interests
August 3, 2020The Irs issued proposed regulations under Sec. 1061, enacted by the law known as the Tax Cuts and Jobs Act, which requires owners of certain partnership interests to hold them for three years to be eligible for capital gain treatment.
READ MORE
-
Simplified accounting rules issued for small businesses
July 30, 2020The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
New CPA licensure model embraces core, deeper knowledge
July 30, 2020A new approach to CPA licensure that’s under development is designed to emphasize the core skills that matter most to CPAs while encouraging deeper exploration of a candidate’s passion. Laurie Tish, CPA, chair of the board of NASBA, explains what’s next in the CPA Evolution initiative.
READ MORE
-
PPP and pandemic-related tips for not-for-profits
July 30, 2020Not-for-profits face challenges related to funding, operations and strategy as a result of the coronavirus pandemic. These tips can help resolve issues related to the PPP, accounting and other topics.
READ MORE
-
IRS to allow faxing of automatic method change requests
July 30, 2020The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.
READ MORE
-
IRS issues business interest expense limitation guidance
July 29, 2020The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
READ MORE
-
Remove roadblocks to CAS practice growth
July 28, 2020Securing more buy-in for the CAS practice at the partner level and ensuring it is properly funded and staffed can help it take off.
READ MORE
-
Government financial reporting model would change under GASB proposal
July 27, 2020The Governmental Accounting Standards Board has proposed changes to the state and local government financial reporting model.
READ MORE
-
Guidance on recapture of excess employment tax credits
July 27, 2020The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.
READ MORE
-
CPA licensure model transformation will proceed after NASBA board vote
July 27, 2020The transformation of the CPA licensure model will continue after the National Association of State Boards of Accountancy’s board of directors voted unanimously on efforts to design and implement a new approach to CPA licensure.
READ MORE
-
Why Zoom meetings really do leave you exhausted
July 24, 2020Videoconferencing fatigue is just one of several types of technostress that have been plaguing workers since personal computers hit it big. The problem has grown worse due to the COVID-19 lockdowns, but Marc Staut of Boomer Consulting offers some remedies.
READ MORE
-
PPP forgiveness: No need to rush, and other tips
July 24, 2020Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.
READ MORE
-
What women need to rise in the accounting profession
July 24, 2020Women are more likely to succeed if they have role models, are able to find sponsors, and receive opportunities for training and high-profile assignments. Panelists at ENGAGE 2020 also discussed how barriers to advancement are intensified for women of color.
READ MORE
-
Provider Relief Funds included in audit determination, HHS says
July 23, 2020Nonfederal entities and for-profit entities are required to include Provider Relief Fund payments in the reported total annual federal fund expenditures that determine whether they meet the $750,000 threshold that triggers audit requirements, the US Department of Health and Human Services announced.
READ MORE
-
Underemployment spurs record drop in financial satisfaction
July 23, 2020The AICPA’s Personal Financial Satisfaction Index saw a record drop of 55% over last quarter. A 244% rise in underemployment was the factor most responsible for the decline, followed by drops in the CPA Outlook Index and job openings.
READ MORE
-
Answers to 4 common accounting and auditing questions
July 22, 2020New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.
READ MORE
-
How CPA financial planners can succeed with alternative fee models
July 22, 2020Financial planners who use hourly billing, subscription fees and other alternatives to the AUM billing model shared their experiences at the ENGAGE conference.
READ MORE
-
GILTI rules address income subject to high foreign tax rate
July 21, 2020The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.
READ MORE
-
AICPA urges Congress to act on PPP issues, other topics in pandemic legislation
July 20, 2020In a letter to congressional leaders on another round of pandemic aid legislation, the AICPA urged action on Paycheck Protection Program issues, tax obstacles to remote work, state and local government funding, and employer liability related to the coronavirus pandemic.
READ MORE
-
Three Lines Model for risk management gets major update
July 20, 2020The Institute of Internal Auditors issued a major update to the Three Lines of Defense model that has been popular in risk management and governance processes for years.
READ MORE
-
New AICPA tool automates PPP loan forgiveness process
July 20, 2020Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.
READ MORE
-
Fed expands Main Street Lending Program to more not-for-profits
July 17, 2020The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.
READ MORE
-
IRS updates annual Dirty Dozen tax schemes for 2020
July 17, 2020The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”
READ MORE
-
The 10 elements of financial statements, according to FASB
July 16, 2020The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.
READ MORE
-
IRS reinstates PTIN user fees
July 16, 2020The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.
READ MORE
-
Show clients empathy in uncertain times
July 16, 2020Two experienced CPA financial planners offer tips for reaching out to clients and helping to calm their fears.
READ MORE
-
AICPA issues nonauthoritative guidance on auditing digital assets
July 16, 2020Accounting firms should consider many factors when considering whether to accept auditing engagements that involve digital assets such as cryptoassets. Nonauthoritative guidance published by the AICPA helps firms evaluate whether such engagements are worth the risks.
READ MORE
-
Partnership form being redesigned for 2021
July 15, 2020The IRS proposes modifying the partnership form (Form 1065) to help standardize the format of international tax items.
READ MORE
-
Advice for firms thinking about reopening
July 15, 2020Firms planning to reopen their offices in the near future share what steps they’re taking first, and offer advice for other organizations that have made the difficult decision to return to in-person work.
READ MORE
-
Pandemic issues for government financial statement preparers and auditors
July 14, 2020The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.
READ MORE
-
Remote work after the pandemic
July 13, 2020The COVID-19 pandemic forced many businesses to rapidly ramp up their reliance on remote work, and many employees will continue to work from home even after offices reopen. Jim Boomer, CPA/CITP, and Jessica Battaglia share advice for crafting a long-term remote work strategy.
READ MORE
-
A product pivot and PPP success in the early days of the pandemic
July 13, 2020A pivot to producing a different type of alcohol as well as successful application for a PPP loan meant that Sons of Liberty could continue to pay its staff and gave it time to reimagine its business model.
READ MORE
-
SBA closes EIDL Advance program after granting $20 billion
July 13, 2020The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.
READ MORE
-
Accounting estimates and disclosures addressed in new auditing standard
July 10, 2020New guidance issued by the AICPA Auditing Standards Board provides practitioners with guidance on one of their most difficult tasks — auditing accounting estimates and related disclosures.
READ MORE
-
FDII and GILTI regulations finalized
July 9, 2020The IRS issued final regs. on the foreign-derived intangible income deduction and the global intangible low-taxed income provisions enacted by the TCJA.
READ MORE
-
How to report coronavirus paid sick leave and family leave to employees
July 9, 2020The IRS issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act.
READ MORE
-
FASB proposes delay of insurance standard effective date
July 9, 2020FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.
READ MORE
-
New audit evidence standard recognizes evolving nature of business
July 9, 2020The AICPA Auditing Standards Board issued a new standard that recognizes the evolving nature of business, including use of technology.
READ MORE
-
2020 depreciation limits for cars and trucks are issued
July 8, 2020The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.
READ MORE
-
EIDL pandemic assistance facts for CPAs
July 8, 2020Economic Injury Disaster Loans can provide small businesses with low-interest pandemic assistance over a 30-year term. To help their businesses and clients, CPAs need to understand the key terms that these loans provide.
READ MORE
-
Strategies for CPAs to encourage positive changes in diversity
July 7, 2020A surge in passion on issues of racial justice, diversity and inclusion has led to opportunities for CPAs to lead meaningful change. Members of the AICPA National Commission on Diversity and Inclusion share best practices for CPAs who are eager to support change.
READ MORE
-
Be the kind of boss employees want to work for
July 7, 2020Managers can improve retention by finding the right way to motivate their employees, said ENGAGE 2020 speaker Liz Mason, CPA, the CEO and founder of High Rock Accounting. Choosing the right communication style and making employees feel supported are two more ways for managers to up their game, Mason said.
READ MORE
-
A 6-point security checkup for working from everywhere
July 7, 2020Quarantines prompted by the coronavirus pandemic have forced many organizations to deploy and configure technology to support 100% remote work and/or a mix of working remotely on certain days.
READ MORE
-
SBA, Treasury release names of some PPP recipients
July 6, 2020The SBA and Treasury published a trove of loan-level data about the Paycheck Protection Program. The release includes the names of all PPP recipients that received loans for $150,000 or more.
READ MORE
-
Consolidated groups get NOL guidance
July 6, 2020The IRS issued proposed and temporary regulations explaining how consolidated groups should apply the changes to the net operating loss rules enacted by the CARES Act.
READ MORE
-
GASB issues pandemic-related accounting guidance
July 6, 2020GASB issued a technical bulletin to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the pandemic.
READ MORE
-
The art of the client email
July 2, 2020Here are nine tips from CPAs on how to get their emails noticed in clients’ inboxes and how to communicate more effectively and efficiently.
READ MORE
-
Trump signs 5-week PPP extension
July 1, 2020President Donald Trump signed a bill Saturday re-opening the application window for Paycheck Protection Program loans until Aug. 8. The five-week extension is intended to keep assistance available to struggling small businesses while Congress works on a new, more targeted program.
READ MORE
-
Auditors can play key role in ESG information assurance
July 1, 2020Public company auditors can play an important role in enhancing the reliability of company disclosures on environmental, social and governance information, according to a new Center for Audit Quality report.
READ MORE
-
GASB delves into financial statement elements, revenue and expense models
July 1, 2020GASB issued a proposed concepts statement on recognition of financial statement elements and a request for comment on preliminary views on revenue and expense recognition model proposals.
READ MORE
-
AICPA tax comment letters include pandemic-related advocacy
July 1, 2020The AICPA Tax Policy and Advocacy team produced six tax-related comment letters in June with a goal of assisting accounting professionals and taxpayers.
READ MORE
-
PPP lender accounting issues addressed by new TQAs
June 30, 2020New Technical Questions and Answers issued by the AICPA discuss accounting issues lenders have encountered related to the Paycheck Protection Program.
READ MORE
-
IRS will not postpone July 15 deadline
June 30, 2020The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15.
READ MORE
-
PPP: Client forgiveness services Q&As for CPAs
June 30, 2020Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.
READ MORE
-
How COVID-19 taught new ways to work
June 29, 2020Changes once considered radical have become the norm in the accounting profession. Firm leaders share their lessons learned.
READ MORE
-
New PPP guidance addresses maturity dates, loan amounts
June 27, 2020Updated guidance issued by the Treasury Department and the U.S. SBA addresses PPP loan maturity dates for all borrowers as well as maximum loan amounts for certain self-employed individuals.
READ MORE
-
How to handle the 2020 PTO backlog
June 26, 2020With few employees taking extended time off this summer due to the coronavirus pandemic, firms will inevitably face scheduling challenges as the year ends.
READ MORE
-
Handling nondisclosure compilations amid the pandemic
June 26, 2020Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.
READ MORE
-
Quiz: Are you ready to audit these areas of heightened risk?
June 24, 2020The coronavirus pandemic has increased risk in certain areas of the audit for clients with 2020 year ends. Take this quiz to see if you are ready to audit these areas.
READ MORE
-
Strategies for addressing pandemic-related audit risks
June 24, 2020Audit risk assessments and sampling procedures may need to change as a result of the coronavirus pandemic, according to Lynford Graham, CPA, Ph.D.
READ MORE
-
PPP recipients can apply early for loan forgiveness, SBA says
June 23, 2020New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.
READ MORE
-
Rollover relief for required minimum distributions
June 23, 2020The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
READ MORE
-
GASB addresses component units, deferred compensation plans
June 23, 2020GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.
READ MORE
-
Your peer review has been extended — now what?
June 22, 2020CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.
READ MORE
-
FASB Q&As address application of taxonomy to pandemic disclosures
June 22, 2020FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.
READ MORE
-
Proposed regs. explain disallowed transportation fringe benefits
June 22, 2020The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
READ MORE
-
SBA, Treasury to publish names of some PPP loan recipients
June 20, 2020The SBA and Treasury announced an agreement with the bipartisan leaders of the Senate Small Business Committee to publish the names and amount ranges for all recipients of Paycheck Protection Program loans of $150,000 or more.
READ MORE
-
SBA launches tool to match underserved borrowers with PPP lenders
June 19, 2020The SBA, citing the impending June 30 deadline for Paycheck Protection Program applications, said that it has restarted an online referral program to match small businesses and not-for-profits with a select group of specialized and small lenders.
READ MORE
-
Heading off Paycheck Protection Program fraud
June 19, 2020Accountants can play a role in making sure the money set aside to help small business goes to the right places.
READ MORE
-
Lease accounting effective date deferred for federal entities
June 19, 2020Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.
READ MORE
-
Guidance on how to take CARES Act distributions from qualified plans
June 19, 2020The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
READ MORE
-
17 strategic questions to answer before reopening
June 17, 2020Firms must consider strategic as well as practical issues as they reopen. These questions can help you think through some of these issues and point you toward ways to preserve positive changes made during the lockdowns.
READ MORE
-
New PPP loan forgiveness applications released
June 17, 2020The U.S. Small Business Administration and Treasury released a revised loan forgiveness application for the Paycheck Protection Program that reflects recent changes made by Congress to make the program more borrower-friendly.
READ MORE
-
Pandemic considerations for EBP financial statements
June 17, 2020The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.
READ MORE
-
How to deliver the news of furloughs and layoffs
June 17, 2020Transparency and sensitivity are important when managers have to tell employees about job cuts, and these tips can help prepare you for that communication.
READ MORE
-
15 questions firm leaders should ask before returning to the office
June 16, 2020Reopening your physical office is not a decision to take lightly. Here’s an overview of the many issues firm leaders need to consider when developing a plan to reopen.
READ MORE
-
Steps to take to prepare for a recession
June 16, 2020Establishing an emergency fund is the tactic that CPA financial planners most recommend Americans take to help prepare for a downturn.
READ MORE
-
Fed expands program to help large employers
June 15, 2020The Federal Reserve will begin buying individual corporate bonds on the secondary market in a move designed to make more credit available for large employers.
READ MORE
-
Preparing for future health needs
June 15, 2020As trusted advisers in their clients’ lives, CPAs can play an important role in long-term health planning.
READ MORE
-
Why accountants should embrace 'More with Less'
June 15, 2020Hard trends accelerated by the COVID-19 pandemic means that the mantra “More with Less” should become a rallying cry for the accounting profession. What does More with Less mean?
READ MORE
-
CFOs’ top 5 lessons for handling coronavirus crisis
June 14, 2020Three experienced finance leaders share what they have learned and what they are doing to deal with turmoil and uncertainty.
READ MORE
-
Q&A: Advocating for justice, diversity, and inclusion
June 12, 2020Amid tense and uncertain times, two leaders of the National Association of Black Accountants describe their emotions and a sense of hope that they can produce positive change in the accounting profession and their communities.
READ MORE
-
PPP provides a lifeline, but more may be needed
June 12, 2020With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.
READ MORE
-
Leave-based donation program available during pandemic
June 11, 2020The IRS announced that employers may make donations this year to charitable organizations that provide relief to COVID-19 pandemic victims in exchange for personal leave that their employees forgo.
READ MORE
-
GASB proposes accounting guidance for CARES Act aid
June 11, 2020GASB issued a proposed technical bulletin that would help state and local governments account for funds they received from programs included in the CARES Act pandemic relief legislation.
READ MORE
-
Take care of your staff’s mental health during COVID-19
June 11, 2020Isolation, boredom, uncertainty, stress, and anxiety can all take a toll on staff’s mental health during the pandemic. Try these tactics to support staff and boost their spirits during difficult times.
READ MORE
-
FASB addresses insurance, convertible instruments, gifts-in-kind
June 10, 2020FASB proposed delaying the effective date of its new long-duration insurance contracts standard. The board also voted to approve standards on improving convertible instruments and contracts in an entity’s own equity and not-for-profit accounting for gifts-in-kind.
READ MORE
-
AICPA issues guidance on accounting for forgivable PPP loans
June 10, 2020Nongovernmental entities have some options for accounting for forgivable loans under the Paycheck Protection Program, according to the AICPA’s new Technical Question and Answer guidance for borrowers.
READ MORE
-
Together, we can make a difference: A 12-step plan to address racism and unconscious bias
June 9, 2020Increased resources and focus will be needed to address the consequences of systemic racism and unconscious bias, writes Kimberly Ellison-Taylor, CPA, CGMA, a former AICPA chairman who is executive director, Finance Thought Leadership for Oracle.
READ MORE
-
Rules proposed for direct primary care arrangements, health care sharing ministries
June 9, 2020The IRS issued proposed regulations defining direct primary care arrangements with doctors and health care sharing ministries and how payments for them can qualify as Sec. 213 medical expenses.
READ MORE
-
Fed expands Main Street Lending Program to more businesses
June 8, 2020The Federal Reserve Board announced revisions to the Main Street Lending Program that make it possible for more small and midsize businesses to receive financial support.
READ MORE
-
AICPA recommends changes to e-signature requirements
June 8, 2020In a letter to the IRS, the AICPA asked the IRS to permanently amend its electronic signature procedures to make it easier for taxpayers and practitioners to e-file all types of returns.
READ MORE
-
Partial PPP loan forgiveness remains if 60% threshold not met
June 8, 2020Paycheck Protection Program loan recipients can receive partial loan forgiveness even if they don’t spend at least 60% of their PPP funds on payroll, Treasury and the US Small Business Administration said.
READ MORE
-
GASB addresses subscription-based technology arrangements
June 5, 2020GASB issued a standard that specifically addresses accounting and financial reporting for subscription-based technology arrangements used by state and local governments.
READ MORE
-
4 key COVID-19 audit risks for 2020 year ends
June 5, 2020The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, legal compliance, and accounting estimates. Here’s how auditors can address these risks.
READ MORE
-
Qualified opportunity zone rules are relaxed
June 5, 2020In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
READ MORE
-
Falling demand, safety concerns fuel finance leaders’ pessimism
June 4, 2020Optimism reigned for years in a quarterly survey of finance decision-makers, but the COVID-19 pandemic changed everything.
READ MORE
-
PPP forgiveness changes coming as Senate passes House bill
June 4, 2020The Senate passed a House bill that gives small businesses and other entities that received loans from the Paycheck Protection Program 16 additional weeks to spend the funds and qualify for full forgiveness of the loans.
READ MORE
-
IRS permits remote signatures for plan loan consents
June 3, 2020In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
READ MORE
-
FASB issues limited revenue recognition, lease accounting delays
June 3, 2020FASB issued an option to delay implementation of the board’s revenue recognition and lease accounting standards for certain entities that have not yet applied the standards.
READ MORE
-
How the CARES Act has affected business valuation
June 2, 2020Legislation designed to help businesses during the coronavirus pandemic has created new issues for CPAs and other valuation specialists to consider. New AICPA FAQs address these valuation concerns.
READ MORE
-
Protecting seniors from COVID-19 fraud
May 29, 2020CPAs can help thwart bad actors from cashing in on seniors during the global pandemic.
READ MORE
-
House passes bill that would relax PPP forgiveness requirements
May 28, 2020The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.
READ MORE
-
E-filing of Form 1040-X coming this summer
May 28, 2020The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
READ MORE
-
$10 billion from PPP pledged to lenders to underserved communities
May 28, 2020Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.
READ MORE
-
Social Security fraud boosted by COVID-19 fears
May 28, 2020CPAs can spread the word on the newest version of a longtime fraud ploy.
READ MORE
-
Final regs. address reporting by tax-exempt organizations
May 27, 2020The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.
READ MORE
-
UAA Model Rule changes proposed in support of CPA Evolution
May 27, 2020The Uniform Accountancy Act Model Rules would be changed to support CPA Evolution under an exposure draft issued by the National Association of State Boards of Accountancy.
READ MORE
-
When planning for a natural disaster, don’t forget about your finances
May 27, 2020Margaret Poster, CPA, shares advice for making sure your finances are in shape in the event of a disaster.
READ MORE
-
COSO provides new guidance on risk appetite
May 26, 2020The Committee of Sponsoring Organizations of the Treadway Commission has published new guidance on risk appetite and its critical links with strategy and decision-making.
READ MORE
-
Premium tax credit unaffected by personal exemption decrease to zero
May 26, 2020The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
READ MORE
-
PPP forgiveness guidance issued as Congress mulls changes
May 25, 2020The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.
READ MORE
-
IAASB addresses pandemic issues in audit practice alert
May 22, 2020The International Auditing and Assurance Standards Board highlighted key areas of focus for auditor reporting related to the coronavirus pandemic in an audit staff practice alert.
READ MORE
-
What to do with your stimulus check
May 22, 2020Many Americans will receive stimulus money to help them weather the pandemic, but what they do with that money will depend on whether they need it right away or can afford to set some aside. CPA financial planners offer advice on how to make the best use of stimulus funds.
READ MORE
-
SEC amends disclosure rules for acquisitions and disposals
May 21, 2020The SEC voted to amend its rules and forms for disclosing financial information about acquired or disposed businesses.
READ MORE
-
AICPA Council supports advancement of new CPA licensure model
May 20, 2020The AICPA governing Council voted to support advancement of a new CPA licensure model that is designed to maintain the credential’s relevance long into the future.
READ MORE
-
HSA contribution limits increase for 2021
May 20, 2020The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
READ MORE
-
FASB votes to delay revenue recognition effective date for private companies
May 20, 2020The FASB voted to delay the effective date of its revenue recognition standard for nonpublic entities that have not yet issued their financial statements. Challenges related to the coronavirus pandemic led to the delay.
READ MORE
-
Essential documents clients must update during COVID-19
May 19, 2020Now, more than ever, it’s important to ensure clients’ wills, health care powers of attorney, and other estate planning documents are current.
READ MORE
-
IRS mobilizing 3,500 phone operators to answer stimulus questions
May 18, 2020With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.
READ MORE
-
Tips for audit committees during the pandemic
May 18, 2020Strong oversight from audit committees can help companies stay on the right track as they work to survive and thrive through the coronavirus pandemic. These tips can help audit committees serve effectively.
READ MORE
-
SBA releases PPP forgiveness form but AICPA urges more detail
May 16, 2020An application form and instructions released by the US Small Business Administration are designed to assist borrowers as they apply for Paycheck Protection Program loan forgiveness.
READ MORE
-
Quiz: Are you ready to audit during the pandemic?
May 15, 2020Take this quiz to find out if you’re prepared to navigate issues such as remote audit procedures and going concern evaluations amid the pandemic.
READ MORE
-
SBA allows increased PPP loans to partnerships, extends safe harbor to May 18
May 14, 2020The U.S. Small Business Administration (SBA) issued a new interim final rule opening the door for lenders to increase existing Paycheck Protection Program loans to partnerships and seasonal employers.
READ MORE
-
What CPAs should consider before deferring ASB reporting standards
May 14, 2020The AICPA Auditing Standards Board delayed the effective dates of seven new standards as a result of the coronavirus pandemic. Here’s what auditors need to know about the standards and their delay.
READ MORE
-
Final regs. clarify when interest in corporation is stock vs. debt
May 13, 2020The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt.
READ MORE
-
SBA provides safe harbor for PPP loans under $2 million
May 13, 2020The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.
READ MORE
-
Proposed rules govern deductions and reporting for restitution
May 13, 2020The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
A tale of the PPP tape: Why relationship building matters
May 13, 2020The number of small businesses receiving Paycheck Protection Program loans can be linked to the number that had bank financing before the pandemic, data from the Federal Reserve Bank of New York shows.
READ MORE
-
IRS allows midyear changes to health coverage, dependent care elections
May 12, 2020In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses.
READ MORE
-
AICPA, small business advocates call for clarity in PPP rules
May 12, 2020The AICPA joined with other organizations that advocate for small businesses to urge the US Small Business Administration to provide clarity related to Paycheck Protection Program funds.
READ MORE
-
Options for clients with student loans during the pandemic
May 12, 2020Here’s a rundown of the relief the CARES Act offers for student loan borrowers, who is eligible for it and what clients can do if they’re not covered by the CARES Act or if they’ve become unemployed or had their hours reduced.
READ MORE
-
Be wary of charity requests in wake of COVID-19
May 12, 2020Accountants can remind clients of bad actors who pop up in times of crisis.
READ MORE
-
Coronavirus concerns for ESOPs and ESOP auditors
May 11, 2020Employee stock ownership plans, their sponsors, and auditors all face new challenges and risks related to the coronavirus pandemic.
READ MORE
-
Taxpayers must act soon for direct deposit of stimulus payments
May 8, 2020The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.
READ MORE
-
Pandemic-related CPE exceptions granted to auditors under GAGAS
May 8, 2020Auditors performing engagements under government auditing standards were granted relief from certain CPE requirements by the US Government Accountability Office as a result of the coronavirus pandemic.
READ MORE
-
GASB delays effective dates of recent pronouncements
May 8, 2020GASB is giving state and local governments extra time to implement much of its recently issued guidance as a result of the coronavirus pandemic.
READ MORE
-
How to have hard client conversations during a crisis
May 8, 2020A four-step approach can help CPAs facilitate the difficult, often emotional conversations needed to help their clients find their way to calmer waters.
READ MORE
-
Trusts and estates are permitted certain deductions
May 8, 2020The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions.
READ MORE
-
As cash worries persist, companies ponder cuts, investments
May 8, 2020Revenue declines are chief on the minds of finance professionals in an April survey. More than half of finance professionals expect business operations to return to normal in the fourth quarter or later.
READ MORE
-
Overcoming site visit limitations in the pandemic
May 8, 2020The coronavirus pandemic has made site visits challenging for many auditors. Remote auditing techniques can help practitioners perform high-quality engagements during this difficult time.
READ MORE
-
6-month delay granted for peer reviews
May 7, 2020The AICPA Peer Review Board voted to grant automatic six-month extensions for peer reviews, corrective actions and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year.
READ MORE
-
AICPA proposes broad range of tax relief to aid economic recovery
May 7, 2020The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.
READ MORE
-
SBA extends safe harbor for returning PPP funds
May 6, 2020The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.
READ MORE
-
Effective dates extended for 3 AICPA ethics interpretations
May 6, 2020As a result of the coronavirus pandemic, the AICPA Professional Ethics Executive Committee voted to extend by one year the effective dates of AICPA ethics interpretations on information systems services, state and local government client affiliates and leases.
READ MORE
-
AICPA supports bill that would make PPP-funded expenses deductible
May 6, 2020A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.
READ MORE
-
Materiality concepts clarified for federal entities
May 4, 2020A new accounting standard for federal government entities is designed to define the concept of materiality more precisely.
READ MORE
-
SEC temporarily expands access to crowdfunding
May 4, 2020Responding to the coronavirus pandemic, the SEC said it has temporarily amended rules to provide established smaller companies with opportunities to meet their urgent funding needs through Regulation Crowdfunding.
READ MORE
-
EIDL loan portal reopens for agricultural businesses only
May 4, 2020The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.
READ MORE
-
SBA issues PPP guidance on laid-off employees who refuse to be rehired
May 4, 2020Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.
READ MORE
-
AICPA challenging nondeductibility of PPP-related expenses
May 1, 2020The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.
READ MORE
-
AICPA urges release of PPP loan forgiveness guidance
May 1, 2020The AICPA issued an “urgent call” for the Treasury Department and the US Small Business Administration to release guidance on Paycheck Protection Program (PPP) loan forgiveness calculations.
READ MORE
-
ASB formally issues deferral of effective dates
May 1, 2020The AICPA Auditing Standards board formally extended the effective dates Friday of seven new auditing standards because of concerns related to the coronavirus pandemic.
READ MORE
-
PLR and other requests for IRS guidance can now be sent electronically
April 30, 2020The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.
READ MORE
-
AICPA tackles many issues in coronavirus advocacy
April 30, 2020As the coronavirus pandemic became a public health menace and damaged the economy, the AICPA took the lead in advocating for relief on behalf of the accounting profession and the public.
READ MORE
-
CARES Act QIP change requires action
April 29, 2020Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.
READ MORE
-
SBA to accept PPP loans only from smallest lenders for 8 hours today
April 29, 2020From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.
READ MORE
-
AICPA makes PPP loan forgiveness recommendations
April 29, 2020The AICPA issued a series of recommendations it would like to see the U.S. Small Business Administration adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP).
READ MORE
-
SBA, Treasury ban use of RPA to submit PPP loans
April 28, 2020Treasury and the U.S. Small Business Administration said they will no longer accept Paycheck Protection Program (PPP) loan applications prepared by robotic process automation (RPA) systems.
READ MORE
-
AICPA recommends federal loans backed by accounts receivable
April 28, 2020The AICPA, citing a continuing need for short-term liquidity in the marketplace, recommended the creation of a federally backed lending facility that would provide loans to small businesses that pledge their future receivables.
READ MORE
-
FASB staff Q&As address hedge accounting amid the pandemic
April 28, 2020FASB’s staff published Q&As to address issues related to hedge accounting during the coronavirus pandemic.
READ MORE
-
SBA addresses how to calculate PPP loans, other issues
April 27, 2020Guidance from the US Small Business Administration on how to calculate Paycheck Protection Program loan amounts and other issues was provided in advance of the SBA’s resumption of accepting applications from participating lenders.
READ MORE
-
SBA warns that larger companies may not qualify for PPP loans
April 24, 2020New U.S. Small Business Administration guidance reminds larger companies of their responsibility to certify their eligibility for Paycheck Protection Program loans if they apply or have applied.
READ MORE
-
AICPA addresses CPA firm-lender issues related to PPP
April 24, 2020The AICPA made recommendations for the CPA firm-lender relationship for firms seeking to assist their clients with the Paycheck Protection Program.
READ MORE
-
Auditors displaying dedication during pandemic, CAQ’s Lindsay says
April 24, 2020Auditors are well prepared to work remotely, are supporting their staffs and community, and face an environment with heightened fraud risks, according to CAQ Executive Director Julie Bell Lindsay.
READ MORE
-
House approves additional funding for Paycheck Protection Program
April 23, 2020The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.
READ MORE
-
Prop. regs. would govern silo rules for exempt organizations
April 23, 2020The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
READ MORE
-
Financial satisfaction takes biggest dive since Great Recession
April 23, 2020Economic woes brought on by the coronavirus pandemic triggered the steepest quarterly decline in Americans’ personal financial satisfaction since the recession that began in 2008.
READ MORE
-
Tips for navigating CPA challenges related to PPP
April 22, 2020The Paycheck Protection Program has created a lifeline for small businesses — and challenges for CPAs. A new document published by the AICPA Center for Plain English Accounting contains guidance for CPAs to consider as they navigate these issues.
READ MORE
-
Perceptions about analytics-aided audit quality
April 22, 2020Audit firms are increasingly performing audits using data and analytics tools and techniques and have invested substantial resources in recent years into new technologies. However, auditors have expressed concerns about how external reviewers will scrutinize these approaches.
READ MORE
-
Effective dates of 3 AICPA ethics interpretations may be delayed
April 22, 2020The AICPA Professional Ethics Division staff is proposing a one-year delay in ethics interpretations on “Information Systems Services,” “State and Local Government Client Affiliates” and “Leases.”
READ MORE
-
Relief for tax residency impacts of COVID-19 travel disruptions
April 22, 2020Individuals and businesses can avoid having their prolonged stay in a country affect their tax residence if their cross-border travel was disrupted by the COVID-19 pandemic, under limited relief the IRS announced in two revenue procedures and FAQs.
READ MORE
-
Senate approves $370 billion in additional small business funding
April 21, 2020The Senate voted to approve a new coronavirus pandemic relief bill that includes $370 billion in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program.
READ MORE
-
Guidance sought on employee retention credit
April 21, 2020In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.
READ MORE
-
FASB’s relief proposal includes lease accounting delay for private companies
April 21, 2020FASB proposed pandemic relief actions that included a one-year delay in its lease accounting standard for private companies and most not-for-profits.
READ MORE
-
Deadline looms for nonfilers to register for child stimulus payments
April 21, 2020Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.
READ MORE
-
IRS explains how to file returns to receive economic impact payments
April 21, 2020The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.
READ MORE
-
The indirect impacts of COVID-19 on CPA firms
April 21, 2020When money is lost, those who are damaged will seek recourse from wherever they can find it, and CPAs can be high on that list of targets.
READ MORE
-
ASB delays effective dates of SASs No. 134–140
April 20, 2020A vote by the AICPA Auditing Standards Board delayed by one year the effective dates of seven private company auditing standards. Among other things, the standards are generally related to the AICPA’s new auditor reporting rules.
READ MORE
-
GASB issues guidance on accounting for P3s and APAs
April 20, 2020GASB issued guidance that is intended to improve state and local governments’ accounting for public-private and public-public partnership arrangements as well as availability payment arrangements.
READ MORE
-
IRS posts FAQs on paid sick and family leave
April 17, 2020The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.
READ MORE
-
Veterans Affairs recipients to receive automatic economic impact payments
April 17, 2020Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.
READ MORE
-
How to take retroactive 100% bonus depreciation on QIP
April 17, 2020The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).
READ MORE
-
How the COVID-19 crisis is leading to lasting change
April 17, 2020The COVID-19 crisis has caused pain, loss and overwhelming gloom. It also is leading to lasting change in the workplace, which may be fundamentally different in many ways after the crisis ends.
READ MORE
-
PCAOB seeks feedback on critical audit matters requirement
April 17, 2020The PCAOB is requesting input to inform its analysis of its new critical audit matters requirements.
READ MORE
-
SBA stops accepting PPP applications after funding runs out
April 16, 2020The U.S. Small Business Administration stopped accepting applications for the Paycheck Protection Program after exhausting the initial $349 billion in funding provided by Congress to fund forgivable loans to small businesses impacted by the COVID-19 pandemic.
READ MORE
-
SSI recipients to receive stimulus payments; dependent payments require extra step
April 16, 2020The IRS announce that Supplemental Security Income (SSI) recipients will receive automatic stimulus payments, but some taxpayers need to enter information about qualifying children.
READ MORE
-
Pandemic alters lease accounting landscape
April 16, 2020The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease accounting standard as well as an environment in which lease concessions may lead to new accounting considerations.
READ MORE
-
GASB proposes postponing effective dates due to pandemic
April 15, 2020GASB issued a proposal that would postpone by one year the effective dates of most GASB statements and implementation guides due to be implemented for fiscal years 2019 and later.
READ MORE
-
PTIN fee will be lower when it is reinstated
April 15, 2020The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.
READ MORE
-
IRS launches website for tracking stimulus payments
April 15, 2020The IRS announced the launch of its “Get My Payment” website, which is designed to permit people who filed tax returns to enter their direct deposit information and check the status of their $1,200 stimulus payment.
READ MORE
-
SBA publishes new PPP guidance for the self-employed and general partners
April 14, 2020The US Small Business Administration issued guidance for independent contractors, sole proprietors and others with self-employment income to apply for forgivable loans under the $349 billion Paycheck Protection Program.
READ MORE
-
Tips for auditing with changed controls during the pandemic
April 13, 2020Because business volume and activities have changed significantly for many clients, auditors face new challenges related to auditing with changes in internal control. Here’s how practitioners can adjust to the changes and deliver a high-quality audit.
READ MORE
-
Key facts about the Fed’s $2.3 trillion loan initiative
April 13, 2020CPAs should pay careful attention to the new $600 billion Main Street Lending Program for small and midsize businesses and a couple of tweaks that might encourage more banks to participate in the $349 billion Paycheck Protection Program.
READ MORE
-
Business interest expense election guidance for farming, real estate
April 13, 2020Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year.
READ MORE
-
CPA Exam testing center closings extended through May 1
April 10, 2020Testing centers for the CPA Exam in the United States and Canada will remain closed through May 1, exam provider Prometric announced.
READ MORE
-
IRS launches tool for nonfilers to receive stimulus payments
April 10, 2020The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low.
READ MORE
-
FASB issues Q&As to clarify pandemic lease accounting issues
April 10, 2020FASB posted a Q&A document to clarify questions about lease accounting that have arisen during the coronavirus pandemic.
READ MORE
-
Guidance on NOL carryback and tentative carryback adjustments
April 10, 2020The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.
READ MORE
-
IRS grants broad coronavirus-related tax relief
April 9, 2020The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.
READ MORE
-
5 steps for advising clients during COVID-19 crisis
April 9, 2020With the COVID-19 pandemic causing unprecedented economic turmoil, small businesses need financial guidance and expertise more than ever before. CPAs and firms can provide that assistance by following a five-step process.
READ MORE
-
Partnerships can file amended returns to get CARES Act benefits
April 8, 2020To allow those partnerships to take advantage of the beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security Act, the IRS is allowing partnerships to file amended returns for 2018 or 2019.
READ MORE
-
SEC updates staff guidance on shareholder meetings
April 8, 2020Responding to travel, mailing and other issues caused by the COVID-19 pandemic, the SEC has published updated staff guidance on shareholder meetings for companies and other issuers of public stock.
READ MORE
-
FASB staff clarifies lease modifications, other pandemic accounting issues
April 8, 2020Accounting challenges related to the coronavirus pandemic have resulted in numerous questions for FASB from financial statement preparers and practitioners. Shayne Kuhaneck, FASB’s acting technical director, answered some of these questions during the board’s meeting.
READ MORE
-
FASB effective date delay proposals to include private company lease accounting
April 8, 2020The delays would apply to the effective date of its revenue recognition standard for nonpublic franchisors and the effective dates of its lease accounting standard for private companies and public and private not-for-profits.
READ MORE
-
AICPA issues audit and accounting guidance FAQs on COVID-19
April 8, 2020The AICPA has published a new report providing nonauthoritative guidance on frequently asked accounting and auditing questions related to the coronavirus pandemic.
READ MORE
-
ASB completes alignment of GAAS with new auditor reporting standards
April 8, 2020With the release of Statement on Auditing Standards No. 140, the AICPA Auditing Standards Board has completed its yearlong effort to conform generally accepted auditing standards with the provisions of its new auditor reporting standards.
READ MORE
-
Regulators urge lenders to work constructively with borrowers
April 8, 2020Federal regulators encouraged financial institutions to work constructively with borrowers affected by the coronavirus pandemic. The statement also provided additional information regarding loan modifications.
READ MORE
-
AICPA posts 20 FAQs on tax filing relief
April 8, 2020The AICPA posted FAQs explaining the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has recommended that the IRS and Treasury Department expand the scope of recently announced taxpayer relief.
READ MORE
-
4 ways to reduce anxiety and social isolation
April 7, 2020The COVID-19 pandemic is putting people worldwide under rarely seen levels of stress. What can you do to cope? Learn about a four-pronged approach that might bring some relief.
READ MORE
-
AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program
April 7, 2020The Treasury and the SBA released 18 FAQs to help facilitate funding of small businesses under the PPP. The AICPA applauds the additional clarity, which aligns with many of the recommendations recently made by the AICPA and an AICPA-led coalition.
READ MORE
-
ASB to consider one-year deferral of effective dates
April 6, 2020The AICPA Auditing Standards Board will consider on April 20 on whether to defer for one year the effective dates of Statements on Auditing Standards No. 134 through 140. The deferral is being considered to give firms relief amid the coronavirus pandemic.
READ MORE
-
Keeping clients informed during the COVID-19 crisis
April 6, 2020Five CPA firms of different sizes outline their plans for staying in touch with clients during the pandemic and ensuring they get the vital information they need.
READ MORE
-
CPAs providing billable advisory services to small business may not want to be an agent
April 6, 2020The AICPA issued a statement clarifying that the Coronavirus Aid, Relief, and Economic Security (CARES) Act prohibits CPAs and accounting firms from collecting fees from small business clients they help apply for Paycheck Protection Program (PPP) loans.
READ MORE
-
AICPA-led coalition supports gross pay approach as calculation standard for PPP loans
April 4, 2020An AICPA-led small business funding coalition, in conjunction with the National Payroll Reporting Consortium, issued a statement supporting the use of gross payroll based on 2019 data in calculations for Paycheck Protection Program pandemic relief loans.
READ MORE
-
CPAs support business owners during COVID-19 crisis
April 3, 2020Accountants weigh in on what their business-owner clients are going through and how they’re providing a reassuring voice and pragmatic advice during a challenging time.
READ MORE
-
Financial institutions using CARES Act deferrals won’t violate GAAP, SEC says
April 3, 2020Companies that elect to defer or suspend FASB rules for credit losses or troubled debt restructurings in accordance with the CARES Act will not be found in violation of GAAP.
READ MORE
-
SBA issues details for Paycheck Protection Program loans
April 3, 2020The US Small Business Administration has released an interim final rule providing additional guidance and requirements for the program. The final rule includes a number of changes, including a doubling of the loans’ interest rate from 0.5% to 1%.
READ MORE
-
Going concern tips for auditors during the pandemic
April 3, 2020The going concern basis of accounting is likely to be used more frequently as a result of the coronavirus pandemic. Here is what auditors need to know as they fulfill their duties related to going concern.
READ MORE
-
Social Security recipients will automatically receive stimulus payments
April 2, 2020The IRS announced that Social Security and Railroad Retirement benefit recipients will not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief, and Economic Security Act.
READ MORE
-
Creating webinars to answer client questions
April 2, 2020The coronavirus pandemic has unleashed a flood of tax, audit and other accounting-related questions. Webinars offer CPAs an efficient way to tackle topics affecting large numbers of clients, staff or other stakeholders.
READ MORE
-
GASB provides guidance for LIBOR transition
April 2, 2020GASB issued a standard that is designed to assist state and local governments in the transition away from existing interbank offered rates (IBORs) to other reference rates.
READ MORE
-
FASB to discuss effective date deferral requests in response to pandemic
April 1, 2020Deferral requests for significant accounting standards that are not yet effective will be among the topics FASB will discuss related to the coronavirus pandemic at its April 8 board meeting.
READ MORE
-
Employer tax credits form, employee retention credit guidance posted
April 1, 2020The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.
READ MORE
-
Addressing pandemic-related audit challenges
April 1, 2020Auditors face many new challenges as they work through the coronavirus pandemic. The AICPA Center for Plain English Accounting has posted new guidance on handling those challenges.
READ MORE
-
AICPA advocates on Wayfair burden, virtual currency taxation
April 1, 2020The AICPA voiced small businesses’ concerns with the fallout from the Wayfair decision and discussed taxation of virtual currency in separate events on March 3.
READ MORE
-
IRS waives failure-to-deposit penalties during pandemic
April 1, 2020The IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.
READ MORE
-
Enterprise risk management: More critical than ever
April 1, 2020The fast-moving, global reach of the coronavirus has illustrated that a forward-looking approach to risk management is more important than ever.
READ MORE
-
Applications for small business Paycheck Protection Program open April 3
March 31, 2020Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying Friday, April 3.
READ MORE
-
CPA Exam moves to 'continuous testing' model
March 31, 2020The National Association of State Boards of Accountancy announced a new model that will enhance candidates’ options for taking the CPA Exam beginning July 1.
READ MORE
-
Recovery rebate payments to be issued within 3 weeks
March 31, 2020The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.
READ MORE
-
Coronavirus fraud reporting resources
March 31, 2020Have you seen potential scams or fraud related to the COVID-19 pandemic? Here’s how to report possible crimes.
READ MORE
-
Gift and GST returns added to postponed tax and filing deadlines
March 27, 2020The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.
READ MORE
-
Coronavirus paid sick leave and family leave guidance issued
March 27, 2020The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.
READ MORE
-
Optional delay provided in regulatory capital transition to credit losses standard
March 27, 2020Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.
READ MORE
-
CPA Exam emergency testing period invoked
March 27, 2020An emergency testing period for the CPA Exam is being invoked as a result of the coronavirus pandemic. The 2020 second-quarter testing window is being extended from June 10 to June 30.
READ MORE
-
AICPA requests broader relief for taxpayers
March 26, 2020In a letter to Treasury and the IRS, the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.
READ MORE
-
CARES Act would delay compliance with FASB credit loss standard
March 26, 2020The federal economic stimulus bill passed by the Senate delays the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses.
READ MORE
-
GASB considers postponing effective dates
March 26, 2020GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.
READ MORE
-
How auditors can test inventory without a site visit
March 26, 2020Inventory counts for March 31 year-end financial statements are a challenge for auditors during the coronavirus outbreak. But there are a few methods that can provide sufficient appropriate evidence of inventory even when the auditor can’t make a site visit.
READ MORE
-
IRS announces more operational changes related to coronavirus
March 26, 2020The IRS announced that, under its People First Initiative, it was taking various actions to alter its activities beyond the tax filing and payment delay announced last week.
READ MORE
-
News quiz: Coronavirus dominates the cycle
March 26, 2020The news has been coming fast and furious in the past few weeks. The JofA has reported daily about the coronavirus pandemic and its effect on the accounting profession.
READ MORE
-
CARES Act tax provisions aim to stabilize pandemic-ravaged economy
March 25, 2020The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.
READ MORE
-
SEC extends pandemic-related relief
March 25, 2020The Securities and Exchange Commission announced that it has extended coronavirus-related filing relief provided to public companies, funds and investment advisers.
READ MORE
-
IRS posts FAQs about coronavirus-related filing and payment extensions
March 24, 2020The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.
READ MORE
-
IRS alters certain operations in effort to protect employees, taxpayers during outbreak
March 24, 2020To protect taxpayers and its employees, the IRS is scaling back its operations during the coronavirus pandemic to focus on mission-critical activities. Here’s a look at what services are being affected.
READ MORE
-
PCAOB provides firms opportunity for inspection relief
March 23, 2020A relief period of up to 45 days from PCAOB inspections will be available to audit firms that request relief. Firms that wish to use all or part of the 45-day period can reach out to their designated PCAOB inspections point of contact.
READ MORE
-
Practitioners seek further clarity on tax filing, payment delay
March 23, 2020Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.
READ MORE
-
Regulators clear way for certain loan modifications amid pandemic
March 22, 2020A move by regulators to ease certain restrictions for borrowers in good standing will facilitate loan modifications linked to the coronavirus pandemic. But borrowers will need to act fast to secure relief while still in good standing with their lenders, which has been defined as being less than 30 days past due on contractual payments at the time a modification is implemented.
READ MORE
-
AICPA-led coalition calls for small business funding
March 22, 2020An AICPA-led coalition is urging quick government action to avert layoffs and allow small businesses affected by the coronavirus pandemic to continue paying workers. A key step is a federal payroll funding account that small business payroll processors could use to get money directly to employees.
READ MORE
-
IRS provides guidance for April 15 filing delay
March 21, 2020The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.
READ MORE
-
Coronavirus and financial reporting: Report addresses key issues
March 20, 2020The coronavirus presents substantial challenges to financial statement preparers and the CPA firms that serve them related to subsequent events, accounting estimates and many other topics.
READ MORE
-
Final regulations address covered assets acquisition rules
March 20, 2020The IRS issued final regulations that govern covered asset acquisitions, which are used to increase foreign tax credits.
READ MORE
-
Tax filing deadline moving to July 15, Treasury secretary announces
March 20, 2020Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.
READ MORE
-
How small businesses can apply for SBA disaster loans
March 20, 2020Businesses and not-for-profits with fewer than 500 employees can seek to borrow up to $2 million to cover coronavirus-related loss of revenue in declared disaster areas.
READ MORE
-
Switch to virtual client meetings amid coronavirus fears
March 20, 2020CPAs who run virtual firms share their top tips for educating clients about online meetings and holding successful virtual meetings.
READ MORE
-
AICPA postpones ENGAGE 2020 due to coronavirus pandemic
March 19, 2020Concerns about the coronavirus pandemic have prompted the postponement of ENGAGE 2020, one of the largest accounting and finance conferences in North America.
READ MORE
-
PCAOB’s domestic inspections to continue remotely
March 19, 2020The Public Company Accounting Oversight Board will continue its inspections of domestic audit firms on a remote basis in response to the coronavirus outbreak.
READ MORE
-
Coronavirus relief bill contains tax credits for employers
March 19, 2020Here’s a look at the payroll tax credit provisions for employers in the coronavirus relief bill President Donald Trump signed on Wednesday.
READ MORE
-
Consumer confidence, spending are top coronavirus concerns
March 19, 2020The sudden onset of the coronavirus is testing many companies’ financial stability and emergency preparedness. But financial executives tend to believe their businesses are positioned to weather the storm.
READ MORE
-
AICPA expresses strong concern over lack of filing relief in coronavirus tax notice
March 18, 2020The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines.
READ MORE
-
Prometric closes CPA Exam test centers for 30 days
March 18, 2020Prometric’s CPA Exam test centers are closing for 30 days in the US and Canada to protect the health of test takers and staff during the coronavirus outbreak.
READ MORE
-
In focus: Map of coronavirus cases in the U.S.
March 18, 2020The COVID-19 outbreak that began in China has now spread globally. Here’s a view of reported cases in the U.S.
READ MORE
-
Treasury secretary announces 90-day delay in tax payment deadline
March 17, 2020Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
READ MORE
-
How the coronavirus may affect financial reporting and auditing
March 17, 2020The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.
READ MORE
-
What to do if staff can’t make it to the office
March 13, 2020As the coronavirus pandemic leads to staff scattering, here is expert advice on what firms can do to make remote working work.
READ MORE
-
Final regs. raise offer-in-compromise user fee
March 12, 2020The IRS issued final regulations raising the offer-in-compromise user fee from $186 to $205, a 10% increase instead of the increase to $300 included in proposed regulations.
READ MORE
-
FASB provides accounting relief for LIBOR transition
March 12, 2020Accounting for the transition away from the London Interbank Offered Rate and similar rates should be less complex as a result of a standard issued by FASB.
READ MORE
-
SEC exempts certain companies from ICFR attestation requirement
March 12, 2020The SEC issued amendments that exempt smaller reporting companies with less than $100 million in revenue from the requirement to obtain attestation of their internal control over financial reporting from an outside auditor.
READ MORE
-
High-deductible health plans can cover coronavirus testing, treatment
March 11, 2020To facilitate the nation’s response to COVID-19, the IRS issued guidance permitting high-deductible health plans to cover costs for testing and treating the virus without satisfying a deductible requirement.
READ MORE
-
Calming clients’ fears during the coronavirus outbreak
March 10, 2020How can CPAs deal with client anxieties during a time of uncertainty? The best steps include preparing them for unexpected events before they happen and acknowledging their concerns.
READ MORE
-
AU-C 800 series amended to conform with auditor reporting standard
March 10, 2020The AICPA Auditing Standards Board issued new guidance that is intended to align the AU-C 800 series with the board’s new standard on auditor reporting.
READ MORE
-
FASB makes narrow changes to financial instruments guidance
March 9, 2020FASB issued narrow changes to its guidance for financial instruments accounting, including the credit losses standard issued in 2016.
READ MORE
-
GASB addresses certain component unit criteria, deferred compensation plans
March 9, 2020A proposal issued by GASB addresses certain component unit criteria and accounting for certain Internal Revenue Code Sec. 457 deferred compensation plans.
READ MORE
-
35 questions for coronavirus planning
March 5, 2020Business leaders should be proactive in putting emergency plans in place in response to the spread of coronavirus. Here’s a checklist for organizations related to employees, customers, and vendors.
READ MORE
-
Coronavirus looms over positive economic outlook
March 4, 2020Projections for the next 12 months are generally positive, but concerns about the effect of the virus diminished that enthusiasm, according to a quarterly survey.
READ MORE
-
Conditional coronavirus relief provided by SEC
March 4, 2020The SEC said public companies that have trouble meeting filing obligations because of the coronavirus outbreak may qualify for regulatory relief under certain conditions.
READ MORE
-
Emotional impact of elder abuse outweighs the financial toll
March 4, 2020Fraud and financial abuse harm clients psychologically more than they do financially, according to the AICPA Personal Financial Planning Trends Survey.
READ MORE
-
How firms can advance women in the workplace
March 3, 2020Firms are taking proactive steps to attract, retain, and advance women. And firms that use modified work arrangements (MWAs) and formal advancement programs to achieve those goals report that the benefits are clear.
READ MORE
-
What companies are disclosing about coronavirus risks
March 2, 2020The coronavirus outbreak is causing significant disruptions to many companies’ supply chains and operations. Here’s how some companies are discussing risks related to the virus in corporate reporting.
READ MORE
-
FAF appoints Auchincloss to serve as executive director
February 27, 2020The Financial Accounting Foundation selected John Auchincloss, who had been serving as acting president following Terri Polley’s departure, for the foundation’s executive director post.
READ MORE
-
Supreme Court overturns consolidated group tax refund allocation rule
February 26, 2020The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.
READ MORE
-
Accounting profession leaders call for action against climate change
February 25, 2020Accounting body leaders from across the globe issued a call for action urging accounting professionals to put the fight against climate change at the forefront of their work.
READ MORE
-
Proposed regs. issued on meal and entertainment expense deductions
February 24, 2020The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
READ MORE
-
GASB proposes criteria for financial statement disclosures
February 21, 2020GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.
READ MORE
-
FASAB clarifies loss allowance for intragovernmental receivables
February 21, 2020A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.
READ MORE
-
News quiz: What the IRS proposes on withholding
February 20, 2020Recent news included the IRS’s latest proposed rules on withholding and results of a survey on professional licensing. See how much you know about the news (or catch up) with this short quiz.
READ MORE
-
AICPA requests clarity on Sec. 465 reporting relief
February 19, 2020The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.
READ MORE
-
No need to report some transactions in video game currency, IRS says
February 18, 2020Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
READ MORE
-
Quiz: Auditor independence and FASB’s revenue recognition standard
February 13, 2020Take this quiz to find out what kind of guidance auditors can provide without compromising their independence.
READ MORE
-
FASB to propose private company expedient for share-based payment accounting
February 12, 2020Accounting for employee share-based compensation could become less complex for private companies after FASB endorsed the decision by the Private Company Council to propose a practical expedient for nonpublic entities.
READ MORE
-
IRS proposes rules to update income tax withholding, revises Form W-4
February 12, 2020The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
READ MORE
-
ARSC further converges SSARSs with international standards and aligns closer with GAAS
February 11, 2020The AICPA’s Accounting and Review Services Committee issued a new Statement on Standards for Accounting and Review Services (SSARS) that further converges the standards for reviews of financial statements in AICPA Professional Standards with international standards for such engagements.
READ MORE
-
FASB proposes changes to not-for-profits’ reporting of gifts-in-kind
February 10, 2020The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.
READ MORE
-
Agreement provides mobility for CPAs, South African accountants
February 7, 2020Credentials for U.S. CPAs and South African chartered accountants have a path to be recognized in their respective countries under a new cross-border mutual recognition agreement.
READ MORE
-
New threats to CPA licensing posed in 2020 legislative year
February 5, 2020Legislative challenges to professional licensing standards are a threat to CPAs and other professionals. But a new survey indicates strong public support for licensing standards.
READ MORE
-
New GASB standard addresses lease accounting, OPEB, other issues
February 5, 2020Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed in an omnibus standard issued by GASB.
READ MORE
-
Final rules determine maximum vehicle values
February 4, 2020The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.
READ MORE
-
Electronic filing mandated for Sec. 501(c)(3) applications
January 31, 2020The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.
READ MORE
-
SEC proposes simplifying disclosure requirements
January 31, 2020The SEC voted to propose amendments that would simplify disclosure requirements and issued guidance on key performance indicators and metrics in MD&A.
READ MORE
-
6 tips for not-for-profit board members to improve volunteer retention
January 30, 2020Board members can help retain volunteers by making sure they are onboarded effectively, recognized and given a chance to advance.
READ MORE
-
ASB issues guidance on Global Investment Performance Standards
January 28, 2020The AICPA Auditing Standards Board has issued guidance for practitioners performing verification or performance examination engagements pursuant to the Global Investment Performance Standards.
READ MORE
-
Why audit firm leaders need to practice what they preach
January 24, 2020Audit quality is improved when firm leaders personally model the exemplary behaviors that they say they value, according to a new study backed by the AICPA Assurance Research Advisory Group.
READ MORE
-
News quiz: Taxes that didn’t make it into the new year
January 23, 2020See how much you know about recent news (or catch up on some of the latest) with this short quiz.
READ MORE
-
Americans’ financial satisfaction at all-time high
January 23, 2020Americans’ financial satisfaction hit an all-time high in the fourth quarter of 2019. Stock market gains coupled with declines in underemployment and loan delinquencies helped lift the index to new heights.
READ MORE
-
How firms are delivering value with audit data analytics
January 21, 2020Here’s how auditors can prepare themselves for this work, and what they need to explain to audit committees as they incorporate analytics into engagements.
READ MORE
-
Women’s initiatives: How the pilot programs worked
January 17, 2020Three women CPAs explain how a pilot program that aimed for diversity and inclusion helped transform their midsize accounting firms.
READ MORE
-
FASB clarifies interaction between standards
January 16, 2020FASB took action to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.
READ MORE
-
More taxpayers qualify for student loan COD relief
January 16, 2020The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
READ MORE
-
BlackRock CEO declares ‘fundamental reshaping of finance’
January 14, 2020Powerful institutional investor BlackRock will hold companies accountable for their disclosures of sustainability risks and for the policies that underpin them, Chairman and CEO Larry Fink wrote in an open letter to CEOs.
READ MORE
-
Confronting tariffs: Trade war tips for CPAs
January 10, 2020U.S. businesses can use a number of strategies to soften the impact of tariffs on their operations.
READ MORE
-
GASB selects Mauldin & Jenkins’s Black as next chair
January 7, 2020GASB has selected Joel Black, CPA, partner-in-charge of the audit practice at accounting firm Mauldin & Jenkins LLC in Atlanta, as its next chair.
READ MORE
-
Accounting for cloud computing: What you need to know
January 6, 2020Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.
READ MORE
-
SEC proposes updating auditor independence rules
January 2, 2020An SEC proposal is designed to amend rules that indicate auditor independence breaches in situations when no substantial threat to independence exists.
READ MORE
-
IRS issues 2020 standard mileage rates
January 2, 2020On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
READ MORE
-
AICPA proposes updates to material tested on CPA Exam
December 23, 2019Changes the AICPA is proposing to the CPA Exam Blueprints are designed to update the material tested on the CPA Exam to make sure it continues to represent the core knowledge and skills that newly licensed CPAs need to possess.
READ MORE
-
Qualified opportunity zone regs. finalized
December 20, 2019The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
READ MORE
-
Adaptive learning self-study enabled in new CPE provider rules
December 20, 2019Adaptive learning self-study programs are accommodated in new standards for continuing professional education providers that have been issued by NASBA and the AICPA.
READ MORE
-
Year-end government spending bill contains many tax provisions
December 19, 2019The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
READ MORE
-
EY’s Jones to succeed Golden as FASB chair
December 19, 2019Richard Jones, a 32-year veteran at EY, will succeed Russell Golden as the Financial Accounting Standards Board’s chair beginning in July.
READ MORE
-
5th Circuit invalidates health care law’s individual mandate
December 19, 2019The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
READ MORE
-
AICPA issues TQAs related to Sec. 163(j), GASB 84
December 19, 2019The AICPA issued separate Technical Questions and Answers to provide nonauthoritative guidance in response to the amendment of Internal Revenue Code Sec. 163(j) and related to GASB’s fiduciary activities guidance.
READ MORE
-
New FASB standard aims to simplify accounting for income taxes
December 18, 2019FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
READ MORE
-
SEC proposes expanding access to private markets
December 18, 2019The Securities and Exchange Commission issued a proposal that would provide more investors with access to private capital markets.
READ MORE
-
Proposal would delay lease accounting effective date for federal entities
December 18, 2019FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.
READ MORE
-
Proposed regs. would govern Sec. 162(m) executive compensation limits
December 17, 2019The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
READ MORE
-
How to handle accounting for digital assets
December 16, 2019A new practice aid published by the AICPA provides nonauthoritative guidance about how to account for digital assets under generally accepted accounting principles.
READ MORE
-
Guidance issued on payments to charitable organizations
December 16, 2019The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
READ MORE
-
How auditors can stay independent while advising on revenue recognition
December 13, 2019Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.
READ MORE
-
PCAOB’s 2020 inspection focus and audit quality tips revealed
December 11, 2019The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections.
READ MORE
-
FASB addressing liabilities and equity complexity, goodwill
December 10, 2019FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.
READ MORE
-
Partnership capital reporting requirements postponed until 2020
December 10, 2019The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).
READ MORE
-
AICPA seeks feedback on insurance working drafts
December 10, 2019The AICPA issued working drafts on accounting issues for insurance entities. When completed, the drafts will be included in AICPA Accounting and Auditing Guides.
READ MORE
-
Proposed CPA licensure model emphasizes core plus disciplines
December 10, 2019A newly proposed CPA licensure model developed by NASBA and the AICPA is designed to help newly licensed CPAs learn the skills and competencies they will need in the workplace of the future.
READ MORE
-
ASB proposes conforming amendments, addresses practice issues
December 10, 2019Sections of the ASB’s codification would be amended under a proposal to conform with recently issued standards on auditor reporting and the auditor’s responsibilities relating to other information included in annual reports.
READ MORE
-
Revenue recognition tips from the SEC staff
December 9, 2019Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.
READ MORE
-
How critical audit matters relate to critical accounting estimates
December 9, 2019Auditors of the largest public companies have included critical audit matters in their reports for the first time. Here are some of the SEC’s observations based on those reports.
READ MORE
-
ASB aligns with other US standard setters on materiality
December 5, 2019The AICPA Auditing Standards Board has amended its concept of materiality to match the definition used by the U.S. judicial system and other US standard setters.
READ MORE
-
New standard adds flexibility for agreed-upon procedures
December 5, 2019The barriers preventing CPAs from performing engagements providing certain agreed-upon procedures were removed when the AICPA Auditing Standards Board issued a standard providing more flexibility to practitioners.
READ MORE
-
Economic outlook: Not too hot, not too cold
December 4, 2019Finance decision-makers remain positive overall heading into 2020, but they continue to have concerns about hiring.
READ MORE
-
BEAT regs. are finalized, new regs. are proposed
December 3, 2019The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
Deadline for health care information statements extended
December 2, 2019As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.
READ MORE
-
FASB proposes changes aimed at improving codification
November 27, 2019FASB proposed minor changes as part of its annual effort to clarify and correct unintended application of its Accounting Standards Codification.
READ MORE
-
Per-diem method clarified in light of TCJA changes
November 26, 2019The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.
READ MORE
-
FASB issues narrow-scope changes to credit losses standard
November 26, 2019An Accounting Standards Update makes improvements to certain technical and other aspects of implementing FASB’s new accounting standard for credit losses.
READ MORE
-
California proposes guidance for privacy law
November 26, 2019The California attorney general’s office is seeking feedback on proposed regulations on the California Consumer Privacy Act, which will become the nation’s toughest data privacy law when it goes into effect Jan. 1.
READ MORE
-
Final regs. eliminate estate and gift tax clawback
November 25, 2019The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.
READ MORE
-
News quiz: IRS announces adjustments and limits
November 21, 2019See how much you know about the news or catch up with what has happened with this short quiz.
READ MORE
-
Valuation in spotlight as SEC mulls expanding investment opportunities
November 20, 2019The SEC is considering expanding opportunities for nonaccredited investors. That means more investors may be relying on private-equity fund valuations and auditors’ assessments of those valuations.
READ MORE
-
Use of standard mileage rate, other rules are updated for TCJA
November 15, 2019The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
READ MORE
-
FASB officially delays 4 major standards
November 15, 2019FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.
READ MORE
-
IRS commissioner seeks to enhance taxpayer contacts, target enforcement
November 14, 2019Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.
READ MORE
-
FASB approves guidance to assist in reference rate transition
November 13, 2019FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.
READ MORE
-
New opportunities for firms in SOC reporting
November 13, 2019Increases in outsourcing and cloud computing have led to clients’ need for CPA assurance on systems and controls.
READ MORE
-
FASB proposes clarifying hedge accounting standard
November 12, 2019FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.
READ MORE
-
Demand for sustainability assurance is growing
November 12, 2019Seventy percent of companies participating in a survey by The Conference Board that obtain assurance on their sustainability information said the need for such assurance will increase over the next five years.
READ MORE
-
FASB addresses share-based payments to customers
November 11, 2019Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.
READ MORE
-
Automatic accounting method change procedures updated
November 8, 2019The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.
READ MORE
-
IFAC seeks consistency, accountants’ engagement in corporate reporting
November 7, 2019The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.
READ MORE
-
IRS posts 2020 inflation adjustments and tax tables
November 6, 2019The IRS released the 2020 tax tables for individuals and estates and trusts, as well the inflation adjustments for over 60 tax provisions for 2020 tax returns.
READ MORE
-
Retirement plan contribution limits increase for 2020
November 6, 2019Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.
READ MORE
-
How audit committees can improve disclosure
November 5, 2019Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.
READ MORE
-
SEC addresses shareholder proposals, proxy advice, ads, and solicitation
November 5, 2019The SEC proposed amendments that are designed to change the shareholder proposal rule, improve the accuracy and transparency of proxy voting advice and modernize the advertising and cash solicitation rules for investment advisers.
READ MORE
-
FASB debt classification reproposal sparks concerns
October 29, 2019FASB’s attempts to simplify the classification of debt in a classified balance sheet may have unintended consequences, according to a comment letter sent by the AICPA Technical Issues Committee.
READ MORE
-
ASB addresses compliance with GAAS, PCAOB standards
October 24, 2019An auditing interpretation issued by the AICPA Auditing Standards Board provides auditors with guidance on how to comply with AU-C Section 700A as well as the PCAOB’s standards on critical audit matters.
READ MORE
-
News quiz: Kids’ allowances and investor confidence
October 24, 2019Surveys offer insight into how much allowance children are getting these days and into how investors perceive audited financial statements in U.S. markets. See what else you know about recent news with this short quiz.
READ MORE
-
The former Deloitte CEO on career agility
October 24, 2019Cathy Engelbert, CPA, became the first woman to lead a Big Four firm in the U.S. She is now applying more than three decades of business skills to the WNBA, a league that has longevity but needs a boost on several fronts.
READ MORE
-
Financial satisfaction stays high, but economic concerns remain
October 23, 2019Despite fears about the economy, Americans’ personal financial satisfaction stayed high in the third quarter of 2019, according to the PFSi, a proprietary economic indicator calculated quarterly by the AICPA.
READ MORE
-
Guidance provided on SAS No. 134 implementation
October 23, 2019A new Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board’s new standard on auditor reporting.
READ MORE
-
Lease accounting: Keep pushing ahead
October 21, 2019Despite FASB’s delay in the lease accounting effective date for private companies and certain other entities, there’s not a lot of time for companies to handle a complicated implementation.
READ MORE
-
How CPAs can prepare for accelerating tech changes
October 20, 2019Openness to change and lifelong learning can help CPAs thrive amid accelerating tech development, says AICPA fall Council speaker Jeffrey Rogers.
READ MORE
-
TIGTA outlines IRS challenges for 2020
October 18, 2019The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.
READ MORE
-
FASB votes to delay effective dates for 3 major standards
October 16, 2019Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses, and hedging after a unanimous vote by FASB.
READ MORE
-
Opinion: FASB proposal jeopardizes health care entity financing
October 16, 2019A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).
READ MORE
-
Taxpayers may deduct casualty losses in prior years
October 14, 2019The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.
READ MORE
-
Sustainability assurance’s link to reporting quality
October 10, 2019The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.
READ MORE
-
IRS clarifies the tax treatment of cryptocurrency ‘hard forks’ and ‘airdrops’
October 9, 2019The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
READ MORE
-
Critical audit matters: What firms are reporting
October 4, 2019The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.
READ MORE
-
CFC downward attributions get safe harbors
October 1, 2019U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC.
READ MORE
-
Children’s average allowance in 2019: $120 a month
September 30, 2019An overwhelming 92% of American parents say it is very important that children understand how to effectively manage their money, according to a new poll conducted for the AICPA by The Harris Poll.
READ MORE
-
FASAB addresses multiple issues in omnibus amendments
September 27, 2019A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.
READ MORE
-
IASB, GASB address interbank-offered rate phaseout
September 26, 2019The International Accounting Standards Board and the Governmental Accounting Standards Board on Thursday acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.
READ MORE
-
AICPA seeks guidance on adjustments for conversions from S corp. to C corp.
September 26, 2019In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
READ MORE
-
SEC addresses IPOs, ETFs, and retail investor protections
September 26, 2019The SEC issued new rules for testing the waters on IPOs and modernizing regulation of ETFs. It also proposed amendments to enhance protections for investors.
READ MORE
-
News quiz: Scanning the economy and CPA hiring
September 26, 2019Reports on surveys gauged finance professionals’ thinking on the economy and the hiring and supply of accounting graduates. See how much you know (or catch up on the latest news) with this short quiz.
READ MORE
-
IRS issues 2019 to 2020 per-diem rates for traveling away from home
September 25, 2019The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
READ MORE
-
Safe harbor allows QBI deduction for rental real estate businesses
September 24, 2019The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
READ MORE
-
New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits
September 24, 2019New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.
READ MORE
-
Final regs. loosen 401(k) hardship distribution requirements
September 20, 2019The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.
READ MORE
-
Hidden in plain sight: Accounting for embedded leases
September 19, 2019Locating and reporting on lease arrangements hidden in contracts that are not labeled as leases can be a challenge under FASB’s new rules.
READ MORE
-
Auditors get high marks, but non-US market optimism sags
September 18, 2019Retail investors’ confidence in audited financial information has risen to near record highs, but confidence in markets outside the United States has plunged.
READ MORE
-
5 tips for effective not-for-profit board oversight
September 16, 2019These tips can help boards perform their duties of care, loyalty, and obedience to help not-for-profits thrive.
READ MORE
-
Regulations clarify bonus depreciation treatment
September 13, 2019The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
7 tips for adopting integrated reporting
September 13, 2019As more companies latch on to the importance of long-term value creation, the International Integrated Reporting Council is offering them advice for producing integrated reports.
READ MORE
-
FASB makes a second effort to improve balance sheet debt classification
September 12, 2019FASB issued a reproposal that is designed to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet.
READ MORE
-
Proposed regs. clarify reporting requirements for tax-exempt organizations
September 10, 2019The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.
READ MORE
-
IRS offers expatriate tax relief
September 9, 2019The IRS announced procedures to allow certain individuals who have renounced their U.S. citizenship to get into compliance with their US tax obligations and obtain relief for back taxes.
READ MORE
-
Tax accounting rules issued for advance payments
September 6, 2019Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.
READ MORE
-
FASB proposes guidance to ease transition to new benchmark rates
September 5, 2019A proposed Accounting Standards Update would establish temporary guidance designed to reduce the accounting burdens associated with the shift from LIBOR and other interbank-offered interest rates to new reference rates.
READ MORE
-
Trade concerns widespread as economic outlook sags
September 4, 2019Economic expectations for the United States and the world tumbled in the third quarter amid trade concerns and indications of a possible recession.
READ MORE
-
What to do when the cloud goes down
August 30, 2019Tech experts weigh in on the steps firms can take to stay productive in the event of a cloud software outage.
READ MORE
-
How to make the most of FASB’s effective date delays
August 28, 2019FASB has proposed delays in effective dates for some major accounting standards for certain financial statement preparers. Here’s how preparers can make the best use of the extra time.
READ MORE
-
8 recession signals to monitor
August 28, 2019Take a look at data points market watchers are following for signals of a potential U.S. recession.
READ MORE
-
Proposal would align AU-C 800 series with SAS No. 134
August 28, 2019Under a proposal issued by the AICPA Auditing Standards Board, AU-C Sections 800, 805, and 810 would be aligned with the changes introduced by new auditor reporting standards.
READ MORE
-
7 in 10 young workers prefer freedom to job security
August 26, 2019Seventy percent of young adult job seekers say the freedom of being their own boss is worth more than the benefit of job security working for someone else, according to research conducted by MAVY Poll on behalf of the AICPA.
READ MORE
-
Proposed regs. govern maximum automobile values
August 22, 2019The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
READ MORE
-
PCAOB issues staff guidance on auditing estimates, specialists
August 22, 2019The PCAOB released staff guidance documents that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists.
READ MORE
-
ASB addresses challenges in auditing accounting estimates
August 22, 2019A proposal issued by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates.
READ MORE
-
FASAB clarifies cleanup cost liabilities guidance
August 21, 2019A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.
READ MORE
-
FASB proposes delay in long-term insurance standard effective date
August 21, 2019The effective date of a new accounting standard for long-term insurance contracts would be delayed under a proposal issued FASB.
READ MORE
-
Determining materiality for nonquantitative subject matters
August 21, 2019Emerging engagements such as sustainability attestation services and System and Organization Controls reports require auditors to consider materiality for subject matters that can’t be quantitatively measured.
READ MORE
-
GASB issues lease accounting implementation guide
August 15, 2019State and local governments received implementation guidance for the Governmental Accounting Standards Board’s lease accounting standard.
READ MORE
-
Underpayment penalty relief now automatic for eligible filers
August 15, 2019Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.
READ MORE
-
FASB proposes delays in 3 key effective dates
August 15, 2019Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.
READ MORE
-
FinREC issues credit loss standard working drafts
August 15, 2019Working drafts of accounting issues related to the Financial Accounting Standards Board’s new credit losses standard were issued by the AICPA Financial Reporting Executive Committee.
READ MORE
-
Alimony tax gap swells to $3.2 billion, TIGTA finds
August 13, 2019Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
READ MORE
-
Report finds shift in accounting firm hiring
August 13, 2019Almost one-third (31%) of new graduate hires in public accounting in 2018 were nonaccounting graduates, a new AICPA survey shows.
READ MORE
-
Rules proposed for classifying cloud and digital content transactions
August 13, 2019The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and cloud computing.
READ MORE
-
Coalition launched to protect professional licensing
August 12, 2019The AICPA and NASBA helped found a new coalition of advanced professions with the goal of educating policymakers and the public on the importance of professional licensing standards.
READ MORE
-
The benefits of a ‘decomposed’ approach to group audit planning
August 6, 2019New research performed with the help of the AICPA’s Assurance Research Advisory Group has provided new insights on ways to improve quality in group audits.
READ MORE
-
IRS changes its third-party contact procedures
August 6, 2019The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, requiring the IRS to notify taxpayers at least 45 days before it contacts a third party to determine or collect a tax.
READ MORE
-
Taxpayers may revoke or make late bonus depreciation elections
July 31, 2019The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.
READ MORE
-
FASB tackles difficult liabilities and equity topic
July 31, 2019FASB addressed one of the most challenging areas of financial reporting with a proposal intended to help distinguish liabilities from equity.
READ MORE
-
FASB proposes clarifying interaction between 2 standards
July 30, 2019FASB issued a proposal that would clarify the interaction between its standard on recognition and measurement of financial instruments and its standard on equity method investments.
READ MORE
-
IRS permits certain partnerships to file superseding partnership returns
July 29, 2019The IRS is permitting certain partnerships that timely filed their tax returns for the 2018 tax year an extension of time to file superseding returns and Schedules K-1 for their partners.
READ MORE
-
IRS alerts virtual currency owners of nonfiling consequences
July 29, 2019The IRS has begun sending what it calls “educational letters” to taxpayers it has identified as not reporting virtual currency transactions or reporting them incorrectly.
READ MORE
-
Quiz: How well do you know internal control auditing requirements?
July 25, 2019It’s critical for auditors to understand their responsibilities related to internal controls. Take this quiz to see how much you know about this topic.
READ MORE
-
Stock market surge boosts financial satisfaction
July 25, 2019Stock market growth, among other factors, has kept Americans’ personal financial satisfaction positive in Q2 of 2019, according to the AICPA’s Personal Financial Satisfaction Index (PFSi).
READ MORE
-
Comply with the newly effective ‘Hosting Services’ interpretation
July 24, 2019An AICPA ethics interpretation on hosting services addresses how CPAs can maintain their independence. The interpretation took effect July 1.
READ MORE
-
Guidance adds preventive care items to high-deductible health plans
July 17, 2019The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to treat chronic medical conditions.
READ MORE
-
FASB to propose delaying effective dates for 4 major standards
July 17, 2019Effective dates for certain entities for key standards on accounting for leases, credit losses, hedging, and long-duration insurance contracts would change under a proposal FASB voted to direct its staff to draft.
READ MORE
-
ASB addresses ERISA plan auditor reporting, other information in annual reports
July 10, 2019The AICPA Auditing Standards Board issued new standards addressing auditor reporting on ERISA plan financial statements and an auditor’s “other information” responsibilities.
READ MORE
-
AICPA issues forensic accounting standards
July 10, 2019The AICPA issued new professional standards for members who perform forensic accounting services engagements.
READ MORE
-
GASB seeks comment on several issues
July 9, 2019GASB issued an omnibus exposure draft covering accounting and financial reporting issues identified during the implementation of previous GASB guidance.
READ MORE
-
FASB considering goodwill accounting changes
July 9, 2019FASB issued an Invitation to Comment on whether the board should make changes to the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill.
READ MORE
-
Final rules permit truncated TINs on W-2s
July 2, 2019As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.
READ MORE
-
Advocacy update: Testifying on the ERISA audit process
July 2, 2019The audit process can help employee benefit plan administrators fulfill their fiduciary duties, according to testimony by James Haubrock, CPA, chair of the executive committee of the AICPA Employee Benefit Plan Audit Quality Center.
READ MORE
-
GASB proposes changes to Sec. 457 plan reporting
June 28, 2019GASB proposed new guidance that would clarify the accounting and financial reporting of Internal Revenue Code Sec. 457 deferred compensation plans.
READ MORE
-
FASB proposes narrow-scope changes to credit loss standard
June 27, 2019FASB proposed changes that are designed to address issues that have arisen for stakeholders implementing the board’s new standard for accounting for credit losses.
READ MORE
-
Get private companies ready for the new revenue standard
June 27, 2019Private companies are entering the final stretch of their preparations to comply with FASB’s new revenue recognition standard. Here’s how auditors can help their clients with the implementation process.
READ MORE
-
Quiz: How well do you know the risk assessment standard?
June 25, 2019The risk assessment standard provides a baseline for the successful planning and conducting of an audit. Take this quiz to find out how well you understand the basics of risk assessment.
READ MORE
-
Supreme Court holds North Carolina cannot tax trust
June 21, 2019The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
READ MORE
-
SEC addresses auditor independence and the Loan Provision
June 20, 2019The SEC adopted amendments designed to help identify when an auditor’s lending relationship with an audit client is a threat to the auditor’s objectivity and impartiality.
READ MORE
-
Audit evidence standard would be updated under proposal
June 20, 2019The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.
READ MORE
-
Quiz: Can you spot the usage and word errors?
June 20, 2019This quiz gives you practice in identifying errors in standard grammar and usage with screenshots of material posted online. In the answers, we’ve used terms that you might not have heard beyond English grammar and composition classes.
READ MORE
-
Virtual currency not FBAR reportable (at least for now)
June 19, 2019The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
READ MORE
-
Convergence with international standards sought for SSARSs
June 19, 2019A proposal issued by the AICPA Accounting and Review Services Committee would promote convergence with international standards for review services.
READ MORE
-
W-2 methods proposed for Sec. 199A(g) deduction by agricultural co-ops
June 18, 2019The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural cooperatives, similar to the former Sec. 199 domestic production activities deduction.
READ MORE
-
New GASB guide addresses fiduciary activities
June 18, 2019GASB issued a new implementation guide that includes questions and answers related to recently released GASB standards on accounting and financial reporting for fiduciary activities.
READ MORE
-
Final HRA rules permit integration with individual health insurance
June 17, 2019The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
READ MORE
-
Final rules govern GILTI, Subpart F income, and foreign tax credits
June 17, 2019The IRS issued final regulations on the Sec. 951A global low-taxed income inclusion and foreign tax credits, finalizing proposed rules issued in October and December 2018.
READ MORE
-
Congress approves IRS reform bill, drops Free File language
June 14, 2019The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.
READ MORE
-
GASB proposes guidance on PPPs and APAs
June 13, 2019The guidance is designed to improve accounting and financial reporting for public-private and public-public partnership arrangements. Comments on the proposal were requested by Sept. 13.
READ MORE
-
Develop a coaching culture in your organization
June 13, 2019Listening and asking the right questions are two keys to coaching employees, said ENGAGE speaker Melisa Galasso, CPA, CGMA, founder of Galasso Learning Solutions in Charlotte, N.C.
READ MORE
-
What tax firms need to know now about technology
June 12, 2019Artificial intelligence and robots get a lot of attention, but automation and cloud computing-enabled outsourcing are the technology-related terms that should be top of mind for tax practices, according to a session at AICPA ENGAGE 2019 in Las Vegas.
READ MORE
-
SALT deduction cap rules finalized, safe harbor proposed
June 12, 2019Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
READ MORE
-
Tax law changes join staffing as a top issue for CPA firms
June 12, 2019Finding qualified staff was once again most CPA firms’ top concern, according to the 2019 PCPS CPA Firm Top Issues Survey.
READ MORE
-
NASBA and AICPA seek input on evolving licensure model
June 12, 2019NASBA and the AICPA are seeking feedback from the profession and its stakeholders as they consider ways to evolve the model for initial CPA licensure to support a growing need for new skills amid rapid technological advancement.
READ MORE
-
PEEC updates 2 ethics interpretations
June 12, 2019The AICPA Professional Ethics Executive Committee (PEEC) has issued revised ethics interpretations addressing state and local government client affiliates and provision of information system services to attest clients.
READ MORE
-
Liquidity, regulation among not-for-profits’ top challenges
June 11, 2019Not-for-profits are facing restrictions on funding that have lingered for more than a decade, growing requirements from regulations, and an increased demand for their services, according to a BDO USA LLP survey.
READ MORE
-
A refined approach to auditing accounting estimates
June 11, 2019Auditing accounting estimates can be challenging. New auditing standards may help by encouraging deeper professional skepticism.
READ MORE
-
4 ways to protect your data from the dark web
June 11, 2019Your credentials might already be for sale on the dark web without your knowledge. Fortunately, there are steps you can take to monitor the dark web and shore up your cybersecurity defenses.
READ MORE
-
When choosing technology, put clients first
June 11, 2019Evan Carroll, an author and the founder of Evan Carroll and Associates, shares his philosophy for choosing the technology that can help you improve relationships with your clients.
READ MORE
-
What to say to grieving clients
June 10, 2019Grief expert Amy Florian, CEO of consulting company Corgenius and a speaker at ENGAGE, suggests some dos and don’ts when supporting clients who have suffered a loss.
READ MORE
-
How to motivate and retain your talent
June 10, 2019Invest in employees’ growth and development, and they’ll stay loyal to you, said ENGAGE speaker Philip Palaveev, founder of business management consulting firm The Ensemble Practice.
READ MORE
-
Ninth Circuit upholds IRS cost-sharing regulation
June 10, 2019The Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that required allocation of stock-based compensation was invalid.
READ MORE
-
Tips for a smooth CECL implementation
June 10, 2019FASB’s new current expected credit losses standard contains big implementation challenges for the financial services industry but also applies to companies in other industries.
READ MORE
-
AICPA set to be awarded ‘.cpa’ internet domain
June 10, 2019The AICPA is in final contract talks with the internet’s global governing body to oversee a new internet domain for CPAs.
READ MORE
-
U.S. finance execs hold on to positivity
June 5, 2019The gap narrows, but expectations are still stronger for the U.S. than the global economy, according to a quarterly survey.
READ MORE
-
ASB seeks alignment of materiality definitions
June 5, 2019The definition of materiality used in the AICPA Professional Standards would be aligned with that of U.S. regulators under proposals issued by the AICPA Auditing Standards Board.
READ MORE
-
Changes coming to tax transcript availability
June 4, 2019To fight identity theft, starting June 28 the IRS will no longer fax transcripts to taxpayers, tax professionals, and other third parties. And in July it will stop providing an option for mailing transcripts to third parties.
READ MORE
-
IRS issues draft of revised Form W-4 for 2020
May 31, 2019The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding after the changes made by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
Chief accountant Wesley Bricker to leave SEC
May 30, 2019Wesley Bricker is leaving the SEC after serving as its chief accountant since 2016, the commission announced. Sagar Teotia, deputy chief accountant, will serve as acting chief accountant after Bricker departs in June.
READ MORE
-
Firms lose cloud access after Cetrom systems breach
May 30, 2019A new breach affecting services used by CPA firms was confirmed when cloud services provider Cetrom said it suffered a malware attack that was discovered May 24.
READ MORE
-
FASB extends GAAP alternatives to not-for-profits
May 30, 2019The new FASB standard allows not-for-profits to use alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination.
READ MORE
-
2020 limits on HSA contributions are issued
May 28, 2019The IRS issued its annual notice of the inflation-adjusted limits on contributions to health savings accounts. All of the limits increased from 2019 to 2020.
READ MORE
-
GASB proposes guidance for subscription-based IT arrangements
May 22, 2019GASB proposed guidance for state and local government accounting for subscription-based information technology arrangements.
READ MORE
-
2019 inflation-adjusted vehicle depreciation limits and income inclusions issued
May 21, 2019The IRS provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2019.
READ MORE
-
Proposal would enable adaptive-learning CPE self-study for CPAs
May 21, 2019New standards proposed Monday for continuing education providers would permit CPAs to receive CPE credit for adaptive-learning programs in self-study courses.
READ MORE
-
How the CPA continuing education game is changing
May 20, 2019New technologies have created a need for new skills and led to innovative methods for delivering professional education. Here’s how the CPA profession is evolving the way it educates its people.
READ MORE
-
Sales tax proposals threaten to ensnare CPA firms
May 17, 2019Accountants aren’t necessarily being singled out, but rather legislative and city leaders are trying to find ways to spread tax liabilities around a broader base or meet their budget needs.
READ MORE
-
IRS corrects error in Schedule D tax calculation worksheet
May 17, 2019The IRS notified tax software companies that it had discovered an error in the Schedule D, Capital Gains and Losses, Tax Worksheet used to calculate the tax on certain capital gains that had new rates as a result of the law known as the Tax Cuts and Jobs Act.
READ MORE
-
4 key steps for auditors in assessing technology risks
May 15, 2019The business risks associated with new technology seem almost endless. But a new resource can help auditors, management and audit committees discharge their responsibilities associated with those risks.
READ MORE
-
FASB eases transition to credit losses standard
May 15, 2019FASB issued new accounting rules that are designed to ease the transition to the board’s new credit losses standard by providing an option to measure certain types of assets at fair value.
READ MORE
-
IRS extends filing deadlines for CCH customers
May 14, 2019The IRS announced that taxpayers affected by the recent Wolters Kluwer service outage who are facing May 15 filing deadlines can follow certain procedures to obtain reasonable cause waivers for failing to file on time.
READ MORE
-
How a lease with an attest client affects independence
May 14, 2019A new AICPA interpretation provides guidance for when a lease with an attest client impairs independence. This significant revision to the independence rules takes effect soon.
READ MORE
-
FASB proposes simplifying accounting for income taxes
May 14, 2019FASB issued a proposal that is intended to make accounting for income taxes less costly and complex.
READ MORE
-
AICPA committee requests delay in private company lease accounting effective date
May 13, 2019Private companies are experiencing overload as they implement complex new accounting standards, according to the AICPA Private Companies Practice Section’s Technical Issues Committee.
READ MORE
-
Distribution by former S corporation is part dividend
May 10, 2019The IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution.
READ MORE
-
SEC addresses ICFR attestation for smaller companies
May 9, 2019The SEC voted to propose reducing the number of public companies required to obtain an attestation of their internal control over financial reporting from an independent auditor.
READ MORE
-
IRS changes maximum-vehicle-value rule
May 9, 2019The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
READ MORE
-
Wolters Kluwer takes services offline after malware attack
May 8, 2019Following a malware attack, cloud tax and accounting services provider Wolters Kluwer took a number of its platforms and applications offline this week.
READ MORE
-
ASB enhances communication in auditors’ reports
May 8, 2019The AICPA Auditing Standards Board issued standards that are designed to improve auditors’ ability to communicate in auditors’ reports and align generally accepted auditing standards with those of other standard-setting bodies.
READ MORE
-
Credit losses standard tips for audit committees
May 7, 2019FASB’s new standard for recording credit losses presents a huge change to accounting for financial institutions, and affects other organizations as well. A new tool helps audit committees in their oversight of this important implementation.
READ MORE
-
SEC proposes changes to disclosures on acquisitions and disposals
May 3, 2019The SEC proposed rules changes designed to make disclosures less costly for acquisitions and disposals of businesses while preserving valuable information for investors.
READ MORE
-
New GASB guide assists with implementation
May 2, 2019A new implementation guide issued by the Governmental Accounting Standards Board can assist state and local governments as they adopt certain GASB statements.
READ MORE
-
Q&A discusses ‘direct care’ expenses for collections
May 1, 2019A new Technical Question and Answer issued by the AICPA discusses the characteristics of expenses that would be considered “direct care of existing collections” under a new FASB standard that updates the definition of “collections.”
READ MORE
-
Polley steps down as head of FAF
April 26, 2019After leading the Financial Accounting Foundation (FAF) for 11 years, Terri Polley announced that she is stepping down.
READ MORE
-
FASB makes minor adjustments to financial instruments rules
April 25, 2019Stakeholders have voiced concerns to FASB about various aspects of the board’s recently issued standards for credit losses, hedging, and recognition and measurement.
READ MORE
-
Personal financial satisfaction up in first quarter after market rebound
April 25, 2019Americans’ personal financial satisfaction reached a record high in the first quarter of 2019, according to the AICPA’s proprietary Personal Financial Satisfaction Index.
READ MORE
-
News quiz: IRS gives a break on underpayment
April 25, 2019Try this short quiz to review some of the news posted in the past month or so.
READ MORE
-
More proposed regs. on qualified opportunity funds issued
April 17, 2019The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
READ MORE
-
Can a state tax a trust based on the beneficiary’s residency?
April 17, 2019The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
READ MORE
-
Yellow Book revisions update independence guidance
April 17, 2019Revised rules published in July 2018 by the U.S. Government Accountability Office clarify the need for safeguards for practitioners when performing preparation of accounting records and financial statement services.
READ MORE
-
Safe harbor issued for valuing pro sports trades
April 11, 2019The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.
READ MORE
-
AICPA asks government to issue more QBI deduction guidance
April 11, 2019The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.
READ MORE
-
Ways to keep your talented CPAs
April 8, 2019Flexible scheduling can ward off burnout and help retain staff.
READ MORE
-
Lease accounting tips for public and private companies
April 4, 2019Public companies are finding that even though they have implemented FASB’s new lease accounting standard, their work is not nearly done. Private companies, meanwhile, are struggling with their own adoption of the standard.
READ MORE
-
The barriers to enhanced risk oversight
April 2, 2019One theme that has emerged from 10 years of survey data on risk management: It’s not getting any easier.
READ MORE
-
Tax treatment of state and local tax refunds clarified
March 29, 2019The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
READ MORE
-
Lease accounting: A private company perspective
March 29, 2019Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.
READ MORE
-
Procedure for obtaining EINs to change May 13
March 27, 2019Beginning May 13, the IRS will accept employer identification number (EIN) applications only from individual taxpayers who have either a Social Security number or an individual taxpayer identification number as the responsible party on the EIN application.
READ MORE
-
The benefits of a digitally fit risk function
March 27, 2019Risk functions that are up to speed with organizations’ digital initiatives are better able to manage risks in a transformative time.
READ MORE
-
Final rules issued on penalty for nondisclosure of reportable transactions
March 26, 2019The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
READ MORE
-
AICPA rescinds guidance on prior-period audits
March 26, 2019Auditors should perform and report on prior-period audits in accordance with auditing standards in effect at the time the engagement is performed, according to nonauthoritative guidance issued by the AICPA.
READ MORE
-
IRS expands relief from underpayment penalty
March 22, 2019The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
READ MORE
-
Proposed rules issued for information reporting for life insurance contract transactions
March 22, 2019The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
READ MORE
-
FASB modifies definition of ‘collections’
March 21, 2019New rules issued by the FASB align its definition of “collections” with that used by the American Alliance of Museums’ Code of Ethics for Museums.
READ MORE
-
News quiz: Economic outlook gets an update
March 21, 2019Reports in February and March took stock of finance executives’ economic outlook and their challenges in implementing an important new accounting standard. See how much you remember from the news with this short quiz.
READ MORE
-
IRS’s Dirty Dozen scams — 2019 edition
March 19, 2019The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert for this year. Phishing and scam phone calls were the biggest repeat offenders.
READ MORE
-
PCAOB staff provides insight on critical audit matters
March 18, 2019The auditor’s report is undergoing its biggest change in 70 years, and the Public Company Accounting Oversight Board staff is providing guidance to assist in implementation.
READ MORE
-
First-year challenges of TCJA implementation require broader penalty relief
March 15, 2019Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at all. And some taxpayers are now subject to underwithholding penalties, despite limited relief from the IRS.
READ MORE
-
Finance leaders feel good but ready for a downturn
March 6, 2019Finance executives in the United States continue to feel good about growth in their respective industries, despite creeping concerns that the good times could be coming to an end in the near future.
READ MORE
-
FASB alters accounting for episodic TV series
March 6, 2019FASB issued a standard that converges the accounting guidance for production costs for episodic TV series with the rules for production costs for films.
READ MORE
-
New FASB standard clarifies lease accounting issues
March 5, 2019FASB addressed two lessor implementation issues and clarified an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the board’s new lease accounting standard.
READ MORE
-
Guidance proposed on FDII and GILTI deductions
March 5, 2019The IRS issued guidance on determining the amount of the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) under Sec. 250.
READ MORE
-
Court upholds IRS PTIN fees
March 4, 2019The IRS has authority to charge a user fee for preparer tax identification numbers (PTINs) a federal appeals court held on, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN.
READ MORE
-
FASB proposes guidance for measuring share-based payments to customers
March 4, 2019A proposal issued by the Financial Accounting Standards Board would spell out how to measure share-based payments to a customer.
READ MORE
-
FASAB proposes eliminating RSSI, updating lease references
March 1, 2019FASAB has proposed eliminating the required supplementary stewardship information (RSSI) category and updating references to leases in multiple places in its accounting standards for federal government entities.
READ MORE
-
PEEC issues new and revised interpretations
March 1, 2019The AICPA Professional Ethics Executive Committee has adopted revised interpretations of the “Independence Rule” related to leases and client affiliates and a new interpretation under the “Confidential Client Information Rule” of the AICPA Code of Professional Conduct.
READ MORE
-
GASB issues proposed lease accounting implementation guide
February 28, 2019GASB issued a proposed implementation guide that is designed to help state and local governments understand the board’s new standard on lease accounting.
READ MORE
-
IRS finalizes centralized partnership audit regulations
February 22, 2019The IRS issued final regulations on the centralized partnership audit regime, which generally assesses tax at the partnership level.
READ MORE
-
Taxpayers will file QBI deduction computation with IRS next year
February 15, 2019The 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.
READ MORE
-
FASB addresses deferred revenue in business combinations
February 14, 2019FASB took a step forward in resolving challenges in its rules for recognizing and measuring deferred revenue in business combinations.
READ MORE
-
Clients’ top retirement fear: Running out of money
February 14, 2019Nearly 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.
READ MORE
-
Bonus depreciation safe-harbor rules for vehicles issued
February 13, 2019The 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.
READ MORE
-
IAASB aims to enhance engagement quality reviews
February 12, 2019The International Auditing and Assurance Standards Board has proposed new rules designed to ensure that engagement quality reviews maintain their effectiveness.
READ MORE
-
Finding value in revenue recognition implementation
February 11, 2019The 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.
READ MORE
-
Identity protection PIN program expands
February 8, 2019The IRS announced that it is expanding its identity protection personal identification number (IP PIN) program to taxpayers in seven additional states.
READ MORE
-
FASB proposes transition relief for credit losses standard
February 6, 2019FASB 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.
READ MORE
-
IRS issues updates on post-shutdown activities
January 30, 2019The 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.
READ MORE
-
Government shutdown ends in time for tax season
January 28, 2019The 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.
READ MORE
-
News quiz: Uncertainty looms as year begins
January 24, 2019The partial government shutdown and uncertainty about its effects dominated the news as 2019 began. See how much you remember from recent news reports with this short quiz.
READ MORE
-
Americans’ personal financial satisfaction dips in fourth quarter
January 24, 2019The AICPA’s Personal Financial Satisfaction Index (PFSi) declined for the first time in two years in the fourth quarter of 2018, largely due to the stock market’s end-of-year downturn.
READ MORE
-
Paid preparer’s checklist expands to include head-of-household, other tax credit questions
January 23, 2019Practitioners should be aware of changes to the due-diligence requirements for returns that claim the earned income tax credit, the American opportunity tax credit, and/or the child tax credit.
READ MORE
-
Cost-of-complexity exercise enables better decisions
January 23, 2019Determining the right amount of packaging specialization helps management accountants balance customer preferences with cost-effectiveness.
READ MORE
-
Qualified business income deduction regs. and other guidance issued
January 22, 2019The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.
READ MORE
-
Some individual taxpayers get relief from underpayment penalty
January 17, 2019The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.
READ MORE
-
Final regulations govern Sec. 965 transition tax
January 16, 2019The IRS finalized proposed regulations issued last August on the new transition tax, which generally taxes the accumulated post-1986 deferred foreign income of a corporation.
READ MORE
-
Half of IRS employees to be recalled during tax season
January 15, 2019The IRS issued an updated contingency plan outlining how it will function during tax season.
READ MORE
-
North American CFOs’ optimism falls sharply
January 13, 2019Deloitte survey indicates the euphoria of the first quarter of 2018 has diminished, mainly because of concern about a lack of trade clarity.
READ MORE
-
IRS announces Free File launch
January 11, 2019The IRS announced that its Free File program, which provides free electronic filing options to moderate-income taxpayers, opened Jan. 11 and will operate through Oct. 15.
READ MORE
-
A new framework for audit quality disclosures
January 7, 2019A new framework designed by the Center for Audit Quality can help firms develop their audit quality disclosures and provide transparency to the public.
READ MORE
-
IRS sets start date for tax season, will issue refunds during government shutdown
January 7, 2019The IRS announced Monday evening that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.
READ MORE
-
AICPA publishes broker-dealer working draft
January 7, 2019The AICPA Financial Reporting Executive Committee has published a working draft of an illustrative note to financial statements of SEC-registered broker-dealers.
READ MORE
-
Changes related to peer review proposed for UAA
January 4, 2019The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs.
READ MORE
-
GASB proposes implementation guide for fiduciary activities standard
January 3, 2019GASB published a proposed implementation guide that provides questions and answers about the board’s new standards for state and local government accounting and financial reporting for fiduciary activities.
READ MORE
-
ASB changes align GAAS with PCAOB standards
January 3, 2019The AICPA Auditing Standards Board voted to issue a new standard that will more closely align generally accepted auditing standards and the Public Company Accounting Oversight Board’s standards.
READ MORE
-
6 tips for developing critical audit matter disclosures
December 21, 2018New PCAOB rules require disclosure of critical audit matters encountered by auditors during the engagement. Here are some suggestions firms can use to identify critical audit matters.
READ MORE
-
PCAOB strengthens rules for auditing estimates, supervising specialists
December 20, 2018The PCAOB voted to approve a new standard and amendments for auditing accounting estimates, including fair value measurements, and using the work of specialists.
READ MORE
-
How audit committees can oversee FASB standard adoption
December 20, 2018Audit committees have a lot to consider as 2018 concludes with adoption of game-changing accounting standards in full swing at many companies.
READ MORE
-
FASB proposes extending 2 GAAP alternatives to not-for-profits
December 20, 2018Under a proposal issued by FASB, not-for-profits would be able to take advantage of the private company GAAP alternatives for accounting for goodwill and accounting for intangible assets in a business combination.
READ MORE
-
Test your knowledge of 2018 accounting news
December 20, 2018Did you pay attention to the most important developments in the accounting profession in 2018? Take this quiz and find out.
READ MORE
-
FASB proposal would address lessor implementation challenges
December 19, 2018FASB proposed an accounting standard that would clarify how lessors should handle certain scenarios under the board’s new lease accounting standard.
READ MORE
-
Government shutdown would halt many IRS operations
December 19, 2018A partial government shutdown at midnight on Friday would affect the IRS, which has not been fully funded for fiscal year 2019.
READ MORE
-
CPA firms share their holiday traditions
December 19, 2018From Christmas to Mardi Gras to Pi Day, CPA firms celebrate the holidays. See how your fellow CPAs have fun, eat well, and give back all year long.
READ MORE
-
GAAP, SEC taxonomies for 2019 are available
December 18, 2018The taxonomies contain updates necessary for meeting GAAP and SEC requirements in financial reporting.
READ MORE
-
2 valuation guide working drafts issued
December 17, 2018The AICPA issued working drafts of two new case studies that will be added to its new accounting and valuation guide, Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies.
READ MORE
-
2019 standard mileage rates announced
December 14, 2018The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
READ MORE
-
Proposed regs. govern tax on base-erosion payments
December 14, 2018The IRS issued proposed rules on the Sec.59A base-erosion anti-abuse tax (BEAT), one of a number of new international tax provisions added by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
The 2018 accountants technology gift guide
December 13, 2018What gadgets, gear and other tech goodies should CPAs be seeking as presents this holiday season?
READ MORE
-
How tax reform is changing clients’ financial plans
December 13, 2018CPA financial planners named charitable giving, business structure and estate plans as the areas of clients’ financial plans they have had to adjust most frequently following the passage of the TCJA, according to a recent survey.
READ MORE
-
No delay in lease accounting standard effective date, Golden says
December 12, 2018FASB will not delay the effective date of its new lease accounting standard, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.
READ MORE
-
How audit committees can address emerging technologies
December 11, 2018A new Center for Audit Quality tool, Emerging Technologies, is designed to help audit committees perform oversight of financial reporting that is affected by emerging technologies.
READ MORE
-
PCAOB to consider rules on auditing estimates, use of specialists
December 11, 2018The PCAOB will meet to consider adopting new rules for public company auditors on auditing accounting estimates, including fair value measurements, and on the use of specialists.
READ MORE
-
How to recognize ‘individually tailored’ disclosures
December 11, 2018The new concept of “individually tailored” accounting disclosures has been a challenge for accountants and auditors.
READ MORE
-
IRS explains disallowance of qualified transportation fringe benefits for parking
December 11, 2018The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.
READ MORE
-
What ‘dry runs’ reveal about critical audit matters
December 10, 2018The new reporting model for public company audits requires practitioners to disclose “critical audit matters” that arise during their work. A new Center for Audit Quality report examines the results of “dry runs” that are designed to help firms develop methodologies for determining and reporting critical audit matters.
READ MORE
-
SEC urges consistency in non-GAAP reporting
December 10, 2018Companies need to adhere to policies and controls that reinforce quality in non-GAAP reporting and KPIs, Securities and Exchange Commission Chairman Jay Clayton and Chief Accountant Wes Bricker said at the AICPA Conference on SEC and PCAOB Developments.
READ MORE
-
New standard proposed for forensic services engagements
December 10, 2018A proposed standard by the AICPA Forensic and Valuation Services Committee would classify forensic services engagements as being performed for the purpose of either “litigation” or “investigation.”
READ MORE
-
FASB tweaks leases standard with new update
December 10, 2018An Accounting Standards Update affects accounting for sales and similar taxes, certain lessor costs and certain requirements related to variable payments in contracts.
READ MORE
-
Initial guidance issued on Sec. 83(i) deferral election for private company equity grants
December 7, 2018The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.
READ MORE
-
What PCAOB inspectors will look for in 2019
December 7, 2018Inspections of registered audit firms will focus on systems of quality control, independence issues, and recurring deficiencies.
READ MORE
-
Executives’ optimism recedes from historic highs
December 6, 2018Optimism in the domestic and global economies slipped this quarter, with concerns about trade disputes, tariffs, and worker shortages voiced in a quarterly survey of U.S. finance executives.
READ MORE
-
Agreement gives US CPAs path to Australia, New Zealand audit rights
December 6, 2018The renewal of a mutual recognition agreement gives qualified U.S. CPAs eligibility to obtain the CA ANZ credential, which is a pathway to obtaining audit rights in Australia and New Zealand.
READ MORE
-
Simplifying implementation of FASB’s not-for-profit financial reporting standard
December 5, 2018Smaller organizations with limited staff may have difficulty implementing FASB’s new standard on presentation of not-for-profit financial statements. These best practices can make the work easier.
READ MORE
-
Employee benefit plan auditing rules to change
December 3, 2018The AICPA Auditing Standards Board has voted to issue a new standard for employee benefit plan audits.
READ MORE
-
Accounting method change procedures for book-tax conformity rule
November 30, 2018The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.
READ MORE
-
Proposed foreign tax credit regulations issued
November 29, 2018The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.
READ MORE
-
8 things to know about lease accounting implementation
November 29, 2018Here are some things that company finance departments may wish to keep in mind as the lease accounting standard takes effect at the beginning of next year for public companies.
READ MORE
-
Working group considers changes to CPA licensing requirements
November 29, 2018Possible changes to the CPA licensure requirements are being explored by a working group formed by the National Association of State Boards of Accountancy and the AICPA.
READ MORE
-
Which benefits do employees find most financially beneficial?
November 28, 2018Eighty percent of Americans would choose a job with benefits over one with no benefits that paid 30% more, according to a Harris Poll survey on behalf of the AICPA.
READ MORE
-
IRS issues guidance on withholding for 2019
November 27, 2018The IRS issued a notice providing interim guidance for the 2019 calendar year on income tax
withholding from wages and from retirement and annuity distributions.READ MORE
-
Proposed regs. outline new business interest expense limitation
November 27, 2018The IRS issued proposed regulations on the business interest expense limitation in Sec. 163(j), which was amended by the law known as the Tax Cuts and Jobs Act.
READ MORE
-
How to incorporate analytics into workforce planning
November 27, 2018Conducting scenario planning through analytics can prepare companies and employees to invest their resources wisely and succeed in the jobs of the future.
READ MORE
-
GASB proposes implementation guidance
November 27, 2018GASB issued a proposal that would provide implementation guidance for certain state and local government accounting standards.
READ MORE
-
Estate and gift exclusion clawback addressed in proposed regs.
November 21, 2018The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.
READ MORE
-
FASB proposes narrow-scope financial instruments accounting changes
November 19, 2018FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.
READ MORE
-
UNICAP rules on negative adjustments finalized
November 19, 2018The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.
READ MORE
-
Proposed guidance published on inventory valuation
November 19, 2018The AICPA Financial Reporting Executive Committee (FinREC) published a working draft on inventory valuation and is seeking comments on the draft.
READ MORE
-
Quiz: Lay or lie? 7 sentences to help you practice
November 19, 2018The following quiz is designed to give you practice in choosing the “right” word in business communication.
READ MORE
-
Inflation adjustments and tax tables issued for 2019
November 15, 2018The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts.
READ MORE
-
FASB alters transition requirements, scope of credit losses standard
November 15, 2018FASB changed the transition requirements and clarified the scope of its standard on accounting for credit losses, which was issued in 2016.
READ MORE
-
New IRS commissioner brings practitioner’s perspective to role
November 13, 2018Veteran tax attorney Charles Rettig gives his first public address as new IRS commissioner, speaking to CPAs Tuesday at the AICPA National Tax Conference in Washington.
READ MORE
-
FASB staff paper assists with franchise fee recognition
November 8, 2018A new FASB staff paper provides information to private company franchisors as they decide how to recognize certain franchise fees under the new revenue recognition standard.
READ MORE
-
Revenue recognition tilts toward modified transition approach
November 8, 2018A majority of S&P 500 companies chose the simplicity of the modified retrospective transition for their revenue recognition standard implementation, a new white paper shows.
READ MORE
-
SASB publishes industry-specific sustainability accounting standards
November 7, 2018New industry-specific sustainability accounting standards published by the Sustainability Accounting Standards Board are designed to help investors and companies make informed decisions about long-term value.
READ MORE
-
FASB proposal addresses accounting for TV series
November 7, 2018FASB issued a proposal that would align the accounting for production costs of an episodic TV series with the accounting for films.
READ MORE
-
Social Security wage base set for 2019
November 6, 2018The Social Security Administration said that the amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax for 2019 will be $132,900, increased from 2018’s maximum of $128,400.
READ MORE
-
Tax preparer due diligence rules are finalized
November 6, 2018The IRS issued final regulations on the penalty that applies to tax return preparers who fail to exercise due diligence in preparing returns for taxpayers who are claiming head-of-household filing status, the earned income tax credit, the child tax credit, the additional child tax credit, or the American opportunity tax credit.
READ MORE
-
FASB clarifies collaborative arrangement accounting rules
November 5, 2018In a new standard, FASB clarified the interaction between the guidance for certain collaborative arrangements and the revenue recognition standard.
READ MORE
-
Inflation adjustments issued for qualified retirement plans
November 1, 2018The IRS released updated figures for retirement plan contribution limits for 2019.
READ MORE
-
It’s crunch time for private companies on revenue recognition
November 1, 2018Here’s what company leaders need to know about an implementation job that may be arduous.
READ MORE
-
Disclosures by audit committees continue to rise
November 1, 2018Audit committees for public companies are providing more information to the public on their procedures for oversight of external auditors, according to an analysis conducted by the Center for Audit Quality and Audit Analytics.
READ MORE
-
Proposed rules would exempt corporate US shareholders from Sec. 956
October 31, 2018The IRS issued proposed regulations providing that Sec. 956, which requires an income inclusion by U.S. shareholders of controlled foreign corporations (CFCs) that invest in U.S. property, should not apply to corporate shareholders.
READ MORE
-
FASB expands private company consolidation relief
October 31, 2018FASB expanded an accounting alternative for private companies and changed the rules for all entities for deciding whether a decision-making fee is a variable interest.
READ MORE
-
IASB clarifies definition of ‘material’
October 31, 2018The IASB revised its definition of “material” in an effort to make it easier for companies to decide which information is important enough to include in their financial statements.
READ MORE
-
FinREC issues working draft on credit loss issue
October 30, 2018The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of an accounting issue related to the implementation of FASB’s new standard on accounting for credit losses.
READ MORE
-
FASB permits new benchmark rate for hedge accounting
October 25, 2018FASB expanded the list of benchmark interest rates that are permissible in the application of hedge accounting.
READ MORE
-
Health reimbursement arrangement rules are issued in proposed form
October 25, 2018The Treasury, Labor, and Health and Human Services departments proposed rules for health reimbursement arrangements, which can be used in coordination with individual health insurance if certain requirements are met.
READ MORE
-
News quiz: Business fraud warning and TCJA ripples
October 25, 2018See how much you know about recent news or catch up with the latest by taking this short quiz.
READ MORE
-
Financial satisfaction measure hits record for 5th straight quarter
October 25, 2018The AICPA’s Personal Financial Satisfaction Index (PFSi) reached the highest point in its 25-year history at a value of 32 in the third quarter of 2018, a 3.1-point (10.7%) increase from the previous quarter.
READ MORE
-
New guidance promotes resilience amid ESG risks
October 23, 2018The guidance aims to help organizations strengthen their resilience as they are faced with frequent and severe ESG-related risks ranging from extreme weather to product safety recalls.
READ MORE
-
Association addresses digital economy tax issues
October 23, 2018The Association of International Certified Professional Accountants released a policy paper urging global solutions to the tax treatment of transactions in the digital economy, emphasizing its own Guiding Principles of Good Tax Policy.
READ MORE
-
4 keys to focusing on customers in a complex world
October 22, 2018Developing and delivering on a customer promise can help organizations find a simple road to success in a complex, fast-paced business environment.
READ MORE
-
AICPA Council votes to move forward with expanded eligibility for valuation credential
October 21, 2018Members of AICPA’s governing Council voted down a motion on Sunday that would have suspended and opened additional study of expanded eligibility for the Accredited in Business Valuation (ABV) credential.
READ MORE
-
How the suspension of personal exemptions affects health-care-related provisions
October 18, 2018IRS guidance clarifies what it means to claim a personal exemption deduction.
READ MORE
-
After investigation, SEC issues cyberfraud alert
October 16, 2018The Securities and Exchange Commission cautioned public companies to be on the lookout for a class of cyber-related fraud called “business email compromise.”
READ MORE
-
FASAB proposal seeks clearer materiality guidance
October 16, 2018The Federal Accounting Standards Advisory Board (FASAB) is asking for public comment on a proposal to clarify the implementation of materiality concepts in the issuance of federal financial statements.
READ MORE
-
Getting it right: Crafting the CPA Exam
October 15, 2018CPA Exam questions must adhere to Blueprint topics and skill levels while avoiding words and ideas that could distract or confuse the reader.
READ MORE
-
Proposed regs. reflect amendments to all-events test and advance payments
October 12, 2018The IRS is proposing to remove regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 included in the law known as the Tax Cuts and Jobs Act.
READ MORE
-
International audit standard addresses estimates
October 8, 2018A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts.
READ MORE
-
Meals continue to be deductible under new IRS guidance
October 3, 2018The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
READ MORE
-
GASB proposes targeted improvements, new concepts
September 28, 2018GASB issued separate proposals that are designed to deliver targeted improvements to the financial reporting model and advance new concepts to guide the board in developing standards on recognition in state and local government financial statements.
READ MORE
-
IRS issues 2018–2019 per-diem rates
September 26, 2018The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.
READ MORE
-
Rules issued on paid family and medical leave credit
September 24, 2018The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.
READ MORE
-
3 factors driving finance transformation
September 21, 2018North American CFOs are dealing with rapid technology changes and the need to retrain workers in the quest to continue finance transformation.
READ MORE
-
SEC proposes clarifying broker-dealer exemption
September 20, 2018The Securities and Exchange Commission proposed an amendment that would correct an error published in 2013 in the exemption provisions in the broker-dealer annual reporting rule.
READ MORE
-
News quiz: What’s the latest on accountants’ pay?
September 20, 2018See how much you know about the news (or catch up on recent reports) with the quiz.
READ MORE
-
Investors trust auditors, but confidence in U.S. markets drops
September 18, 2018Investors continue to show a high degree of confidence that public company auditors are looking out for them, according to a new survey.
READ MORE
-
IRS extends deadlines in N.C. counties affected by Hurricane Florence
September 17, 2018The IRS announced that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.
READ MORE
-
How cybercriminals prey on victims of natural disasters
September 14, 2018Natural disasters such as Hurricane Florence provide cybercriminals with an opportunity to cause further misery for victims and businesses that already are under siege.
READ MORE
-
IRS issues proposed regs. for GILTI inclusions
September 14, 2018The IRS issued proposed regulations implementing Sec. 951A’s global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder’s gross income.
READ MORE
-
FinREC issues working draft on multiemployer benefit plans
September 11, 2018The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of a proposed chapter on multiemployer benefit plans and illustrative financial statements, which will be added to the AICPA Audit and Accounting Guide Employee Benefit Plans.
READ MORE
-
States’ deregulatory push threatens CPA licensure
September 7, 2018The CPA profession organizes resistance to legislative proposals that would reduce state licensing requirements.
READ MORE
-
U.S. economic enthusiasm remains high
September 5, 2018Tariffs, rising interest rates, and difficulty finding workers are not enough to slow projected growth, according to a survey of finance decision-makers.
READ MORE
-
Launch of CPA Exam in Europe provides convenience for candidates
September 5, 2018Beginning next month, CPA candidates in Europe will no longer have to undertake intercontinental travel to sit for the CPA Exam.
READ MORE
-
GASB clarifies majority equity interest reporting rules
September 4, 2018Clarifying guidance issued by GASB explains that state and local governments are required to consider the definition of an acquisition in their accounting for majority equity interest in an organization.
READ MORE
-
FASB simplifies accounting for cloud computing service costs
August 29, 2018FASB issued new rules that are designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement.
READ MORE
-
12 US cities where accountants draw higher pay
August 29, 2018Two new salary guides show higher pay benchmarks for accountants in several locations in California and the Northeast.
READ MORE
-
Deemed personal exemption amount introduced for various tax benefits
August 28, 2018The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
READ MORE
-
FASB takes big steps on disclosure effectiveness
August 28, 2018FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes announced by the board.
READ MORE
-
Updated guidance highlights key changes in the auditor’s report
August 27, 2018The PCAOB has issued updated staff guidance to assist practitioners as they implement the board’s new auditor’s reporting model.
READ MORE
-
Technology issues to consider in lease accounting
August 27, 2018Preparers may want to consider technological tools that can help with the accounting and the administration of leases.
READ MORE
-
Proposed rules would curb avoidance of SALT deduction limit
August 24, 2018Here is what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits.
READ MORE
-
News quiz: Investments, charitable contributions, and more
August 23, 2018News posted on the JofA website in the past month offered CPAs a glimpse of Americans’ attitudes toward investing and the state of the economy through surveys.
READ MORE
-
Proposal would withdraw inter-entity cost guidance
August 22, 2018A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.
READ MORE
-
IRS provides initial guidance on new Sec. 162(m)
August 22, 2018The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
READ MORE
-
Wright reappointed as PCC chair
August 21, 2018Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.
READ MORE
-
3 areas of top concern in broker-dealer audits
August 20, 2018Independence issues identified in the PCAOB’s 2017 staff inspections fell compared with the previous year, according to a report the board.
READ MORE
-
FASB addresses credit loss standard concerns
August 20, 2018A proposal issued by FASB would amend the transition requirements and scope of the board’s new standard for accounting for credit losses.
READ MORE
-
Quarterly earnings reports at center of debate
August 17, 2018Some say focusing too intently on quarterly reports causes companies to neglect the long-term goals that should be more of an emphasis.
READ MORE
-
D.C. Circuit upholds IRS unenrolled tax preparer program
August 17, 2018The Court of Appeals for the D.C. Circuit held that the AICPA had standing to challenge the IRS’s Annual Filing Season Program for unenrolled tax preparers but further held that the program did not violate the Administrative Procedure Act.
READ MORE
-
FASB changes accounting for long-duration insurance contracts
August 15, 2018Companies that sell products such as life insurance, disability income insurance, long-term-care insurance and annuities will change their accounting under new rules issued by FASB.
READ MORE
-
Independence interpretation on hosting services gets new effective date
August 14, 2018The effective date of the new “Hosting Services” interpretation in the AICPA’s “Independence Rule” has been extended 10 months by the AICPA Professional Ethics Executive Committee.
READ MORE
-
FASB proposes lessor accounting amendments
August 13, 2018Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.
READ MORE
-
FinREC issues working drafts on credit loss accounting issues
August 9, 2018The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses.
READ MORE
-
Tolerance for high risk puts Americans’ investments in jeopardy
August 9, 2018Many Americans see a volatile stock market as a way to make a quick profit through short-term buying and selling, according to a new poll.
READ MORE
-
Qualified business income deduction regs. proposed
August 8, 2018The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
READ MORE
-
Final regs. govern who can be a partnership representative
August 7, 2018The IRS finalized proposed regulations under Sec. 6223 on the procedures for designating a partnership representative and the authority of the partnership representative under the centralized partnership audit regime.
READ MORE
-
Ninth Circuit withdraws Altera opinion
August 7, 2018The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”
READ MORE
-
IRS issues proposed regs. on 100% bonus depreciation
August 6, 2018The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.
READ MORE
-
GASB proposes new rules for reporting conduit debt obligations
August 6, 2018Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.
READ MORE
-
Proposed regs. address several transition tax issues
August 1, 2018The IRS issued proposed regulations on the Sec. 965 transition tax that requires U.S. shareholders of deferred foreign income corporations to pay tax on post-1986 deferred income.
READ MORE
-
Quiz: Test your knowledge of employee benefit plan audits
August 1, 2018How well do you know the basics of employee benefit plan auditing? Take this quiz and find out.
READ MORE
-
2018 tax software survey: Individual product survey responses
August 1, 2018Online-only: Contact information, basic packages and their features are shown below for the top seven products in the survey.
READ MORE
-
New AICPA technical corrections clarify independence requirements
July 31, 2018Technical corrections issued by the AICPA clarify the definition of “covered member” in the AICPA Professional Standards and the independence rules for agreed-upon procedure engagements under the Statements on Standards for Attestation Engagements.
READ MORE
-
FASB attempts to make lease accounting implementation easier
July 30, 2018FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers.
READ MORE
-
Final rules govern adequate substantiation for charitable contributions
July 30, 2018Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.
READ MORE
-
News quiz: Wayfair, cybersecurity, and a shorter 1040
July 26, 2018See how much you know about the news (or catch up with recent developments) with this short quiz.
READ MORE
-
Job growth helps push Americans’ financial well-being to record high
July 26, 2018Stock market gains and increased job opportunities improved the financial outlook of the average American in the second quarter of 2018 despite rising inflation.
READ MORE
-
Stock-based compensation cost-sharing regs. valid
July 25, 2018The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.
READ MORE
-
In unified voice, leaders reaffirm profession’s commitment to audit quality
July 25, 2018Leaders in the auditing profession are committed to continuous improvement in audit quality at a time of significant change, seven prominent executives in the profession said in a joint statement.
READ MORE
-
Tips for understanding critical audit matters
July 24, 2018A new report explains what audit committees and financial statement users need to know about critical audit matters.
READ MORE
-
FASB issues 16 minor amendments to lease accounting standard
July 19, 2018FASB clarified rules and corrected application of guidance for its lease accounting standard.
READ MORE
-
SEC provides disclosure relief, considers employee stock compensation rules
July 18, 2018The SEC raised a disclosure threshold and sought public comment on other ways to modernize its rules for employee stock compensation.
READ MORE
-
GAO issues revised Yellow Book standards for government auditors
July 17, 2018The revised standards are designed to provide a framework for high-quality work by government auditors.
READ MORE
-
States sue over state and local tax deduction cap
July 17, 2018Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.
READ MORE
-
Many tax-exempt organizations no longer need to list donor information
July 17, 2018News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.
READ MORE
-
FASB issues standard devoted to minor codification improvements
July 16, 2018FASB made clarifying changes and corrected unintended application of guidance in a standard that updates its Accounting Standards Codification.
READ MORE
-
FASB memos shed light on private company revenue recognition issues
July 12, 2018Two FASB staff memos issued last month provide insight to private company financial statement preparers on how to overcome implementation challenges that some have encountered with the new revenue recognition standard.
READ MORE
-
AICPA: 2019 Form W-4 needs to be simplified
July 12, 2018The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
READ MORE
-
Proposed SSAE would increase flexibility for practitioners in performing attestation engagements
July 11, 2018The AICPA Auditing Standards Board issued a proposal that would make numerous changes to the attestation standards, including changing the terminology for what have been known as “review engagements.”
READ MORE
-
Avoid these common not-for-profit financial statement mistakes
July 10, 2018Here are five tips that can help not-for-profits prevent some financial statement errors mistakes.
READ MORE
-
Tax practitioners are warned to safeguard client data
July 10, 2018The IRS warned that it is increasingly difficult for it to recognize fraudulent tax returns as cybercriminals succeed in getting more and more accurate information.
READ MORE
-
With SEC vote, more companies qualify for scaled disclosure
June 29, 2018The SEC voted to change the definition of “smaller reporting company” in an effort to expand the number of companies that qualify for scaled disclosure accommodations.
READ MORE
-
SEC adopts, proposes several new rules
June 28, 2018The U.S. Securities and Exchange Commission voted to adopt and propose several new rules, including changes to the SEC’s whistleblower program and a requirement to use Inline XBRL in certain filings.
READ MORE
-
IASB seeks clarity between liabilities and equity
June 28, 2018The proposal attempts to reduce diversity in practice on the accounting for complex instruments that have features of debt and equity.
READ MORE
-
Form 1040 to be shorter but with more schedules
June 27, 2018The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
READ MORE
-
FASB proposes update to definition of ‘collections’
June 26, 2018The proposal would realign the definitions of “collections” used in GAAP and the American Alliance of Museums’ Code of Ethics for Museums.
READ MORE
-
Strategies for quality work in single audits
June 25, 2018Careful testing and thorough documentation are among the keys for quality single audit performance described by Laurie De Armond, CPA, in her summary of observations from the AICPA Not-for-Profit Industry Conference.
READ MORE
-
Proposal would clarify exception to client confidentiality rule
June 22, 2018Under a proposal issued by the AICPA Professional Ethics Executive Committee, certain reviews of a tax practice would be explicitly included in exceptions to AICPA Professional Standards client information disclosure rules.
READ MORE
-
A new playing field for business
June 22, 2018The Supreme Court’s decision on sales tax collection could give smaller companies that rely on in-store sales a better chance to compete with virtual retailers.
READ MORE
-
GASB addresses interest cost incurred before a construction period ends
June 22, 2018State and local governments will provide new information to financial statement users under a standard GASB issued that establishes accounting rules for accounting for interest cost incurred before the end of a construction period.
READ MORE
-
FASB clarifies accounting for grants and contributions
June 21, 2018The ASU seeks to simplify accounting for grants and similar contracts awarded by governments to not-for-profits.
READ MORE
-
Supreme Court overturns Quill’s physical presence requirement
June 21, 2018The U.S. Supreme Court on Thursday held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state.
READ MORE
-
News quiz: Hiring and trade on finance leaders’ minds
June 21, 2018The quarterly Business and Industry Economic Outlook Survey prompted a couple of news reports in the JofA in recent weeks. One focused on plans for hiring, while the other looked at concerns about trade.
READ MORE
-
FASB simplifies accounting for share-based payments to nonemployees
June 20, 2018FASB released an Accounting Standards Update (ASU) designed to improve the financial reporting for share-based payments issued to nonemployees for goods or services.
READ MORE
-
AICPA report: Seniors increasingly targeted for investment fraud
June 19, 2018Scams aiming to reach retirement accounts are becoming progressively more sophisticated.
READ MORE
-
SEC unveils goals for next 4 years
June 19, 2018The three goals’ aim is to help the commission improve its ability to react to and employ new technologies.
READ MORE
-
How to improve workflow to achieve operational excellence
June 19, 2018Process improvements in three key areas can improve workflow and provide finance with more time for analysis and advisory duties.
READ MORE
-
Tony Hawk: Accountants help make dreams become reality
June 18, 2018Skateboarding legend Tony Hawk credited his accountants with making his ventures successful and shared lessons he learned from being an entrepreneur.
READ MORE
-
Disguised-sale partnership regs. withdrawn
June 18, 2018The IRS announced that it was withdrawing temporary regulations on the treatment of partnership liabilities for disguised-sale purposes and proposing to reinstate the old rules.
READ MORE
-
AICPA advocates for IRS tax guidance priorities
June 15, 2018The AICPA sent a letter to the IRS with recommendations for items of tax guidance that should be priorities for the Service to issue from July 1, 2018, to June 30, 2019.
READ MORE
-
Why and how to create great content at work
June 14, 2018Creating content can be a great way to make a name for yourself on the job. CPA and blogger Chris Wittich shares his best advice for getting started.
READ MORE
-
Getting along with different personalities at work
June 14, 2018Learn about each group’s preferences for collaboration, communication, and idea generation to improve relationships with your co-workers.
READ MORE
-
6 steps to accounting automation success
June 14, 2018For firms embracing the automation age, artificial intelligence requires smart thinking and human wisdom, Boomer Consulting’s Arianna Campbell and Marc Staut explained at the AICPA ENGAGE 2018 conference.
READ MORE
-
Make attest engagements more profitable
June 14, 2018Better planning and more efficient processes and procedures can help accountants, auditors and firms gain more profit from their attest engagements, consultant Alan W. Anderson, CPA, said at the AICPA ENGAGE 2018 conference.
READ MORE
-
What clients need to know about Social Security
June 13, 2018Ted Sarenski, CPA/PFS, discusses 2018 changes to Social Security and much more, including claiming strategies, spousal benefits, and what might happen to the program in the future.
READ MORE
-
Tips for new managers
June 13, 2018Leadership is a skill that can be learned, says Louis Griego, CPA. In his talk at ENGAGE, he gives advice new managers can use to hone their leadership skills.
READ MORE
-
Add value to audits with client-focused analytics
June 13, 2018Audit data analytics provide an opportunity for auditors to provide more value to clients. But first, firms need to let clients tell them what kind of insights would be helpful.
READ MORE
-
Focus on clients, and revenue will follow
June 12, 2018Figuring out what clients want can be a challenge for any CPA firm. But if you’re diligent in seeking feedback and take the time to listen, you’ll discover more opportunities to provide revenue-producing services.
READ MORE
-
Increase your EQ and shine in the workplace
June 12, 2018Knowing how to identify and respond to your emotions, and those of your co-workers, can give you an edge in the workplace. Learn ways to improve your EQ.
READ MORE
-
How to recruit the best job candidates
June 12, 2018Understanding candidates’ motivations and carefully crafting job descriptions can give employers an advantage in recruiting, says Sarah Dobek, the founder and president of Inovautus Consulting.
READ MORE
-
Tariff talk worries some business executives
June 12, 2018Potential trade conflicts between the U.S. and economic partners give 38% of finance decision-makers reason for moderate or significant concern.
READ MORE
-
Planning ideas from Form 1040 (and beyond)
June 12, 2018Learn about a few of the many valuable planning opportunities you can uncover when reviewing a client’s tax forms.
READ MORE
-
Draft 2019 Form W-4 and instructions posted
June 8, 2018The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
READ MORE
-
Quiz: Best practices in government accounting and auditing
June 1, 2018How well do you know the rules for state and local government accounting and auditing? Take this quiz and find out.
READ MORE
-
Inter-entity cost accounting rules amended for federal agencies
May 31, 2018The Federal Accounting Standards Advisory Board issued amended accounting rules for recognition of inter-entity costs by federal agencies.
READ MORE
-
U.S. companies keen on hiring, but they see fewer candidates
May 30, 2018A rising number of accounting executives say their businesses plan to hire in the coming year, a quarterly survey by the Association of International Certified Professional Accountants shows.
READ MORE
-
AICPA recommends IRS FAQs on virtual currency taxation
May 30, 2018The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.
READ MORE
-
Standard mileage rates, depreciation amounts updated
May 25, 2018The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
READ MORE
-
IRS warns tax practitioners of new phishing scam
May 25, 2018The IRS alerted tax practitioners to beware of a phishing scheme in which cybercriminals send out emails posing as state accounting and professional associations.
READ MORE
-
IRS to clarify rules on payments in lieu of state and local taxes
May 23, 2018The IRS announced that it intends to issue regulations explaining that legislation attempting to recharacterize state and local taxes as charitable contributions will be subject to interpretation under federal tax law.
READ MORE
-
New compilation and review report requirements issued
May 23, 2018The AICPA Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services No. 24, which revises reporting requirements for compilations and reviews.
READ MORE
-
Tech, people skills are key as accountants face changing demands
May 21, 2018To be prepared for the future, accountants need to develop technical competencies, people skills and an agile mindset, the AICPA’s Clar Rosso said during the spring meeting of the AICPA governing Council.
READ MORE
-
New skills essential for thriving amid digital disruption
May 21, 2018Technological advancements have made it necessary for professionals and leaders to develop new skills to help their organizations thrive.
READ MORE
-
GASB issues implementation guidance
May 21, 2018New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.
READ MORE
-
Helping CPAs grasp the fundamentals of global power
May 20, 2018The U.S. is headed for turbulence economically and politically over the next few years, geopolitical analyst Jacob Shapiro said during an AICPA spring governing Council session.
READ MORE
-
How accounting firms can tap into benefits of AI
May 17, 2018The technology can help empower existing professionals, not necessarily remove them, particularly in specialist fields.
READ MORE
-
Charitable contribution procedures updated
May 17, 2018The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
READ MORE
-
News quiz: IRS warns businesses about cyberthieves
May 17, 2018Test your knowledge of recent news with this short quiz.
READ MORE
-
AICPA recommends flexibility in partnership audits
May 16, 2018The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.
READ MORE
-
FASAB proposes new standards for accounting and reporting of government land
May 15, 2018A new FASAB proposal is designed to promote consistency in the accounting treatment and reporting for land holdings while considering the information needs of financial statement users.
READ MORE
-
Valuation of portfolio company investments addressed in AICPA working draft
May 15, 2018The working draft of an Accounting and Valuation Guide issued by the AICPA provides guidance on the accounting for and valuation of portfolio company investments of venture capital and private-equity funds and other investment companies.
READ MORE
-
Fewer Americans delaying life events for financial reasons
May 15, 2018Just 35% of Americans said they had delayed a major life event for financial reasons, compared with 51% in 2015, according to an AICPA survey.
READ MORE
-
IRS issues HSA contribution limits for 2019
May 10, 2018The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.
READ MORE
-
IRS updates automatic accounting method change procedures
May 10, 2018The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
READ MORE
-
Quiz: Is your audit addressing your client’s risks?
May 9, 2018Take this five-question quiz to gauge your understanding of how to assess and respond to risk during an engagement.
READ MORE
-
5 things you need to know about the new international ethics code
May 8, 2018A new international Code of Ethics for professional accountants contains new guidance on safeguards, cooling-off periods, and other important issues.
READ MORE
-
FASB supersedes outdated guidance related to Circular 202
May 7, 2018FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.
READ MORE
-
Small businesses should guard against tax-return identity theft
May 3, 2018The IRS urged small businesses to be wary of a growing amount of identity theft attempts aimed at employers and small businesses in general, and partnerships and trusts and estates.
READ MORE
-
FinREC issues 2 revenue recognition working drafts
May 1, 2018The AICPA FinREC published working drafts addressing revenue recognition issues in the gaming and telecommunications industries.
READ MORE
-
IRS gives taxpayers relief from erroneous HSA contributions
April 26, 2018The IRS announced it will allow taxpayers to treat $6,900 as the 2018 limit for deductible contributions to HSAs for individuals with family coverage.
READ MORE
-
FASB proposes targeted changes to collaborative arrangements standard
April 26, 2018FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.
READ MORE
-
Americans’ financial satisfaction hits high mark
April 26, 2018Despite recent stock market volatility, the AICPA’s Personal Financial Satisfaction Index (PFSi) reached a record high in the first quarter of 2018.
READ MORE
-
Quiz: Test your knowledge of not-for-profit accounting
April 25, 2018New Financial Accounting Standards Board rules that took effect this year have ushered in a number of changes to not-for-profit accounting. This quiz tests your knowledge in this specialized area.
READ MORE
-
How to maintain independence in audits of insured depository institutions
April 24, 2018Auditors of insured depository institutions need to educate themselves and their staffs about independence rules that apply to these engagements.
READ MORE
-
Automation in finance: Get your team ready
April 20, 2018Thanks to numerous technological advances, many routine accounting and finance tasks are likely to be automated in the near future.
READ MORE
-
News quiz: Some tax regulations get extra review
April 19, 2018The changing of a 35-year-old practice involving Treasury regulations was among the news reported on the JofA online recently. Other reports dealt with identity theft and data breaches, innovation and risk management, and changing accounting standards. See how much you know about the news with this short quiz.
READ MORE
-
The ideal time to review your finances
April 19, 2018Having too large a tax refund, or having to pay too much in taxes, can be a sign that your financial plan needs revising.
READ MORE
-
Supreme Court hears oral arguments in sales tax nexus case
April 18, 2018The Supreme Court heard oral arguments in a case with broad remote sales tax collection ramifications.
READ MORE
-
IRS computer crash prompts deadline extension
April 17, 2018After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the day on Tuesday, the IRS extended the filing and payment deadline for 2017 individual tax returns until midnight on Wednesday, April 18.
READ MORE
-
Report finds big fraud problems for small businesses
April 17, 2018Occupational fraud continues to siphon staggering amounts of money from businesses worldwide, with smaller organizations being hit particularly hard.
READ MORE
-
Treasury regulations to be subject to OMB review
April 12, 2018The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.
READ MORE
-
How board members can perform oversight of cybersecurity risks
April 12, 2018A new tool can help board members understand what questions to ask in their oversight of cybersecurity risk management.
READ MORE
-
Save money by having your sustainability report assured
Apr