ASB addresses challenges in auditing accounting estimates

A proposal issued by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates.

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FASAB clarifies cleanup cost liabilities guidance

A 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.

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FASB proposes delay in long-term insurance standard effective date

The effective date of a new accounting standard for long-term insurance contracts would be delayed under a proposal issued FASB.

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Determining materiality for nonquantitative subject matters

Emerging 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.

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GASB issues lease accounting implementation guide

State and local governments received implementation guidance for the Governmental Accounting Standards Board’s lease accounting standard.

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Underpayment penalty relief now automatic for eligible filers

Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.

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FASB proposes delays in 3 key effective dates

Private 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.

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FinREC issues credit loss standard working drafts

Working 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.

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Alimony tax gap swells to $3.2 billion, TIGTA finds

Discrepancies 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.

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Report finds shift in accounting firm hiring

Almost one-third (31%) of new graduate hires in public accounting in 2018 were nonaccounting graduates, a new AICPA survey shows.

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Rules proposed for classifying cloud and digital content transactions

The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and cloud computing.

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Coalition launched to protect professional licensing

The 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.

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The benefits of a ‘decomposed’ approach to group audit planning

New 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.

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IRS changes its third-party contact procedures

The 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.

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Taxpayers may revoke or make late bonus depreciation elections

The 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.

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FASB tackles difficult liabilities and equity topic

FASB addressed one of the most challenging areas of financial reporting with a proposal intended to help distinguish liabilities from equity.

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FASB proposes clarifying interaction between 2 standards

FASB 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.

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IRS permits certain partnerships to file superseding partnership returns

The 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.

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IRS alerts virtual currency owners of nonfiling consequences

The IRS has begun sending what it calls “educational letters” to taxpayers it has identified as not reporting virtual currency transactions or reporting them incorrectly.

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Quiz: How well do you know internal control auditing requirements?

It’s critical for auditors to understand their responsibilities related to internal controls. Take this quiz to see how much you know about this topic.

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Stock market surge boosts financial satisfaction

Stock 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).

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Comply with the newly effective ‘Hosting Services’ interpretation

An AICPA ethics interpretation on hosting services addresses how CPAs can maintain their independence. The interpretation took effect July 1.

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Guidance adds preventive care items to high-deductible health plans

The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to treat chronic medical conditions.

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FASB to propose delaying effective dates for 4 major standards

Effective 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.

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ASB addresses ERISA plan auditor reporting, other information in annual reports

The AICPA Auditing Standards Board issued new standards addressing auditor reporting on ERISA plan financial statements and an auditor’s “other information” responsibilities.

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AICPA issues forensic accounting standards

The AICPA issued new professional standards for members who perform forensic accounting services engagements.

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GASB seeks comment on several issues

GASB issued an omnibus exposure draft covering accounting and financial reporting issues identified during the implementation of previous GASB guidance.

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FASB considering goodwill accounting changes

FASB 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.

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Final rules permit truncated TINs on W-2s

As 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.

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Advocacy update: Testifying on the ERISA audit process

The 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.

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GASB proposes changes to Sec. 457 plan reporting

GASB proposed new guidance that would clarify the accounting and financial reporting of Internal Revenue Code Sec. 457 deferred compensation plans.

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FASB proposes narrow-scope changes to credit loss standard

FASB proposed changes that are designed to address issues that have arisen for stakeholders implementing the board’s new standard for accounting for credit losses.

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Get private companies ready for the new revenue standard

Private 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.

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Quiz: How well do you know the risk assessment standard?

The 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.

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Supreme Court holds North Carolina cannot tax trust

The 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.

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SEC addresses auditor independence and the Loan Provision

The 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.

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Audit evidence standard would be updated under proposal

The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.

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Quiz: Can you spot the usage and word errors?

This 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.

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Virtual currency not FBAR reportable (at least for now)

The 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).

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Convergence with international standards sought for SSARSs

A proposal issued by the AICPA Accounting and Review Services Committee would promote convergence with international standards for review services.

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W-2 methods proposed for Sec. 199A(g) deduction by agricultural co-ops

The 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.

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New GASB guide addresses fiduciary activities

GASB issued a new implementation guide that includes questions and answers related to recently released GASB standards on accounting and financial reporting for fiduciary activities.

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Final HRA rules permit integration with individual health insurance

The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.

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Final rules govern GILTI, Subpart F income, and foreign tax credits

The 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.

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Congress approves IRS reform bill, drops Free File language

The 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.

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GASB proposes guidance on PPPs and APAs

The 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.

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Develop a coaching culture in your organization

Listening 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.

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What tax firms need to know now about technology

Artificial 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.

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SALT deduction cap rules finalized, safe harbor proposed

Here 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.

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Tax law changes join staffing as a top issue for CPA firms

Finding qualified staff was once again most CPA firms’ top concern, according to the 2019 PCPS CPA Firm Top Issues Survey.

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NASBA and AICPA seek input on evolving licensure model

NASBA 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.

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PEEC updates 2 ethics interpretations

The 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.

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Liquidity, regulation among not-for-profits’ top challenges

Not-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.

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A refined approach to auditing accounting estimates

Auditing accounting estimates can be challenging. New auditing standards may help by encouraging deeper professional skepticism.

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4 ways to protect your data from the dark web

Your 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.

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When choosing technology, put clients first

Evan 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.

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What to say to grieving clients

Grief 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.

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How to motivate and retain your talent

Invest 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.

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Ninth Circuit upholds IRS cost-sharing regulation

The 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.

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Tips for a smooth CECL implementation

FASB’s new current expected credit losses standard contains big implementation challenges for the financial services industry but also applies to companies in other industries.

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AICPA set to be awarded ‘.cpa’ internet domain

The AICPA is in final contract talks with the internet’s global governing body to oversee a new internet domain for CPAs.

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U.S. finance execs hold on to positivity

The gap narrows, but expectations are still stronger for the U.S. than the global economy, according to a quarterly survey.

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ASB seeks alignment of materiality definitions

The 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.

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Changes coming to tax transcript availability

To 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.

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IRS issues draft of revised Form W-4 for 2020

The 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.

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Chief accountant Wesley Bricker to leave SEC

Wesley 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.

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Firms lose cloud access after Cetrom systems breach

A 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.

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FASB extends GAAP alternatives to not-for-profits

The new FASB standard allows not-for-profits to use alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination.

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2020 limits on HSA contributions are issued

The 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.

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GASB proposes guidance for subscription-based IT arrangements

GASB proposed guidance for state and local government accounting for subscription-based information technology arrangements.

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2019 inflation-adjusted vehicle depreciation limits and income inclusions issued

The 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.

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Proposal would enable adaptive-learning CPE self-study for CPAs

New standards proposed Monday for continuing education providers would permit CPAs to receive CPE credit for adaptive-learning programs in self-study courses.

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How the CPA continuing education game is changing

New 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.

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Sales tax proposals threaten to ensnare CPA firms

Accountants 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.

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IRS corrects error in Schedule D tax calculation worksheet

The 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.

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4 key steps for auditors in assessing technology risks

The 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.

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FASB eases transition to credit losses standard

FASB 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.

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IRS extends filing deadlines for CCH customers

The 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.

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How a lease with an attest client affects independence

A 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.

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FASB proposes simplifying accounting for income taxes

FASB issued a proposal that is intended to make accounting for income taxes less costly and complex.

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AICPA committee requests delay in private company lease accounting effective date

Private companies are experiencing overload as they implement complex new accounting standards, according to the AICPA Private Companies Practice Section’s Technical Issues Committee.

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Distribution by former S corporation is part dividend

The 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.

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SEC addresses ICFR attestation for smaller companies

The 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.

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IRS changes maximum-vehicle-value rule

The 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.

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Wolters Kluwer takes services offline after malware attack

Following a malware attack, cloud tax and accounting services provider Wolters Kluwer took a number of its platforms and applications offline this week.

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ASB enhances communication in auditors’ reports

The 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.

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Credit losses standard tips for audit committees

FASB’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.

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SEC proposes changes to disclosures on acquisitions and disposals

The SEC proposed rules changes designed to make disclosures less costly for acquisitions and disposals of businesses while preserving valuable information for investors.

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New GASB guide assists with implementation

A new implementation guide issued by the Governmental Accounting Standards Board can assist state and local governments as they adopt certain GASB statements.

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Q&A discusses ‘direct care’ expenses for collections

A 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.”

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Polley steps down as head of FAF

After leading the Financial Accounting Foundation (FAF) for 11 years, Terri Polley announced that she is stepping down.

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FASB makes minor adjustments to financial instruments rules

Stakeholders have voiced concerns to FASB about various aspects of the board’s recently issued standards for credit losses, hedging, and recognition and measurement.

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Personal financial satisfaction up in first quarter after market rebound

Americans’ personal financial satisfaction reached a record high in the first quarter of 2019, according to the AICPA’s proprietary Personal Financial Satisfaction Index.

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News quiz: IRS gives a break on underpayment

Try this short quiz to review some of the news posted in the past month or so.

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More proposed regs. on qualified opportunity funds issued

The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.

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Can a state tax a trust based on the beneficiary’s residency?

The 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.

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Yellow Book revisions update independence guidance

Revised 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.

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Safe harbor issued for valuing pro sports trades

The 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.

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AICPA asks government to issue more QBI deduction guidance

The 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.

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Ways to keep your talented CPAs

Flexible scheduling can ward off burnout and help retain staff.

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Lease accounting tips for public and private companies

Public 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.

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The barriers to enhanced risk oversight

One theme that has emerged from 10 years of survey data on risk management: It’s not getting any easier.

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Tax treatment of state and local tax refunds clarified

The 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.

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Lease accounting: A private company perspective

Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.

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Procedure for obtaining EINs to change May 13

Beginning 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.

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The benefits of a digitally fit risk function

Risk functions that are up to speed with organizations’ digital initiatives are better able to manage risks in a transformative time.

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Final rules issued on penalty for nondisclosure of reportable transactions

The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.

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AICPA rescinds guidance on prior-period audits

Auditors 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.

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IRS expands relief from underpayment penalty

The 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.

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Proposed rules issued for information reporting for life insurance contract transactions

The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.

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FASB modifies definition of ‘collections’

New rules issued by the FASB align its definition of “collections” with that used by the American Alliance of Museums’ Code of Ethics for Museums.

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News quiz: Economic outlook gets an update

Reports 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.

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IRS’s Dirty Dozen scams — 2019 edition

The 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.

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PCAOB staff provides insight on critical audit matters

The 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.

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First-year challenges of TCJA implementation require broader penalty relief

Despite 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.

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Finance leaders feel good but ready for a downturn

Finance 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.

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FASB alters accounting for episodic TV series

FASB issued a standard that converges the accounting guidance for production costs for episodic TV series with the rules for production costs for films.

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New FASB standard clarifies lease accounting issues

FASB 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.

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Guidance proposed on FDII and GILTI deductions

The 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.

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Court upholds IRS PTIN fees

The 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.

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FASB proposes guidance for measuring share-based payments to customers

A proposal issued by the Financial Accounting Standards Board would spell out how to measure share-based payments to a customer.

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FASAB proposes eliminating RSSI, updating lease references

FASAB 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.

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PEEC issues new and revised interpretations

The 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.

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GASB issues proposed lease accounting implementation guide

GASB issued a proposed implementation guide that is designed to help state and local governments understand the board’s new standard on lease accounting.

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IRS finalizes centralized partnership audit regulations

The IRS issued final regulations on the centralized partnership audit regime, which generally assesses tax at the partnership level.

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Taxpayers will file QBI deduction computation with IRS next year

The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.

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FASB addresses deferred revenue in business combinations

FASB took a step forward in resolving challenges in its rules for recognizing and measuring deferred revenue in business combinations.

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Clients’ top retirement fear: Running out of money

Nearly one-third (30%) of financial planners say their clients’ top retirement fear is running out of money, according to a recent AICPA survey of 631 CPA financial planners.

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Bonus depreciation safe-harbor rules for vehicles issued

The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.

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IAASB aims to enhance engagement quality reviews

The International Auditing and Assurance Standards Board has proposed new rules designed to ensure that engagement quality reviews maintain their effectiveness.

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Finding value in revenue recognition implementation

The challenges associated with FASB’s new revenue recognition standard have been substantial for many companies, but at least they’re gaining valuable data and process improvements as a result of the implementation.

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Identity protection PIN program expands

The IRS announced that it is expanding its identity protection personal identification number (IP PIN) program to taxpayers in seven additional states.

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FASB proposes transition relief for credit losses standard

FASB proposed providing an option to measure certain types of assets at fair value, a change aimed at making the transition to its new credit losses standard easier.

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IRS issues updates on post-shutdown activities

The IRS posted guidance for the public explaining how it will be operating now that the shutdown has ended, to catch up on its backlog in audits, collections, tax return processing, and Tax Court cases.

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Government shutdown ends in time for tax season

The partial shutdown of the federal government ended just in time to allow the full IRS workforce to return to work for the start of tax season.

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News quiz: Uncertainty looms as year begins

The 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.

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Americans’ personal financial satisfaction dips in fourth quarter

The 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.

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Paid preparer’s checklist expands to include head-of-household, other tax credit questions

Practitioners 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.

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Cost-of-complexity exercise enables better decisions

Determining the right amount of packaging specialization helps management accountants balance customer preferences with cost-effectiveness.

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Qualified business income deduction regs. and other guidance issued

The 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.

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Some individual taxpayers get relief from underpayment penalty

The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.

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Final regulations govern Sec. 965 transition tax

The 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.

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Half of IRS employees to be recalled during tax season

The IRS issued an updated contingency plan outlining how it will function during tax season.

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North American CFOs’ optimism falls sharply

Deloitte survey indicates the euphoria of the first quarter of 2018 has diminished, mainly because of concern about a lack of trade clarity.

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IRS announces Free File launch

The 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.

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A new framework for audit quality disclosures

A new framework designed by the Center for Audit Quality can help firms develop their audit quality disclosures and provide transparency to the public.

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IRS sets start date for tax season, will issue refunds during government shutdown

The 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.

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AICPA publishes broker-dealer working draft

The AICPA Financial Reporting Executive Committee has published a working draft of an illustrative note to financial statements of SEC-registered broker-dealers.

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Changes related to peer review proposed for UAA

The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs.

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GASB proposes implementation guide for fiduciary activities standard

GASB 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.

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ASB changes align GAAS with PCAOB standards

The 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.

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6 tips for developing critical audit matter disclosures

New 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.

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PCAOB strengthens rules for auditing estimates, supervising specialists

The PCAOB voted to approve a new standard and amendments for auditing accounting estimates, including fair value measurements, and using the work of specialists.

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How audit committees can oversee FASB standard adoption

Audit committees have a lot to consider as 2018 concludes with adoption of game-changing accounting standards in full swing at many companies.

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FASB proposes extending 2 GAAP alternatives to not-for-profits

Under 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.

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Test your knowledge of 2018 accounting news

Did you pay attention to the most important developments in the accounting profession in 2018? Take this quiz and find out.

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FASB proposal would address lessor implementation challenges

FASB proposed an accounting standard that would clarify how lessors should handle certain scenarios under the board’s new lease accounting standard.

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Government shutdown would halt many IRS operations

A partial government shutdown at midnight on Friday would affect the IRS, which has not been fully funded for fiscal year 2019.

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CPA firms share their holiday traditions

From 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.

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GAAP, SEC taxonomies for 2019 are available

The taxonomies contain updates necessary for meeting GAAP and SEC requirements in financial reporting.

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2 valuation guide working drafts issued

The 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.

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2019 standard mileage rates announced

The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.

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Proposed regs. govern tax on base-erosion payments

The 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.

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The 2018 accountants technology gift guide

What gadgets, gear and other tech goodies should CPAs be seeking as presents this holiday season?

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How tax reform is changing clients’ financial plans

CPA 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.

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No delay in lease accounting standard effective date, Golden says

FASB 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.

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How audit committees can address emerging technologies

A 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.

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PCAOB to consider rules on auditing estimates, use of specialists

The 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.

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How to recognize ‘individually tailored’ disclosures

The new concept of “individually tailored” accounting disclosures has been a challenge for accountants and auditors.

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IRS explains disallowance of qualified transportation fringe benefits for parking

The 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.

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What ‘dry runs’ reveal about critical audit matters

The 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.

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SEC urges consistency in non-GAAP reporting

Companies 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.

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New standard proposed for forensic services engagements

A 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.”

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FASB tweaks leases standard with new update

An Accounting Standards Update affects accounting for sales and similar taxes, certain lessor costs and certain requirements related to variable payments in contracts.

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Initial guidance issued on Sec. 83(i) deferral election for private company equity grants

The 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.

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What PCAOB inspectors will look for in 2019

Inspections of registered audit firms will focus on systems of quality control, independence issues, and recurring deficiencies.

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Executives’ optimism recedes from historic highs

Optimism 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.

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Agreement gives US CPAs path to Australia, New Zealand audit rights

The 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.

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Simplifying implementation of FASB’s not-for-profit financial reporting standard

Smaller 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.

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Employee benefit plan auditing rules to change

The AICPA Auditing Standards Board has voted to issue a new standard for employee benefit plan audits.

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Accounting method change procedures for book-tax conformity rule

The 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.

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Proposed foreign tax credit regulations issued

The 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.

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8 things to know about lease accounting implementation

Here 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.

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Working group considers changes to CPA licensing requirements

Possible 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.

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Which benefits do employees find most financially beneficial?

Eighty 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.

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IRS issues guidance on withholding for 2019

The IRS issued a notice providing interim guidance for the 2019 calendar year on income tax
withholding from wages and from retirement and annuity distributions.

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Proposed regs. outline new business interest expense limitation

The 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.

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How to incorporate analytics into workforce planning

Conducting scenario planning through analytics can prepare companies and employees to invest their resources wisely and succeed in the jobs of the future.

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GASB proposes implementation guidance

GASB issued a proposal that would provide implementation guidance for certain state and local government accounting standards.

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Estate and gift exclusion clawback addressed in proposed regs.

The 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.

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FASB proposes narrow-scope financial instruments accounting changes

FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.

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UNICAP rules on negative adjustments finalized

The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.

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Proposed guidance published on inventory valuation

The AICPA Financial Reporting Executive Committee (FinREC) published a working draft on inventory valuation and is seeking comments on the draft.

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Quiz: Lay or lie? 7 sentences to help you practice

The following quiz is designed to give you practice in choosing the “right” word in business communication.

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Inflation adjustments and tax tables issued for 2019

The 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.

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FASB alters transition requirements, scope of credit losses standard

FASB changed the transition requirements and clarified the scope of its standard on accounting for credit losses, which was issued in 2016.

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New IRS commissioner brings practitioner’s perspective to role

Veteran 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.

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FASB staff paper assists with franchise fee recognition

A 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.

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Revenue recognition tilts toward modified transition approach

A 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.

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SASB publishes industry-specific sustainability accounting standards

New 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.

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FASB proposal addresses accounting for TV series

FASB issued a proposal that would align the accounting for production costs of an episodic TV series with the accounting for films.

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Social Security wage base set for 2019

The 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.

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Tax preparer due diligence rules are finalized

The 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.

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FASB clarifies collaborative arrangement accounting rules

In a new standard, FASB clarified the interaction between the guidance for certain collaborative arrangements and the revenue recognition standard.

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Inflation adjustments issued for qualified retirement plans

The IRS released updated figures for retirement plan contribution limits for 2019.

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It’s crunch time for private companies on revenue recognition

Here’s what company leaders need to know about an implementation job that may be arduous.

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Disclosures by audit committees continue to rise

Audit 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.

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Proposed rules would exempt corporate US shareholders from Sec. 956

The 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.

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FASB expands private company consolidation relief

FASB 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.

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IASB clarifies definition of ‘material’

The 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.

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FinREC issues working draft on credit loss issue

The 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.

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FASB permits new benchmark rate for hedge accounting

FASB expanded the list of benchmark interest rates that are permissible in the application of hedge accounting.

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Health reimbursement arrangement rules are issued in proposed form

The 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.

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News quiz: Business fraud warning and TCJA ripples

See how much you know about recent news or catch up with the latest by taking this short quiz.

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Financial satisfaction measure hits record for 5th straight quarter

The 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.

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New guidance promotes resilience amid ESG risks

The 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.

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Association addresses digital economy tax issues

The 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.

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4 keys to focusing on customers in a complex world

Developing and delivering on a customer promise can help organizations find a simple road to success in a complex, fast-paced business environment.

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AICPA Council votes to move forward with expanded eligibility for valuation credential

Members 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.

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How the suspension of personal exemptions affects health-care-related provisions

IRS guidance clarifies what it means to claim a personal exemption deduction.

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After investigation, SEC issues cyberfraud alert

The Securities and Exchange Commission cautioned public companies to be on the lookout for a class of cyber-related fraud called “business email compromise.”

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FASAB proposal seeks clearer materiality guidance

The 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.

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Getting it right: Crafting the CPA Exam

CPA Exam questions must adhere to Blueprint topics and skill levels while avoiding words and ideas that could distract or confuse the reader.

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Proposed regs. reflect amendments to all-events test and advance payments

The 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.

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International audit standard addresses estimates

A 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.

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Meals continue to be deductible under new IRS guidance

The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.

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GASB proposes targeted improvements, new concepts

GASB 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.

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IRS issues 2018–2019 per-diem rates

The 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.

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Rules issued on paid family and medical leave credit

The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.

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3 factors driving finance transformation

North American CFOs are dealing with rapid technology changes and the need to retrain workers in the quest to continue finance transformation.

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SEC proposes clarifying broker-dealer exemption

The 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.

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News quiz: What’s the latest on accountants’ pay?

See how much you know about the news (or catch up on recent reports) with the quiz.

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Investors trust auditors, but confidence in U.S. markets drops

Investors continue to show a high degree of confidence that public company auditors are looking out for them, according to a new survey.

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IRS extends deadlines in N.C. counties affected by Hurricane Florence

The IRS announced that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.

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How cybercriminals prey on victims of natural disasters

Natural disasters such as Hurricane Florence provide cybercriminals with an opportunity to cause further misery for victims and businesses that already are under siege.

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IRS issues proposed regs. for GILTI inclusions

The 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.

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FinREC issues working draft on multiemployer benefit plans

The 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.

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States’ deregulatory push threatens CPA licensure

The CPA profession organizes resistance to legislative proposals that would reduce state licensing requirements.

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U.S. economic enthusiasm remains high

Tariffs, rising interest rates, and difficulty finding workers are not enough to slow projected growth, according to a survey of finance decision-makers.

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Launch of CPA Exam in Europe provides convenience for candidates

Beginning next month, CPA candidates in Europe will no longer have to undertake intercontinental travel to sit for the CPA Exam.

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GASB clarifies majority equity interest reporting rules

Clarifying 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.

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FASB simplifies accounting for cloud computing service costs

FASB issued new rules that are designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement.

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12 US cities where accountants draw higher pay

Two new salary guides show higher pay benchmarks for accountants in several locations in California and the Northeast.

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Deemed personal exemption amount introduced for various tax benefits

The 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.

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FASB takes big steps on disclosure effectiveness

FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes announced by the board.

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Updated guidance highlights key changes in the auditor’s report

The PCAOB has issued updated staff guidance to assist practitioners as they implement the board’s new auditor’s reporting model.

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Technology issues to consider in lease accounting

Preparers may want to consider technological tools that can help with the accounting and the administration of leases.

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Proposed rules would curb avoidance of SALT deduction limit

Here 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.

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News quiz: Investments, charitable contributions, and more

News 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.

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Proposal would withdraw inter-entity cost guidance

A 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.

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IRS provides initial guidance on new Sec. 162(m)

The 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.

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Wright reappointed as PCC chair

Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.

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3 areas of top concern in broker-dealer audits

Independence issues identified in the PCAOB’s 2017 staff inspections fell compared with the previous year, according to a report the board.

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FASB addresses credit loss standard concerns

A proposal issued by FASB would amend the transition requirements and scope of the board’s new standard for accounting for credit losses.

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Quarterly earnings reports at center of debate

Some say focusing too intently on quarterly reports causes companies to neglect the long-term goals that should be more of an emphasis.

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D.C. Circuit upholds IRS unenrolled tax preparer program

The 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.

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FASB changes accounting for long-duration insurance contracts

Companies 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.

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Independence interpretation on hosting services gets new effective date

The 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.

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FASB proposes lessor accounting amendments

Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.

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FinREC issues working drafts on credit loss accounting issues

The 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.

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Tolerance for high risk puts Americans’ investments in jeopardy

Many 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.

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Qualified business income deduction regs. proposed

The 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.

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Final regs. govern who can be a partnership representative

The 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.

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Ninth Circuit withdraws Altera opinion

The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”

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IRS issues proposed regs. on 100% bonus depreciation

The 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%.

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GASB proposes new rules for reporting conduit debt obligations

Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.

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Proposed regs. address several transition tax issues

The 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.

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Quiz: Test your knowledge of employee benefit plan audits

How well do you know the basics of employee benefit plan auditing? Take this quiz and find out.

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2018 tax software survey: Individual product survey responses

Online-only: Contact information, basic packages and their features are shown below for the top seven products in the survey.

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New AICPA technical corrections clarify independence requirements

Technical 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.

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FASB attempts to make lease accounting implementation easier

FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers.

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Final rules govern adequate substantiation for charitable contributions

Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.

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News quiz: Wayfair, cybersecurity, and a shorter 1040

See how much you know about the news (or catch up with recent developments) with this short quiz.

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Job growth helps push Americans’ financial well-being to record high

Stock market gains and increased job opportunities improved the financial outlook of the average American in the second quarter of 2018 despite rising inflation.

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Stock-based compensation cost-sharing regs. valid

The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.

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In unified voice, leaders reaffirm profession’s commitment to audit quality

Leaders 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.

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Tips for understanding critical audit matters

A new report explains what audit committees and financial statement users need to know about critical audit matters.

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FASB issues 16 minor amendments to lease accounting standard

FASB clarified rules and corrected application of guidance for its lease accounting standard.

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SEC provides disclosure relief, considers employee stock compensation rules

The SEC raised a disclosure threshold and sought public comment on other ways to modernize its rules for employee stock compensation.

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GAO issues revised Yellow Book standards for government auditors

The revised standards are designed to provide a framework for high-quality work by government auditors.

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States sue over state and local tax deduction cap

Four 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.

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Many tax-exempt organizations no longer need to list donor information

News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.

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FASB issues standard devoted to minor codification improvements

FASB made clarifying changes and corrected unintended application of guidance in a standard that updates its Accounting Standards Codification.

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FASB memos shed light on private company revenue recognition issues

Two 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.

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AICPA: 2019 Form W-4 needs to be simplified

The 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.

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Proposed SSAE would increase flexibility for practitioners in performing attestation engagements

The 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.”

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Avoid these common not-for-profit financial statement mistakes

Here are five tips that can help not-for-profits prevent some financial statement errors mistakes.

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Tax practitioners are warned to safeguard client data

The IRS warned that it is increasingly difficult for it to recognize fraudulent tax returns as cybercriminals succeed in getting more and more accurate information.

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With SEC vote, more companies qualify for scaled disclosure

The 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.

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SEC adopts, proposes several new rules

The 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.

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IASB seeks clarity between liabilities and equity

The proposal attempts to reduce diversity in practice on the accounting for complex instruments that have features of debt and equity.

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Form 1040 to be shorter but with more schedules

The 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.

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FASB proposes update to definition of ‘collections’

The proposal would realign the definitions of “collections” used in GAAP and the American Alliance of Museums’ Code of Ethics for Museums.

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Strategies for quality work in single audits

Careful 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.

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Proposal would clarify exception to client confidentiality rule

Under 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.

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A new playing field for business

The 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.

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GASB addresses interest cost incurred before a construction period ends

State 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.

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FASB clarifies accounting for grants and contributions

The ASU seeks to simplify accounting for grants and similar contracts awarded by governments to not-for-profits.

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Supreme Court overturns Quill’s physical presence requirement

The 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.

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News quiz: Hiring and trade on finance leaders’ minds

The 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.

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FASB simplifies accounting for share-based payments to nonemployees

FASB released an Accounting Standards Update (ASU) designed to improve the financial reporting for share-based payments issued to nonemployees for goods or services.

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AICPA report: Seniors increasingly targeted for investment fraud

Scams aiming to reach retirement accounts are becoming progressively more sophisticated.

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SEC unveils goals for next 4 years

The three goals’ aim is to help the commission improve its ability to react to and employ new technologies.

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How to improve workflow to achieve operational excellence

Process improvements in three key areas can improve workflow and provide finance with more time for analysis and advisory duties.

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Tony Hawk: Accountants help make dreams become reality

Skateboarding legend Tony Hawk credited his accountants with making his ventures successful and shared lessons he learned from being an entrepreneur.

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Disguised-sale partnership regs. withdrawn

The 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.

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AICPA advocates for IRS tax guidance priorities

The 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.

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Why and how to create great content at work

Creating 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.

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Getting along with different personalities at work

Learn about each group’s preferences for collaboration, communication, and idea generation to improve relationships with your co-workers.

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6 steps to accounting automation success

For 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.

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Make attest engagements more profitable

Better 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.

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What clients need to know about Social Security

Ted 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.

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Tips for new managers

Leadership 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.

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Add value to audits with client-focused analytics

Audit 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.

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Focus on clients, and revenue will follow

Figuring 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.

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Increase your EQ and shine in the workplace

Knowing 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.

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How to recruit the best job candidates

Understanding candidates’ motivations and carefully crafting job descriptions can give employers an advantage in recruiting, says Sarah Dobek, the founder and president of Inovautus Consulting.

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Tariff talk worries some business executives

Potential trade conflicts between the U.S. and economic partners give 38% of finance decision-makers reason for moderate or significant concern.

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Planning ideas from Form 1040 (and beyond)

Learn about a few of the many valuable planning opportunities you can uncover when reviewing a client’s tax forms.

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Draft 2019 Form W-4 and instructions posted

The 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.

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Quiz: Best practices in government accounting and auditing

How well do you know the rules for state and local government accounting and auditing? Take this quiz and find out.

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Inter-entity cost accounting rules amended for federal agencies

The Federal Accounting Standards Advisory Board issued amended accounting rules for recognition of inter-entity costs by federal agencies.

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U.S. companies keen on hiring, but they see fewer candidates

A 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.

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AICPA recommends IRS FAQs on virtual currency taxation

The 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.

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Standard mileage rates, depreciation amounts updated

The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.

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IRS warns tax practitioners of new phishing scam

The IRS alerted tax practitioners to beware of a phishing scheme in which cybercriminals send out emails posing as state accounting and professional associations.

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IRS to clarify rules on payments in lieu of state and local taxes

The 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.

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New compilation and review report requirements issued

The 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.

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Tech, people skills are key as accountants face changing demands

To 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.

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New skills essential for thriving amid digital disruption

Technological advancements have made it necessary for professionals and leaders to develop new skills to help their organizations thrive.

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GASB issues implementation guidance

New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.

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Helping CPAs grasp the fundamentals of global power

The 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.

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How accounting firms can tap into benefits of AI

The technology can help empower existing professionals, not necessarily remove them, particularly in specialist fields.

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Charitable contribution procedures updated

The 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.

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News quiz: IRS warns businesses about cyberthieves

Test your knowledge of recent news with this short quiz.

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AICPA recommends flexibility in partnership audits

The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.

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FASAB proposes new standards for accounting and reporting of government land

A 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.

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Valuation of portfolio company investments addressed in AICPA working draft

The 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.

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Fewer Americans delaying life events for financial reasons

Just 35% of Americans said they had delayed a major life event for financial reasons, compared with 51% in 2015, according to an AICPA survey.

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IRS issues HSA contribution limits for 2019

The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.

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IRS updates automatic accounting method change procedures

The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.

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Quiz: Is your audit addressing your client’s risks?

Take this five-question quiz to gauge your understanding of how to assess and respond to risk during an engagement.

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5 things you need to know about the new international ethics code

A new international Code of Ethics for professional accountants contains new guidance on safeguards, cooling-off periods, and other important issues.

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FASB supersedes outdated guidance related to Circular 202

FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.

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Small businesses should guard against tax-return identity theft

The 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.

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FinREC issues 2 revenue recognition working drafts

The AICPA FinREC published working drafts addressing revenue recognition issues in the gaming and telecommunications industries.

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IRS gives taxpayers relief from erroneous HSA contributions

The IRS announced it will allow taxpayers to treat $6,900 as the 2018 limit for deductible contributions to HSAs for individuals with family coverage.

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FASB proposes targeted changes to collaborative arrangements standard

FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.

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Americans’ financial satisfaction hits high mark

Despite recent stock market volatility, the AICPA’s Personal Financial Satisfaction Index (PFSi) reached a record high in the first quarter of 2018.

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Quiz: Test your knowledge of not-for-profit accounting

New 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.

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How to maintain independence in audits of insured depository institutions

Auditors of insured depository institutions need to educate themselves and their staffs about independence rules that apply to these engagements.

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Automation in finance: Get your team ready

Thanks to numerous technological advances, many routine accounting and finance tasks are likely to be automated in the near future.

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News quiz: Some tax regulations get extra review

The 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.

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The ideal time to review your finances

Having too large a tax refund, or having to pay too much in taxes, can be a sign that your financial plan needs revising.

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Supreme Court hears oral arguments in sales tax nexus case

The Supreme Court heard oral arguments in a case with broad remote sales tax collection ramifications.

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IRS computer crash prompts deadline extension

After 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.

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Report finds big fraud problems for small businesses

Occupational fraud continues to siphon staggering amounts of money from businesses worldwide, with smaller organizations being hit particularly hard.

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Treasury regulations to be subject to OMB review

The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.

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How board members can perform oversight of cybersecurity risks

A new tool can help board members understand what questions to ask in their oversight of cybersecurity risk management.

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Save money by having your sustainability report assured

Sustainability reporting has become a common business practice in the United States, and now research shows that sustainability assurance efforts more than pay for themselves in a majority of companies.

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How to mix innovation and risk management

Companies that integrate innovation and risk are more advanced in disruptive technologies and more confident in revenue projections, a survey says.

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New international code clarifies ethics issues

The International Ethics Standards Board for Accountants released a new Code of Ethics that is designed to provide clear guidance about how accountants should deal with ethics and independence issues.

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How audit committees can evaluate lease accounting implementation

A new Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.

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IRS guidance addresses limitations on business interest expense

The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.

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How consumers are changing their behavior to combat ID theft

Four of out five respondents say they’ve changed their behavior in response to the threat of cyberbreaches affecting credit card and debit card processing systems.

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New GASB standard addresses debt disclosures

The new standard also requires the disclosure of additional essential debt-related information for all types of debt, including amounts of unused lines of credit and assets pledged as collateral for debt.

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New IFRS conceptual framework revises foundational reporting concepts

A new conceptual framework for IFRS includes revisions to concepts for reporting assets, liabilities, income, and expenses.

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Quiz: How much do you know about governmental auditing and single audits?

Specialized knowledge is critical when performing engagements under Government Auditing Standards and compliance audits of federal funds (single audits). Test your expertise in this area.

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Federal spending bill includes tax provisions

The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.

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AICPA issues nonauthoritative guidance for payroll audits

New Technical Questions and Answers issued Tuesday by the AICPA provide nonauthoritative guidance for multiemployer plan payroll compliance services when engaged to perform payroll compliance procedures as an agreed-upon procedures engagement in accordance with AT-C Section 215.

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Guidance addresses partnership accounting when IRS collects underpayments

A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.

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News quiz: Finance’s mood and new tax brackets

News posted recently focused on optimism about the economy and the effects of the law known as the Tax Cuts and Jobs Act. See how much you know about the news with this short quiz.

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Supreme Court: Obstruction requires knowledge of investigation

The U.S. Supreme Court held that to obtain a conviction for obstructing or impeding the administration of the Internal Revenue Code, the government was required to prove that the defendant knew of a pending tax-related proceeding or could reasonably foresee the commencement of such a proceeding.

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New FAQs address familiarity threats for long-tenured senior engagement personnel

Two new Frequently Asked Questions (FAQs) issued by the AICPA Professional Ethics Division provide nonauthoritative guidance for the effects on independence when senior personnel have been on an attest engagement team for a long period.

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Phone scams and phishing featured in 2018’s Dirty Dozen tax scams

The IRS completed its annual list of the top tax scams for this filing season, with brazen phishing and phone scams still prominent on the list.

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Companies see need to manage risks, but they’re slow to act

Linking enterprise risk management practices with strategy remains a challenge for companies, who say risk environment continues to grow in complexity.

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MedPAC releases March 2018 report on Medicare payment policy

Today, the Medicare Payment Advisory Commission (MedPAC) releases its March 2018 Report to the Congress: Medicare Payment Policy. The report includes MedPAC’s analyses of payment adequacy in fee-for-service (FFS) Medicare and reviews the status of Medicare Advantage (MA) and the prescription drug benefit,

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How audit committees can evaluate non-GAAP measures

A Center for Audit Quality tool provides tips for audit committees to consider about non-GAAP measures as they perform their oversight duties.

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How blockchain might affect audit and assurance

A new report describes the changes that may be coming and how CPAs can take advantage of new opportunities the technology may provide.

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AICPA proposes revising independence rules for information system services

A proposal issued by the AICPA Professional Ethics Executive Committee would revise independence rules that apply to AICPA members providing nonattest services related to an attest client’s information systems.

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Businesses affected by winter storms get extra time to file for extensions

The extension to March 20 applies to business taxpayers affected by the two recent winter storms, Quinn and Skylar, that primarily hit the Northeast and Mid-Atlantic United States.

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How internal audit can improve by embracing technology

By embracing new technologies and developing new skills in their own operations, internal auditors can develop a point of view on new risks and deliver value to the organization.

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Accounting for external-use software development costs in an agile environment

Learn which software costs should be capitalized and which costs should be expensed when an entity builds external-use software using an agile development environment.

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Hedging gets a boost from simplified accounting guidance

Companies are finding that FASB’s new hedge accounting guidance removes some of the barriers that had prevented them from taking advantage of hedging opportunities.

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Global audit inspection findings show modest improvement

The percentage of audits with at least one inspection finding fell slightly from the previous year, according to a global survey of audit regulators taken in 2017.

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U.S. finance executives upbeat in wake of tax changes

While some finance executives wait to commit to changes related to potential tax savings, their optimism shows in revenue and profit projections, a survey shows.

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ASB issues auditing interpretation on dual reporting

An interpretation issued by the AICPA Auditing Standards Board helps auditors comply with reporting requirements during engagements performed under both generally accepted auditing standards and PCAOB rules.

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IRS issues new tax rate tables, inflation adjustments for 2018

The IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act.

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New agreement smooths pathway to UK audit signing rights for US CPAs

A new agreement provides a clear route for U.S. CPAs to obtain the CA designation from the Institute of Chartered Accountants of Scotland (ICAS) and be on the pathway to U.K. audit signing rights.

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FASB addresses accounting for implementing certain cloud-computing arrangements

FASB issued a proposed Accounting Standards Update that would clarify the accounting for implementation costs related to a cloud-computing arrangement that is a service contract.

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IRS releases updated withholding calculator and 2018 Form W-4

The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.

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FASB issues technical corrections to financial instruments standard

FASB issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016.

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How the new tax law will change wealthy Americans’ financial plans

Three in five affluent Americans (63%) said they’re very or somewhat likely to change their personal financial plans based on the new federal tax law, according to a poll conducted on behalf of the AICPA.

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Revised compilation and review report requirements to be included in SSARS No. 24

A new Statement on Standards for Accounting and Review Services will be issued in late May in an effort to decrease the impact on practitioners during busy season.

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News quiz: Americans’ financial satisfaction is up

See how much you know about recent news with this short quiz.

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SEC publishes new requirements for cybersecurity disclosures

Public companies received new guidance from the SEC on the disclosures they should make related to cybersecurity.

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FASB proposes adding a new benchmark interest rate for hedge accounting

FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.

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FASB addresses stranded income tax effects of new tax law

FASB issued new rules that provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.

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IRS proposes to remove 298 regulations

The IRS is proposing to remove 298 regulations that have no current or future application to the Internal Revenue Code.

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Draft guidance applies ERM principles to ESG risk

Recently issued supplemental draft guidance is designed to help organizations apply enterprise risk management (ERM) principles to environmental, social, and governance (ESG)-related risks.

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Tax Cuts and Jobs Act (TCJA) for Business

The recently enacted “Tax Cuts and Jobs Act (“TCJA”)” is a sweeping tax package. Here’s an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018.

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Tax Cuts and Jobs Act (TCJA) for Individuals

The recently enacted “Tax Cuts and Jobs Act (TCJA)” is a sweeping tax package. Here’s a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025.

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Bipartisan Budget Act contains several tax provisions

The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.

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What tax reform means for audit committees

The Tax Cuts and Jobs Act provides many issues for audit committee members to consider in their oversight of financial statements, external auditors and risk management.

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Charles Rettig to be nominated new IRS commissioner

President Donald Trump announced that he will nominate Charles Rettig, a tax attorney from California, to be the new Commissioner of the Internal Revenue Service.

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The AICPA and the ongoing tax reform process

In this Q&A, AICPA policy experts discuss wide-ranging implementation challenges and members’ role in advocating for guidance and technical corrections.

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FASB moving forward on reclassification of stranded tax effects

FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.

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When a tax cut is a profit hit

Companies with deferred tax assets may report surprisingly lower net income in 2017 even though they will benefit from lower income tax rates under the new tax law in 2018.

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IRS announces 2018 pension contribution limits under tax reform act

The IRS revealed that the recalculated 2018 pension contribution limits are unchanged from the numbers issued before the tax reform bill was enacted.

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OPR implements greater transparency in disciplinary investigations

The IRS’s Office of Professional Responsibility has implemented a new process for informing practitioners that they are under investigation for violations of Circular 230.

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AICPA committee seeks private company relief from some elements of revenue standard

An AICPA committee has asked FASB to provide relief for private companies and certain conduit debt obligors from some elements of the new revenue recognition standard.

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FinCEN announces filing deadline for 2017 FBARs

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its annual reminder of the due date for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

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GASB developing revenue and expense recognition model

GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.

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7 revenue recognition issues exposed by FinREC

The AICPA Financial Reporting Executive Committee sought public comment on seven new revenue recognition implementation issues to be added to the AICPA’s revenue recognition guide.

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Georgia-Pacific’s Sobel named COSO chairman

Paul Sobel, the chief audit executive of Georgia-Pacific, replaces Bob Hirth as the chairman of the Committee of Sponsoring Organizations of the Treadway Commission.

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Tips for lease accounting implementation

The effective date for implementing FASB’s new lease accounting standard is still about one year away, but it will require additional resources and a team effort.

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IRS issues more guidance on withholding rules for new tax law

The IRS issued Notice 2018-14 to provide more guidance on the withholding rules that were changed by P.L. 115-97, known as the Tax Cuts and Jobs Act.

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Practitioners need immediate guidance on tax reform act, AICPA says

Thirty-nine areas in the recent tax overhaul act require immediate guidance, the AICPA told the IRS and Treasury.

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Skills that help accounting professionals succeed alongside AI

Professionals will have to retain their traditional accounting skills and learn some new ones to succeed alongside AI.

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FASB clarifies lease standard’s application to land easements

The change is expected to make adopting the leases standard easier for some land easements.

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News quiz: IRS changes withholding tables and identity verification

See how much you know about recent news with this short quiz.

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Americans’ financial well-being continues upward trend

Americans’ personal financial satisfaction increased steadily throughout 2017, reaching a 24-year peak in the fourth quarter of 2017, according to the AICPA’s Personal Financial Satisfaction Index.

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Government funding bill postpones some health care taxes

The continuing resolution to fund the government through Feb. 8 also delays the so-called Cadillac tax on high-cost health plans for an additional two years beyond 2019.

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More women with CFO titles, but still far behind men

Finance leaders share ways companies can identify a more diverse pool of leadership candidates.

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FASB Q&As discuss financial reporting implications of tax law

FASB issued four staff Q&As that address financial reporting issues related to the Tax Cuts and Jobs Act.

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What to expect from the IRS during the government shutdown

The shutdown of the federal government comes just nine days before the scheduled start of tax season. Here’s a look at how the IRS may be affected.

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FASB proposes corporate reporting change related to new tax law

FASB proposed a new standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.

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20 cities in the running for Amazon HQ

The online behemoth plans to hire up to 50,000 workers in a second North American headquarters. Did your city make the list?

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Lenders express confidence in FRF for SMEs

Financial statements prepared in accordance with an AICPA financial reporting framework give lenders nearly as much confidence to loan capital as GAAP-based financial statements for small and medium-size businesses with low credit risk, a published study shows.

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How to develop a global mindset

As more organizations operate globally and include more people from diverse backgrounds, it’s more important than ever to be culturally savvy and sensitive.

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New tax withholding tables are issued

The IRS issued new tax withholding tables for 2018 to be used to implement the changes to the tax law enacted last month.

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FASB Q&A supports use of SAB 118 by private companies, not-for-profits

Private companies and not-for-profits that elect to apply the guidance in a new SEC staff accounting bulletin should apply all relevant aspects of the bulletin in its entirety, FASB’s staff said.

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FASB addresses financial reporting impacts of new tax law

FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.

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IRS asking for taxpayer representatives’ personal information

The IRS is now asking taxpayer representatives who call the agency to provide their Social Security number and date of birth to confirm their identity.

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FASB proposes lease standard implementation improvements

A proposed FASB Accounting Standards Update seeks to ease the implementation of the new leases accounting standard.

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IRS announces when filing season will start

The IRS announced that this year’s filing season will begin about a week later than last year’s filing season.

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Form 1023-EZ will ask applicants for mission and activities

The streamlined application for tax-exempt status will ask organizations to describe their mission and activities for the first time.

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New, user-friendly software coming to the CPA Exam

A new software platform developed by the AICPA and available to CPA candidates at Prometric test centers was designed to make the CPA Exam easier for candidates to navigate.

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How to handle GASB implementation challenges

State and local government finance staffs have had to implement several new, significant GASB statements. Here are tips for handling the challenges.

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Final rules govern election out of centralized partnership audits

The IRS finalized the rules for determining whether partnerships are eligible to elect out of the centralized audit procedures enacted in 2015, which apply to partnerships this year.

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AICPA issues broker-dealer revenue recognition working draft

A new working draft issued by the AICPA Financial Reporting Executive Committee addresses a consideration for broker-dealers related to FASB’s new revenue recognition standard.

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SEC permits reasonable estimates in corporate tax reporting

Companies may initially have difficulty determining the effects of the new federal tax law on their income tax reporting.

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President signs tax overhaul into law

President Donald Trump signed H.R. 1, the Tax Cuts and Jobs Act legislation, thereby making it law.

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How closely did you follow accounting news in 2017?

The accounting profession experienced a substantial amount of change in 2017. Did you keep up with the biggest news? Take this quiz and find out.

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Congress passes tax reform

The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.

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GASB issues OPEB implementation guide

GASB issued a guide that addresses questions and answers about the new state and local government standard for other postemployment benefits.

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Senate passes tax reform bill; House must revote

The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday.

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Keep pets from chewing a hole in your budget

Seventy-six percent of pet owners would make a financial sacrifice to rescue a pet from a health crisis, an AICPA survey found.

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How tax overhaul would change business taxes

The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small.

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What the tax reform bill means for individuals

The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.

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Conference committee approves tax reform legislation

House and Senate conferees agreed to legislative language of a tax reform bill that is expected to be voted on by Congress next week.

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New working draft discusses revenue recognition issue for broker-dealers

The AICPA issued a new working draft that discusses helpful considerations for broker-dealers implementing FASB’s new revenue recognition standard.

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Proposed federal standard designed to protect classified information

The FASAB issued a proposal that’s designed to protect national security information from being disclosed in publicly issued financial reporting by federal agencies.

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IRS issues 2018 standard mileage rates

The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.

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A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!

In anticipation of the possible elimination or reduction of the state and local income tax deduction, some are suggesting that taxpayers should prepay their 2018 state taxes in 2017. Here’s why that probably won’t work.

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PCAOB gets new chairman, complete new board membership

William Duhnke will chair the Public Company Accounting Oversight Board, and will be joined by board members J. Robert Brown, Kathleen Hamm, James Kaiser, and Duane DesParte.

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Using audit data analytics in performing a risk assessment procedure

In this excerpt from the AICPA’s new Guide to Audit Data Analytics, learn how to apply the techniques to a risk assessment procedure.

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GASB proposals address capitalization of interest costs, implementation

GASB issued separate proposals on capitalization of interest costs and an upcoming guide to implementing recent pronouncements.

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US finance executives strongly positive about 2018

Economic optimism in a quarterly survey has reached new heights. Find out why US finance decision-makers feel good about the coming year.

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How firms can continue to improve audit quality

PCAOB member Jeanette Franzel is calling for audit firms to dedicate additional resources to ensure high-quality audits.

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Audit committee considerations for the PCAOB’s new audit report

A new Center for Audit Quality tool provides audit committees with important considerations related to the new auditor’s report.

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How CPAs can prepare for auditing in the future

Recent leaps in artificial intelligence and machine learning might pale compared to what lies just ahead. Here’s how auditors can embrace the changes.

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FASB supersedes steamship entities guidance

FASB superseded guidance for US steamship entities because a 25-year limit has expired, making the guidance irrelevant.

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Last-minute revenue recognition implementation tips

Time is running short in the revenue recognition implementation effort as public companies must adopt FASB’s new standard at the beginning of 2018.

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FASB aims to ease pain of implementing lease accounting, other standards

Changes and proposed changes to FASB’s new lease accounting standard that were announced last week addressed financial statement preparers’ most pressing implementation concerns.

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Corporate board members expect major changes

Changing business models, cybersecurity, and competition for talent are just a few of the things expected to concern corporate directors in the next year.

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Debt is causing Americans significant stress and anxiety

More than half of Americans with debt said that owing money has had a negative impact on their lives, according to a recent AICPA survey.

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Blockchain considerations for management and auditors

Distributed ledger technology, also known as blockchain, presents a twofold challenge for accountants and auditors.

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PCAOB issues staff guidance on new auditor’s report

The PCAOB issued staff guidance that describes important considerations related to the new auditor’s reporting model.

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Senate passes tax reform bill

In the early hours of Saturday morning, the U.S. Senate passed its version of the Tax Cuts and Jobs Act bill by a vote of 51–49.

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New working drafts address 5 revenue recognition issues

Working drafts for a total of five revenue recognition implementation issues in four industries were exposed by the AICPA Financial Reporting Executive Committee.

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FASB simplifying leases standard implementation

FASB decided to simplify implementation of its new lease accounting standard in an effort to reduce costs and decrease challenges for financial statement preparers.

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ASB addresses auditor’s report, other information, standards alignment

Three proposals issued by the AICPA Auditing Standards Board are designed to enhance the relevance and usefulness of the auditor’s report for audits of nonissuers.

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Practical considerations for lease accounting

Here are some things financial statement preparers should keep in mind when implementing FASB’s lease accounting standard

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Attestation guidance for third-party due-diligence services for asset-backed securities

The ASB issued a statement of position providing guidance for attestation engagements related to third-party due-diligence services performed in connection with asset-backed securities.

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FASB combines guidance for income statement, comprehensive income into one topic

In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic.

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Senate tax reform bill contains more changes

The version of the tax reform bill passed by the Senate Finance Committee holds several more changes affecting both individuals and businesses.

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Blockchain: An opportunity for accountants? Or a threat?

Will blockchain technology have a similar harmful effect on CPAs, or will it merely become a useful tool for accountants?

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CMS QMB Remittance Advice Issue Alert

CMS QMB Remittance Advice Issue Alert

CMS has issued a “QMB Remittance Advice Issue” alert on Tuesday. CMS says that on December 8^th, 2017, the system will revert back to the previous display of patient responsibility for QMBs on the Medicare RA. CMS suggests that you may want to hold QMB related claims and submit them after December 8^th. 

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House passes tax reform bill

The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.

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News quiz: Tax reform bill moves quickly

See how much you know about recent news, including tax reform, with this short quiz.

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Senate Finance Committee modifies tax reform proposal

The revised chairman’s mark of the Senate tax reform bill contains many significant changes to the proposed legislation.

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Ways to stop elder financial abuse before it starts

This article looks at common schemes and ways CPAs can help their clients avoid becoming victims.

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Quiz: How much do you know about blockchain?

Take this five-question quiz to find out if you understand the basics of this important technology.

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Kroeker reappointed as FASB’s vice chairman

James Kroeker was reappointed as FASB’s vice chairman, the Financial Accounting Foundation Board of Trustees announced.

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Fraud and fraudsters: A quick guide for CPAs

For all their sophistication, fraudsters have timeless motivations. This article shows how to know the profile and pursue bad actors.

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PCAOB identifies 3 areas with most frequent 2016 audit issues

Board inspectors found audit deficiencies most often in three recurring areas and suggested steps firms may want to follow to improve performance in the future.

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House Ways and Means approves amended Tax Cuts and Jobs bill

The committee voted to send an amended version of the Tax Cuts and Jobs tax reform bill to the full House.

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Senate tax reform bill differs from House version in many ways

Differences include tax rates, treatment of various deductions and a delay in the reduction of the corporate tax rate.

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CPA firms find that advancement programs boost recruiting, retention

CPA firms are finding that programs promoting mentoring, sponsorship, and gender and minority initiatives help them recruit and retain good people

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Northern California Wildfires – Disaster Exceptions/Exemptions for Medicare Certified Providers

Click the link below:

Memo-Requirements-Facilities-CA-Wildfires

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Why the SEC says 'paid-to-click' arrangements may be scams

The SEC issued an investor alert warning of the dangers of “paid-to-click” scams perpetrated by fraudsters on the internet.

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Foreign income provisions in the Tax Cuts and Jobs Act

The draft Tax Cuts and Jobs Act makes many important changes to the tax treatment of U.S. corporations that own foreign corporations.

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Not-for-profit standard implementation assistance for health care entities

Three issue analyses from the AICPA Health Care Expert Panel could help with implementation of FASB’s new standard.

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House bill features many business tax changes

The House tax reform bill contains a large number of proposed changes that would affect businesses.

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Cybersecurity tips from the ‘Shark Tank’

Shark Tank star and cybersecurity expert Robert Herjavec said CPAs have an important role to play as trusted advisers on cybersecurity.

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What the House tax bill holds for individuals

From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.

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FASAB addresses intragovernmental exchanges, component reporting

The Federal Accounting Standards Advisory Board addressed accounting for intragovernmental exchange transactions and assigning assets to component reporting entities.

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Test your knowledge of unconscious bias

Many professionals, without realizing it, make “unconscious” choices regarding those who are different in terms of race, gender, geographic origin, college education, and other factors.

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Details of tax reform legislation revealed

The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.

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E-filing for 2016 individual returns will shut down soon

The news especially affects taxpayers in recent disaster areas who have received extensions until Jan. 31, 2018, to file their 2016 returns.

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FinREC releases more revenue recognition working drafts

FinREC has been seeking public comment on working drafts that provide industry-specific guidance for entities implementing FASB’s new revenue recognition standard.

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Companies continue to increase transparency of external audit oversight

Investors and other stakeholders continue to gain access to more information about how audit committees choose and oversee external audit firms.

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IRS announces delay in re-launching e-Services

The IRS had planned to launch by the end of the month its updated Secure Access site, which will require using a two-factor authentication process.

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David Kautter to be named acting IRS commissioner

President Donald Trump plans to name David Kautter as acting IRS commissioner when John Koskinen’s term expires in November.

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News quiz: Tax reform gets a push

Tax news, including the prospect of a tax system overhaul, has dominated recent news. See how much you know about the news with this short quiz.

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Americans’ financial well-being reaches record high

Stock market gains and a strong job market brought Americans’ financial well-being in the third quarter of 2017 to its highest level in 24 years.

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What investors want to see

Creating a winning product or service and a sound long-term strategy will help a company attract investors, according to a new survey by the Center for Audit Quality.

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SEC approves PCAOB’s new auditor’s reporting model

The SEC granted unanimous approval to the new auditor’s reporting standard created by the PCAOB.

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New TQA helps with public business entity determination

The TQA was developed to assist those seeking clarity in their public business entity status.

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3 daily questions to help accountants make a difference

John O’Leary, a recovered burn victim who spoke at the AICPA fall Council meeting, said three simple questions can help accountants develop the attitude and strategy they need to succeed.

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Accountants’ role in managing AI disruption

An AICPA fall Council session addressed how accountants can prepare for the change and lead their communities’ response to the new technology.

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Hurricane and Wildfire Disaster Information

Click on the links below:

CMS Declared Public Health Emergencies-All Hazards SE17035 Medicare FFS response to 2017 California wildfires

SE17035 Medicare FFS response to 2017 California wildfires

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IRS issues 2018 inflation-adjusted tax tables and many other tax provisions

The IRS issued the annual revenue procedure that updates the almost 60 tax provisions that must be adjusted for inflation each year

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2018 pension plan contribution limits are announced

The IRS released the inflation-adjusted amounts that apply to pension and 401(k) plans for 2018.

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IRS will enforce health coverage reporting on 2017 returns

This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.

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Social Security Administration announces small increase in 2018 wage base

The Social Security Administration said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.

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Quiz: Catch these sneaky sound-alike words in your writing

Refresh your knowledge of common homophones by choosing the right word for these seven sentences.

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IRS permits partnership basis election without partner’s signature

To ease the regulatory burden on partnerships, the IRS announced that it is eliminating the requirement that partnership elections under Sec. 754 be signed by a partner.

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SEC proposes simplifying disclosure requirements

The SEC proposed amendments that are designed to simplify disclosures without sacrificing information that is important to investors.

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Potential areas of risk for the 2017 audit cycle

An alert published by the Center for Audit Quality discusses some of the more judgmental or complex areas that may be relevant during the 2017 auditing cycle.

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What to consider when auditing revenue recognition implementation

A new PCAOB alert can help auditors apply the board’s guidance to their clients’ implementation of the new accounting standard.

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Treasury to pull regulations after review of burdensome tax rules

Treasury said it intended to withdraw the Sec. 2704 valuation discount regulations and portions of the Sec. 385 corporate inversion regulations.

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FASB proposes various minor changes to codification

Nine potential amendments are contained in the proposal, which would affect a wide variety of topics in the codification.

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Federal agencies get new guidance related to PP&E opening balances

Federal agencies received new guidance for applying alternative methods in establishing opening balances for general property, plant and equipment.

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20 revenue recognition working drafts issued by FinREC

The AICPA Financial Reporting Executive Committee issued 20 working drafts on issues related to implementation of the new revenue recognition standard.

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How revenue recognition changes are affecting preparers like GE, Microsoft

Financial statements show some of the changes resulting from the new revenue recognition standard in various industries.

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News quiz: Tracking accountants’ pay

See how much you know about recent news with this short quiz.

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FASB proposes technical corrections to 2 standards

FASB proposed clarifications to separate standards issued in 2016 on accounting for financial instruments and lease accounting.

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How data-hosting services affect independence

Taking responsibility for hosting an attest client’s data or records impairs a CPA’s independence, according to a new ethics interpretation.

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Republicans unveil tax reform framework

Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.

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PCAOB revises proposal on supervision of other auditors

The PCAOB has revised a proposal that would create a more uniform approach to a lead auditor’s supervision of other auditors from other audit firms.

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Combining efforts around advocacy for women CPAs

Advocacy for women in the accounting profession continues to progress as the American Woman’s Society of CPAs transfers its name and intellectual property to the American Institute of CPAs.

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IRS updates special per-diem rates for business travel

The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.

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FASB proposes clarifying land easements guidance in leases standard

FASB issued a proposal that would clarify how its new leases standard should be applied to land easements.

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FASAB establishes concepts for federal agencies’ financial reporting

The Federal Accounting Standards Advisory Board issued a new statement that establishes foundational concepts for federal agencies’ financial reporting.

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CPAs satisfied as average salary tops six figures

CPAs based in the US are largely content with their salaries and expect to be earning more within the next year, according to a new survey by the Association of International Certified Professional Accountants.

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IRS to rule on tax-free stock distributions

The IRS is introducing an 18-month pilot program under which it will once again issue letter rulings concerning the general income tax effects of stock distributions under Sec. 355.

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What’s next for FASB

FASB voted to work on developing accounting rules to address areas of distinguishing liabilities and equity, financial performance reporting, and segment reporting.

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FASB proposes reorganizing consolidation guidance

Amid concerns that financial reporting guidance for consolidation is difficult to understand and navigate, FASB proposed a reorganization of the rules.

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Rules would allow truncated taxpayer IDs on Forms W-2

In an effort to reduce identity theft, the IRS issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement.

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Hurricane Irma victims get IRS reprieve

Acting quickly in the wake of Hurricane Irma, the IRS gave filing and payment extensions to hurricane victims in 16 counties in Florida, all of St. John and St. Thomas in the U.S. Virgin Islands, and four municipalities in Puerto Rico.

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How much do you know about Medicare?

As more of your clients face health care decisions, how much do you know about this program and how it affects your clients’ financial situations?

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Proposed omnibus SSARS addresses international reporting issues

A proposed omnibus SSARS proposes new requirements and guidance that address international reporting issues for compilations and reviews.

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Quiz: Pronoun practice to help polish your prose

Using pronouns correctly in writing and speech can help you make a good impression. Try our quiz.

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10 things to know about Apple’s new iPhone X

Apple unveiled its new iPhone X with a nearly $1,000 price tag. Is the new iPhone a grand improvement? Here’s a look at 10 features you should know about.

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IASB proposes changes around accounting policies and estimates

An IASB exposure draft seeks to clarify the distinction between accounting estimates and accounting policies.

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Updated COSO ERM framework ties in risk with strategy

The update of the 2004 framework highlights the importance of enterprise-wide risk management in strategic planning.

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FASB releases proposed 2018 reporting taxonomies

The proposed 2018 GAAP Financial Reporting Taxonomy and the proposed 2018 Shared Reporting Taxonomy were released for public comment by FASB.

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July 2017 Tax Section News

Monthly tax news for July 2017 that includes a Letter from the AICPA Tax Executive Chair, Annette Nellen, the latest on tax reform, an update on Sec. 7345 passport legislation, and much more.

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How accounting employers can recruit and keep good people

Here’s what employers need to do to hire and retain good employees, and what candidates need to do to land a position in a competitive talent market.

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Proposal would pave the way for a new attestation service

A proposal by the AICPA’s ARSC would result in flexibility for practitioners performing and reporting on a procedures and findings service.

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Proposal would revise standards for recognition of federal agency inter-entity costs

FASAB’s proposed rules would revise current standards for federal agencies to provide for recognition of inter-entity costs by business-type activities.

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Private company accounting following a new path

FASB standard provides relief for private companies facing challenges completing hedge documentation in a timely manner.

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7 industries included in new revenue recognition guide exposure

Revenue recognition issues related to seven industries were exposed for public comment by the AICPA FinREC.

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CAQ suggests changes in 2 PCAOB proposals

While supporting PCAOB proposals for new standards on auditing accounting estimates and using the work of specialists, the Center for Audit Quality submitted suggestions for improving the proposals.

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Changes and outages coming to IRS e-Services

Various e-Services will be unavailable between Sept. 7 and Sept. 12, the Internal Revenue Service announced, as it moves to a new platform.

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News quiz: Standards work occupies finance professionals

The news posted recently has focused on efforts to implement FASB standards on lease accounting and financial reporting for not-for-profit organizations. See how much you know about the news with this short quiz.

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Hiring on the minds of optimistic U.S. finance execs

More U.S. organizations want to hire, and almost half have begun to offer higher pay or other financial incentives to bring candidates on board.

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New scams target accounting job seekers

Scammers are trying to obtain the job seekers’ personal and banking information, and in some cases, a cash payment.

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What PCAOB inspectors are looking for

PCAOB inspectors will focus on several key areas during 2017, including compliance with new audit transparency rules and preparation for new accounting standards.

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College accounting enrollment continues at historic pace

College and university accounting programs maintained their historic enrollment pace in 2015–2016, according to a new AICPA survey.

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Hurricane Harvey victims have more time to file tax returns and pay tax

The relief includes an extension of time to file certain individual and business tax returns and make certain tax payments.

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Rulemaking gives auditors a chance to provide more insight

An upcoming Auditing Standards Board proposal is the latest example of a standard setter providing a mechanism for auditors to provide more value.

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New FASB standard aims to simplify hedge accounting

Accounting rules for hedging are designed to be better aligned with a company’s risk management activities under a new standard issued by FASB.

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SEC conforms staff guidance to new FASB revenue recognition rules

The SEC has issued a staff accounting bulletin to bring its existing guidance into conformity with FASB’s new revenue recognition standard.

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PCAOB urges improvement in broker and dealer audits

The PCAOB is urging audit firms to take steps to bring about higher quality in audits of brokers and dealers, according to a report issued Friday.

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Attorney Client Privilege and Use of Kovel Arrangements FAQs

This series of frequently asked questions (FAQs) explains several privileges and protections that are relevant to a CPA who provides tax services, including the concept of attorney-client privilege, its implication on CPAs, and the use of Kovel arrangements

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Quiz: 8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.

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Quiz: 8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.

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FASB proposes changes to grant and contribution accounting

New rules proposed by FASB are designed to make it easier for organizations to decide if a transaction should be accounted for as a contribution or exchange.

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FASB proposes changes to grant and contribution accounting

New rules proposed by FASB are designed to make it easier for organizations to decide if a transaction should be accounted for as a contribution or exchange.

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Why lease accounting laggards face serious risks

Here’s what organizations need to consider as they implement the new FASB rules—and why it’s smart to start that work promptly.

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Why lease accounting laggards face serious risks

Here’s what organizations need to consider as they implement the new FASB rules—and why it’s smart to start that work promptly.

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News quiz: Behind a rise in personal financial well-being

The AICPA’s measure of financial pleasure versus financial pain continued to show that Americans’ well-being was on the rise.

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News quiz: Behind a rise in personal financial well-being

The AICPA’s measure of financial pleasure versus financial pain continued to show that Americans’ well-being was on the rise.

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How to comply with the new AICPA ethics standards for M&A

New AICPA ethics standards address independence, confidentiality, and transfer of client files related to mergers and acquisitions.

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How to comply with the new AICPA ethics standards for M&A

New AICPA ethics standards address independence, confidentiality, and transfer of client files related to mergers and acquisitions.

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How well do you know audit documentation requirements?

Noncompliance with the Audit Documentation standard is the most common cause of material nonconformity in audits. Take this quiz to find out how well you understand what is required.

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How well do you know audit documentation requirements?

Noncompliance with the Audit Documentation standard is the most common cause of material nonconformity in audits. Take this quiz to find out how well you understand what is required.

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AICPA issues working drafts for 3 revenue recognition issues

The AICPA is seeking comment on issues to be included in its guide for implementation of FASB’s new revenue recognition standard.

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AICPA issues working drafts for 3 revenue recognition issues

The AICPA is seeking comment on issues to be included in its guide for implementation of FASB’s new revenue recognition standard.

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Tactics for driving quality in a single audit

Engagement partner expertise and firm specialization are among the factors that correlate with quality performance in a single audit.

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Tactics for driving quality in a single audit

Engagement partner expertise and firm specialization are among the factors that correlate with quality performance in a single audit.

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Tips from a not-for-profit standard early adopter

Not-for-profits face their most significant financial reporting changes in more than 20 years as they implement FASB’s new standard.

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Tips from a not-for-profit standard early adopter

Not-for-profits face their most significant financial reporting changes in more than 20 years as they implement FASB’s new standard.

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June 2017 Tax Section News

Read the latest on the future of tax technology from the Letter from the Director as well as the latest on PTINs and simplified portability election guidance

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Letter from the AICPA Tax Executive Committee Chair: Embracing Uncertainties – The Reality (and Excitement) of Tax Work

The tax world is constantly plagued with uncertainties. Temporary rules are a standard feature of federal and state tax systems, and create uncertainty as to their extension or eventual passage into permanence. Because of laws that are often vague or incomplete, we cannot always answer client

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Update on Sec. 7345 Passport Legislation

As part of the Fixing America’s Surface Transportation Act, Sec. 7345 authorizes the IRS to notify the State Department of taxpayers who owe a seriously delinquent tax debt. The IRS certification will request action for denial, revocation, or limitation of the passport

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Making Virtual Meetings a Part of Your Practice

Building a successful tax practice includes nurturing a strong relationship with your clients and the effective management of your staff. The foundation for a strong client relationship is engaging in effective communication that serves to draw out the relevant information you need to provide

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Are You Ready for a Tax Appeal by Phone? At Least You Won't Have to Dress Up

When there is a disagreement with an IRS employee (such as a Revenue Agent or Revenue Officer) as to proposed adjustments to a tax return or proposed collection action, in most instances a taxpayer has the right to request a hearing with the IRS Office of Appeals.

In the past,

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Americans’ financial well-being reaches its highest level in 10 years

The financial standing of the average American reached its highest levels in more than 10 years in the second quarter of 2017, according to the AICPA’s Personal Financial Satisfaction Index (PFSi).

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Americans’ financial well-being reaches its highest level in 10 years

The financial standing of the average American reached its highest levels in more than 10 years in the second quarter of 2017, according to the AICPA’s Personal Financial Satisfaction Index (PFSi).

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AICPA issues TQAs on use of inappropriate accounting standards

The AICPA issued technical questions and answers that address reporting on financial statements developed using an inappropriate set of standards.

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AICPA issues TQAs on use of inappropriate accounting standards

The AICPA issued technical questions and answers that address reporting on financial statements developed using an inappropriate set of standards.

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ASB issues standard for auditors involved with exempt offering documents

Auditors involved with exempt offering documents will be subject to new requirements under Statement on Auditing Standards No. 133, which the Auditing Standards Board issued.

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ASB issues standard for auditors involved with exempt offering documents

Auditors involved with exempt offering documents will be subject to new requirements under Statement on Auditing Standards No. 133, which the Auditing Standards Board issued.

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Partnership Audit and Adjustment Rules

As  result of the Bipartisan Budget Act of 2015, Congress enhanced the IRS’s ability to audit large partnerships. The changes are expected to dramatically increase the audit rates for partnerships and will require partners to review and possibly revise their operating agreements. Here is

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IRS moves for stay of PTIN fee injunction

If granted, the stay would allow the IRS to charge the fees while it decides whether to appeal the district court decision that struck down the fees and, if it does appeal, during the appeal itself.

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IRS moves for stay of PTIN fee injunction

If granted, the stay would allow the IRS to charge the fees while it decides whether to appeal the district court decision that struck down the fees and, if it does appeal, during the appeal itself.

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IRS pilots Appeals videoconference service

The IRS Office of Appeals announced that on Aug. 1 it will begin offering taxpayers and their representatives a new web-based virtual conference option for taxpayer conferences.

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IRS pilots Appeals videoconference service

The IRS Office of Appeals announced that on Aug. 1 it will begin offering taxpayers and their representatives a new web-based virtual conference option for taxpayer conferences.

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Quiz: English expressions that trip up writers

This quiz will give you practice in understanding and using some words or phrases that cause speakers and writers to stumble.

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Regulations address new statutory due dates for many tax returns

Changes to the due dates and extensions of time to file various tax returns and information returns were implemented in a package of regulations the IRS issued on Wednesday.

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Revised Senate health bill would retain taxes on higher-income individuals

The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.

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FASB simplifies accounting for certain financial instruments

FASB issued a new accounting standard simplifying the accounting for certain financial instruments with down round features.

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GASB proposes changes to debt disclosures

The information about debt disclosed by state and local governments would change if a new GASB proposal is approved.

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Treasury identifies 8 regulations as burdensome

After reviewing all 105 Treasury regulations issued in 2016 and early 2017, the Treasury Department has identified eight that cost too much, are too complex or exceed the IRS’s statutory authority.

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AICPA seeks input for new framework on valuation of financial instruments

New guidance aims for clarity, consistency and transparency and will also lay the foundation for a new AICPA credential, Certified in Valuation of Financial Instruments (CVFI).

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News quiz: Senate health care bill in the spotlight

See how much you know about the news with this short quiz.

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FinREC unveils 4 more revenue recognition working drafts

FinREC is requesting feedback on four working drafts that provide industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).

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GASB establishes new approach for reporting leases

GASB issued a statement that is designed to help align the accounting and financial reporting of lease transactions more closely with their economic substance.

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Strategies for helping volunteers boost a not-for-profit

Understanding what motivates volunteers is the first step toward helping them have a great experience assisting a not-for-profit.

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Boston Bruins can deduct full cost of meals for team’s away games

The Tax Court held that the owners of the Boston Bruins could deduct the full cost of their team’s pregame meals for away games as a de minimis fringe benefit.

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FASB proposes superseding guidance for S&L bad debt reserves, steamship entities

Technical corrections proposed by FASB would affect accounting guidance for certain bad debt reserves of savings and loans, and steamship entities.

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NFP audit committees: Getting oversight right

Whether it means taking external auditors into executive session or getting candid opinions on staff, audit committee members need to provide strong oversight to help the organization thrive and survive.

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Letter from the Director – AICPA Tax Practice & Ethics

The tax profession is changing – how are you preparing? You moved your data to the cloud and mastered Form 8879 digital signatures, but are you ready to compete with a robot for your tax clients? An equivalent to Rosie, the faithful housekeeper from the Jetsons, hasn’t materialized yet, but Watson

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Complexities for Clients Who Are U.S. Beneficiaries

Recommendations to help the IRS correctly track U.S. beneficiaries of foreign trust withholding credit.

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Best Practices for Staff Training

It is a good time to evaluate the options for your staff training since filing season is in the rear window and staff performance evaluations have been recently completed.

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The case for updating your policies and procedures manual

It’s important to stay up to date with a document that can enable effectiveness and efficiency.

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FASB issues proposal for consolidation of VIEs

A proposed ASU would give private companies an alternative for financial reporting associated with consolidation of variable-interest entities.

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Tax provisions in the Senate health care bill

The Senate Republicans’ bill to replace Obamacare would repeal many of the Affordable Care Act’s tax provisions. Here’s a look at the tax changes in the bill.

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May 2017 Tax Section News

Partnership Tax Audit Considerations; IRS Authorizations Guidance

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What FASB has in store for not-for-profits

The pace of standard setting may slow in the coming months, but one key new project is on the horizon.

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Quiz: Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.

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IRS reopens PTIN registration system

The system had been down since early June, after a federal court held that the IRS cannot charge a PTIN fee.

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What audit committees need to know about PCAOB’s Form AP

Audit committees have new information to consider as a result of a new PCAOB rule requiring the naming of the engagement partner and other firms participating in the audit.

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How the CPA Exam is scored

CPAs take immense pride in what they accomplished when they passed the CPA Exam, but the grading of the exam is a mystery to some. A new report provides some clarity on how the exam is scored.

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How audit methodologies will change in the future

Embracing technology and making changes in your firm now will help your firm succeed in the future as new technologies enable auditors to provide more value to clients.

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CPA firms: Create a niche practice serving the emerging gig economy

As entrepreneurial workers increasingly embrace the autonomy and flexibility of performing as independent contractors, they need CPA firms to help them with taxes, accounting services and other business needs.

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Technology trends for accounting firm leaders

Rapid advances in technology are causing headaches and creating opportunities for accounting firms.

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Create a workplace where employees want to stay

In a competitive environment, managers can do these five things to motivate and retain their best workers.

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Good clients, bad clients: How to manage them all

Success starts with honing in on a firm’s “sweet spot” in terms of services provided, and identifying the firm’s best (and worst) clients.

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Preserve family wealth—and your practice—by engaging the next generation

As wealthy Baby Boomers transfer their assets to Millennials, CPAs can help families preserve their assets and build loyalty to the firm by developing relationships with the younger heirs.

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Staffing concerns again top list of CPA firm issues

Finding and retaining qualified staff again rank at or near the top of the priority list for firms with more than one professional.

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Tax Education Resources for Students and Teachers

Our tax education resources for students and teachers helps accounting educators

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Association, CPA.com launch ‘Shark Tank’ for startups

The Association and CPA.com Startup Accelerator will provide funding and other support to as many as five early-stage companies that emerge from a competition.

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Why CPAs need to get a grip on blockchain

The decentralized ledger system may seem confusing, but it also adds up to new opportunities for savvy financial professionals.

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Furious rush of digital disruption creates opportunities for CPAs to help clients

The demand is increasing for CPA firms to understand how new technologies are affecting clients.

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Centralized partnership audit rules are reissued in proposed form

The IRS reissued proposed regulations governing the centralized audit rules, which assess and collect tax at the partnership level.

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How to improve audit planning effectiveness and efficiency

Attention to the right details during planning can save time and enhance audit quality.

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Companies spending more time on SOX compliance

US public companies spent more time in 2016 than in the previous year complying with Sarbanes-Oxley Act regulations, according to a new survey report.

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Cognitive impairment does not necessarily have to derail your clients’ planning

Clients in the early stages of Alzheimer’s disease or dementia may still be able to take part in financial planning. Learn what precautions CPAs need to take when working with these clients.

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Stop behavioral biases from sabotaging your clients’ long-term objectives

Here are some ways CPAs can help prevent their clients from making emotionally driven investing mistakes.

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IRS provides simplified method to request an extension of time to make a portability election

In a taxpayer-friendly development, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election.

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News quiz: Keeping workers on the job

See how much you know about recent accounting and tax news.

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Finance staff general accounting duties level off

After two years of decline, the percentage of company financial staff devoted to general accounting leveled off in 2017.

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Hedging may get easier under new FASB accounting standard

Accounting obstacles that prevented some organizations from using hedging to manage risks may be eliminated by a standard that received preliminary approval from FASB.

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IASB interpretation addresses uncertainty in accounting for income taxes

A new interpretation issued by the IASB specifies requirements for how organizations should reflect uncertainty in their accounting for income taxes.

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Federal court strikes down PTIN fees, upholds PTINs

The D.C. District Court held that the IRS has the authority to require preparers to use preparer tax identification numbers (PTINs) but that it cannot charge fees for issuing PTINs.

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PCAOB expands auditors’ reporting duties

Auditor’s reports will provide more information to financial statement users under new rules.

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FinREC issues a dozen revenue recognition working drafts

The AICPA’s FinREC issued 12 working drafts of industry-specific accounting issues.

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CPAs are positive but keeping an eye on training, wage pressure

The outlook for U.S. finance decision-makers’ businesses remains positive, according to a quarterly survey, which shows some concern about employee costs and availability of workers.

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FASB performs maintenance on Accounting Standards Codification

FASB made the first of several scheduled maintenance updates to its Accounting Standards Codification as part of an effort to simplify the codification’s structure.

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Want your voice heard in Washington? Start here

Hundreds of CPAs visited with lawmakers and congressional staff this week to advocate on four key issues for the profession. Here are tips on how to schedule a similar visit or get your voice heard from back home.

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Quiz: Learn to choose between ‘who’ and ‘whom’

In everyday speech, we don’t need to sweat the whom. Here is a short quiz that gives you practice in choosing who/whom and whoever/whomever in more complex sentences.

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Staff Performance Evaluations

During the busy seasons, CPA firm staff and supervisors are focused on their clients. For the best employees, the volume of work never distracts from the quality. But in crunch time, anyone can develop bad habits that can bleed over into regular operations. The future success of any CPA firm

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IRS Hires Private Debt Collection Services: How to Help Your Clients

The recent announcement that the IRS is turning over certain collection cases to third-party debt collectors has sent some shock waves through our profession. This article addresses these concerns and how to address them with your clients.

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Issues to Consider When Establishing a Tax Home Overseas

As the world has become a smaller place, more and more businesses have developed international operations. Once established, these foreign-based companies are often staffed by local country personnel. However, in the early stages of establishing a foreign presence, key managerial talent from the

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Partnership Tax Audits: The New Rules

The new partnership audit regime under the Bipartisan Budget Act of 2015, P.L. 114-74 (“BBA”), radically changes the assessment and collection of partnership audit tax adjustments. Yet despite the major changes contained in the BBA—or perhaps in light of them—there are still many unanswered

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April 2017 Tax Section News

April 2017 Tax Section News including updates on Tax Reform, IRS collection standards, ITIN service options, providing tax services to marijuana businesses, and advice on client billing. Also, resources available include newly revised foreign national tools, IRS collection tools, nano learning

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PCAOB to consider adopting new auditor’s reporting standard

The board has proposed requiring auditors to provide information on the most challenging, subjective, or complex aspects of an audit.

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President’s budget includes tax proposals and regulation of return preparers

President Donald Trump’s proposed FY 2018 budget includes a new proposal to give the IRS authority to regulate paid tax return preparers.

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ASB addresses engagements performed under 2 sets of attestation standards

The AICPA ASB issued an interpretation that describes conditions for practitioners who wish to perform and report on an attestation engagement in accordance with AICPA attestation standards in addition to another set of attestation standards.

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ASB addresses engagements performed under 2 sets of attestation standards

The AICPA ASB issued an interpretation that describes conditions for practitioners who wish to perform and report on an attestation engagement in accordance with AICPA attestation standards in addition to another set of attestation standards.

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Big Four benefits as consulting spending rises in U.S.

Demand for cybersecurity consulting helped drive the growth, accounting for $7.1 billion in revenue.

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Big Four benefits as consulting spending rises in U.S.

Demand for cybersecurity consulting helped drive the growth, accounting for $7.1 billion in revenue.

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What you need to know as Gen Z enters the workforce

The first members of Generation Z are graduating from college and entering the workforce. And it would be a big mistake to expect them to behave like Millennials.

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What auditors of brokers and dealers need to know about audit planning

Risk assessment procedures, auditor communication requirements, and revenue recognition are among the many complex areas that auditors need to consider carefully in their planning and throughout the audit.

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New IASB standard aims for consistent accounting for insurers

A new standard issued by the IASB aims to provide transparent reporting about insurers’ financial position and risk.

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FASB issues accounting standards update on service concession arrangements

FASB intends to provide clarity to help financial statement preparers determine the customer of the operation services for transactions.

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GASB issues rules for accounting for certain debt extinguishment

New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.

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News quiz: Tax-related data breach explained

Taxpayers received more information about a data breach that affected about 100,000 people and shut down a tool used by parents and students applying for financial aid for college.

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FASB assessing efficiency, effectiveness of GAAP taxonomy

FASB is considering changing U.S. GAAP financial reporting taxonomy to improve usability.

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FASB issues update on modification accounting for shared-based payment awards

FASB hopes to provide clarity by offering guidance on the scope of modification accounting for share-based payment awards.

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2018 health savings account limits increase slightly

The IRS released the 2018 annual inflation-adjusted amounts that apply to health savings accounts.

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New IRS rules, no increased funding in appropriations bill

The 2017 appropriations bill passed by Congress includes $11.2 billion for IRS operations and enforcement. But it also includes specific directives prohibiting certain IRS conduct.

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Details of FAFSA data breach revealed in House testimony

The details of a recent data breach affecting 100,000 taxpayers were revealed in testimony before the House of Representatives Oversight and Government Reform Committee in Washington.

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Overtime and stress are common during month-end close processes

Finance departments are under pressure to close the books faster, but efficiency is a stumbling block, two recent surveys show.

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CAQ, investor groups seek to preserve SOX provision

In a letter, the Center for Audit Quality and two investor groups opposed a provision of a bill that would decrease the number of companies required to comply with the rules in Sarbanes-Oxley Act Section 404(b).

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FinREC seeks comment on telecommunications revenue recognition issue

FinREC has published a working draft for its revenue recognition implementation guide that seeks feedback on an issue for telecommunications entities.

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AICPA issues TQAs on internal control

The AICPA has issued new TQAs about controls relevant to the audit and control activities relevant to the audit.

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Member Spotlight – Arthur "Kip" Dellinger

Kip Dellinger is a current member of the AICPA Tax Executive Committee, and is by no means a rookie volunteer in the Tax Division. I have had the great pleasure of working with him on a variety of tax ethics matters both in an official volunteer capacity as well as outside of

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How to Avoid the "Why is My Bill So High" Phone Call from Clients

If you have been involved in billing at any level, you have gotten a phone call from a client who is asking: “why is my bill so high  ?” I know there have been times when I held my breath as I answered the phone right around the time I knew a client received my invoice. With the correct

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Tax Reform: Reality or Wishful Thinking?

In December, I thought there was a very good likelihood that a fundamental tax reform bill might be passed before tax busy season was finished. Good thing I’m not a betting man. Tax reform is far from dead this year, but it’s probably further from reality than I originally thought. The odds of

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Up in Smoke? Tax Services for Marijuana-Affiliated Businesses

If you prepare taxes for clients in any of the majority of states or jurisdictions that now permit some form of legal use or distribution of marijuana, you are likely aware that the federal ban on this drug poses a conflict. The risks can be great.

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March 2017 Tax Section News

IRS Tax Scams; Vacation Just Around the Corner

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News quiz: What worries Americans about retirement and spending

Take this short quiz to see how much you know about recent news.

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Fake financial news threatens Americans’ ability to make sound financial decisions

Experts say individuals should thoroughly investigate financial news and its sources before making investment decisions.

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Trump’s tax reform priorities unveiled

Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.

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A new cybersecurity risk management reporting framework for management and CPAs

The framework gives an organization’s management criteria for explaining its cybersecurity risk management program and provides CPAs with guidance to be used in engagements to report on clients’ cybersecurity controls.

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Rising inflation dampens Americans’ personal financial satisfaction

Though Americans’ personal financial well-being remains high, rising interest rates may be beginning to wear on them.

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4 career steps CFOs can take to be CEO-worthy

Some of the needed skills must be practiced, and others must be learned on the job.

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ASB addresses auditor reporting on ERISA plan financial statements

An ASB proposal would change standards for auditors reporting on financial statements of ERISA employee benefit plans.

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4 in 10 Americans say technology leads them to pay more for convenience

In a recent AICPA survey, 41% of Americans said that their use of personal technology makes them more likely to pay extra for convenience.

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The 5 habits of top risk managers

Top-performing companies in risk management are more likely to project revenue and profit growth, according to a PwC report that offers steps for organizations to better embed strategy into risk management practices.

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News quiz: IRS enforcement, a hot job, and audit value

See how much you know about recent news with this short quiz.

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Expectations and paths don’t always align for controllers

Most controllers expect and are expected to shape and execute strategic priorities. Yet, few companies clearly define a path for controllers to take on greater responsibility, a Deloitte report shows.

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Nearly half of Americans fear not being able to afford retirement

Respondents to a new AICPA survey most often cited health care costs as a cause of anxiety about their finances in retirement.

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GAO proposes revisions to government auditing standards

Requirements for auditors related to competence, continuing professional education, auditor independence, and other topics would change under revisions to Government Auditing Standards proposed by the U.S. GAO.

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Movement on Repeal of both 1099s

The committee action, which also made changes to a tax credit enacted in the health care reform law,  follows advocacy by AICPA and others to reduce a significant burden on taxpayers. 

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New audit data standard addresses inventory subledger

Basic analysis of the inventory process can become easier through use of a new audit data standard issued by the AICPA Assurance Services Executive Committee.

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Revenue recognition working drafts issued for 4 industries

Working drafts for the airlines, gaming, hospitality and time-share industries were included in the latest group of issues exposed for the AICPA’s guide to implementing FASB’s revenue recognition standard.

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IRS enforcement activities dropped in 2016

The IRS reported several large drops in its enforcement activities in fiscal year 2016, including a 16% drop in audits, a 40% drop in levies, and a 9% drop in liens compared to the prior year.

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Hot jobs: Tax managers in high demand

“Tax manager” is one of the top high-demand positions on a “hot jobs” list distributed by global outplacement and executive coaching firm Challenger, Gray & Christmas.

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Use of driver’s license numbers raises security concerns

The decision of the IRS and some states to recommend—or, in a few cases, require—the use of driver’s license numbers as form of authentication on electronically filed personal tax returns has made them a higher-value target for hackers and other criminals.

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New rules for accounting for amortization of premiums for purchased callable debt securities

FASB issued a new standard that makes targeted changes designed to prevent the recognition of too much interest income before a borrower calls the debt security, and prevent the recognition of a loss on the call date.

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CFOs try to focus on strategy, but IT systems get in the way

Strategic planning is among the top priorities for CFOs in a new survey, but some finance chiefs feel hampered by legacy IT systems.

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News quiz: What happened when Amazon went up against the IRS

See how much you know about recent news with this short quiz.

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How financial statement audits deliver key business insights

Financial statement audits are not just a compliance exercise, but also an opportunity to gain knowledge that can generate positive business results.

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Rules proposed for accounting method changes to reflect FASB revenue recognition standards

The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.

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January Tax Section News – 2017

January Tax Section News including Capital Tax Update and Thriving in Tax Season.

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February Tax Section News – 2017

Tax Section News for February including important tax updates and “Executive Orders – A Primer”

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Data Compromises: A Tax Practitioner's Nightmare

Data compromises are a daily event in the U.S., and data compromises targeting tax professionals are on the rise. Identity thieves, many of whom are involved with sophisticated and organized syndicates, are redoubling their efforts to gather personal data to commit Stolen Identity Refund Fraud

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IRS issues 2017 car and truck depreciation limits

The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.

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What role should your house have in retirement planning?

A home should be an important factor in helping clients determine retirement readiness as well as a place to put down roots.

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Amazon wins multimillion dollar transfer-pricing dispute with IRS

The Tax Court held that Amazon.com had properly valued transfers of intangibles under a cost-sharing arrangement with its Luxembourg subsidiary.

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Disbarred tax preparer not subject to IRS jurisdiction

The IRS Office of Professional Responsibility has no authority or jurisdiction over a disbarred attorney/tax preparer or his tax preparation practice and cannot regulate his provision of tax advice a federal district court in Nevada has held.

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Most CPA executives favor repeal of Affordable Care Act, survey shows

CPA business executives predict rising costs related to employee health care, and nearly two-thirds have tried to contain costs through higher deductibles.

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Was 2016 a Good Year for Tax and Tax Practitioners?

CPAs can again look forward to a punctual beginning for tax season with a reasonable amount of certainty about tax laws affecting returns and, perhaps, improved IRS service. Practitioners started 2016 with the knowledge that expiring provisions were alive, as they had been signed in December,

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GASB addresses wide range of accounting issues

GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.

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IRS Collection Guidance and Resources

Practitioners are likely to have clients who owe taxes to the IRS and who are unable to

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Credit loss standard implementation tips

FASB’s new credit loss standard will challenge banks to find the right data for forecasting expected losses in their portfolios.

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News quiz: Economy and health care changes top CPAs’ list

See how much you know about recent news with this short quiz.

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How to improve fraud controls in complex accounting areas

It stands to reason that accounting areas that are highly subjective and complex also are prone to fraud, errors, and breakdowns in internal controls.

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Taxpayers affected by winter storm get more time to file business return extensions

The IRS announced that it would grant “eligible taxpayers” who are affected by this week’s winter storm on the East Coast extra time to file their requests for filing extensions.

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Why ‘complete ERM’ is a myth

Risk management initiatives must evolve as an organisation’s risk exposures change. These days, all entities are taking a harder look at how they manage risk, according to an annual survey.

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IRS takes down student financial aid data retrieval tool

The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.

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How much do you know about Social Security?

How much do you know about Social Security? Find out in this five-question quiz.

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FASB changes presentation of defined benefit costs

Current presentation requirements for defined benefit costs lacked transparency and limited the usefulness of financial information, according to stakeholders.

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Bragging rights: Ranking athletic conferences by CFOs

Big Ten alumni have held the most US public company finance leadership posts for the past 15 years, and an Ivy League school leads the individual rankings.

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U.S. economic optimism surges

Concerns about regulation eased, and projections for revenue, profits, and expansion are on the rise amongst U.S. CPA decision-makers in a quarterly survey.

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FASB proposes simplifying accounting for share-based payments to nonemployees

Accounting for share-based payments to nonemployees in exchange for goods and services would become similar to the accounting for share-based payments to employees under a proposal FASB issued.

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Proposed PPACA replacement bills contain many tax changes

The draft proposals to repeal the Affordable Care Act released by House Republicans would make many tax changes if enacted. Here’s a look at their impact on the tax code.

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Proposals would update UAA, model rules for accountancy

Among the proposed changes are including a definition of “Preparation of Financial Statements” and creating new methods for earning CPE credit.

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SEC to require hyperlinks to exhibits in company filings

U.S. securities issuers will be required to include a hyperlink to each exhibit in a corporate filing’s exhibit index under new rule and form amendments.

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News quiz: Top tax scams and robo-advisers lead news

The news from the second half of February included SEC guidance on robo-advisers for investments and the IRS’s Dirty Dozen tax scams. See how much you know about recent news with this short quiz.

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FinREC exposes 5 revenue recognition issues

Working drafts exposed by the AICPA Financial Reporting Executive Committee address five new revenue recognition issues.

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FASB updates EBP master trust presentation, disclosure requirements

The FASB issued a new standard that is designed to make employee benefit plan master trust disclosures more useful to users of financial statements.

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What to Do When a Key Member of Your Team is Unexpectedly Out of the Office

When a key member of your staff leaves unexpectedly, it can be a challenge to work through busy season without them.  However, there are some ways to help mitigate the loss of a staff member for an extended period of time.

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Top 5 Ways to Burn Calories During Tax Season

Finding time to take care of your physical and emotional health this tax season can be hard to do. Luckily for you, this Top 5 list shows you there are many opportunities around every corner.

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Sec. 2704 Estate Valuation Regulations Not Withdrawn Under the Regulatory Freeze Executive Order: CPAs Need to Consider Disclosure Statements

The executive order that freezes federal regulations only withdraws regulations that were not yet published.  Sec. 2704 proposed regulations are not withdrawn, but impacted CPAs may want to use a suggested disclosure statement.

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Letter from the Chair

Annette Nellen, Chair of the AICPA Tax Executive Committee, gives highlights on recent developments on the AICPA Tax Division as well as developments in its advocacy efforts.

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Executive Orders – A Primer

With executive orders being in the spotlight recently, this article explains the authority of an executive order and highlights the impact of the ACA EO and a CPA’s professional responsibilities to it.

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What you need to know about robo-advisers

Publications issued by the SEC provide guidance to investment advisers who operate robo-advisers and investors who use their services.

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FASB clarifies scope of asset derecognition guidance

FASB issued a standard clarifying the scope of its asset derecognition guidance and adding accounting guidance for partial sales of nonfinancial assets.

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ASB issues new going concern auditing standard

The AICPA Auditing Standards Board issued a new standard that considers FASB’s new accounting considerations for going concern as well as GASB’s accounting guidance for state and local governments.

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Dirty Dozen top tax scams led by phishing schemes

The IRS issued its roundup of the 12 biggest tax scams that taxpayers should watch out for this filing season.

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PCAOB Form AP staff guidance updated for secondments

The PCAOB provided new information to firms on how to apply Form AP reporting requirements to professional staff in secondment arrangements.

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Failure to report health coverage will not cause tax return rejection

The IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A.

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News quiz: What CPAs see when clients divorce late in life

See how much you know about the news with this short quiz.

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Using the IRS Online Payment Agreement

Webpage designed to provide guidance and resources regarding the Online Payment Tool from the IRS

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Supreme Court decision creates liability risk for CPA profession regulators

Following a 2015 Supreme Court decision, CPAs serving on state boards of accountancy may be held personally liable for potential antitrust actions taken on behalf of the boards.

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Golden-years divorces show couples’ need for financial literacy

Three in four older divorced people need a better understanding of how to manage their personal finances, a new AICPA survey shows.

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IRS alerts practitioners of e-Services account suspensions

The IRS announced that as of Sunday it has suspended the e-Services accounts of users who failed to verify their identities in accordance with letters sent out in December.

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Tax practitioners’ information will soon be available at IRS website

The IRS announced that it will soon post online the registration information of practitioners who have preparer tax identification numbers, and the information will be available without charge to the public.

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News quiz: Taking an economic snapshot and looking to the future

Take this short quiz to see how much you know about the news.

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Driver’s license information now required on some state e-filed returns

Tax return preparers are discovering that some state income tax returns for 2016 require information from a taxpayer’s driver’s license or state-issued identification card information before the returns can be e-filed.

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New revenue recognition working drafts issued for insurance, software

Working drafts on revenue recognition issues for the insurance and software industries were published by the AICPA, which is seeking comments from interested parties.

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New Form 990-EZ has help icons to aid exempt organizations in filing

The IRS announces new Form 990-EZ with help icons to assist organizations with accurate filing.

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What repatriation tax changes could mean for U.S. companies

U.S. companies holding earnings overseas in cash could be bringing it back in response to tax reform proposed by the new administration in Washington.

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New Due Diligence Requirements and Preparer Penalties for 2016 Tax Returns

Tax return preparers will need to spend additional time to determine the eligibility of clients to claim certain credits and to formally document their qualification to do so.

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Capital Tax Update

When it comes to important tax and political activity, January 2017 is no slouch.  Not only is a new President being ushered in, the IRS issued new (proposed) regulations for partnership audits and the AICPA is preparing for the possibility for tax reform and making its views clear on key

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FASB drops Step 2 from goodwill impairment test

Step 2 was eliminated from the goodwill impairment test as the FASB sought to simplify accounting in a new standard issued Thursday.

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Engagement partner’s name must stay consistent in Form AP reporting

Engagement partners’ names will be required to be reported consistently on all Forms AP filed with the Public Company Accounting Oversight Board under new PCAOB staff guidance.

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Reducing Investment Taxes in the New Year

As CPAs, we know that the biggest drag on investment performance is taxes, and this year will undoubtedly result in several instances of clients asking: “How can I reduce my taxes?” While year-end has come and gone, the start of a new year allows you to take a fresh look at your investment strategy

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Americans’ financial well-being holds steady, despite rising inflation

CPAs’ optimism about the economy, buoyed by the election and an uptick in the stock market, helped the quarter’s financial picture stay strong.

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Thriving in Tax Season: Action Steps for Success

There are a number of ways to improve your upcoming tax season, many of which can be executed easily with a lot of positive impact.

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Expectations for Tax Season: A Recap from Our Tax Practice Quarterly Webcast

A recap of our tax practice quarterly webcast on Gearing Up for the Tax Season with a summary of the key interest areas this tax season.

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Seventh Circuit holds that taxpayer filed timely Tax Court petition

A taxpayer whose lawyer used print-at-home postage when mailing a Tax Court petition timely filed that petition, the Seventh Circuit Court of Appeals held, reversing and remanding the case to the Tax Court for consideration on the merits.

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How a major beer importer is planning for tax reform

Constellation Brands, the third-largest beer seller in the United States, for instance, is modeling several scenarios related to a possible increase in taxes on imported goods.

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Centralized partnership audit rules proposed

The IRS released a package of proposed provisions that will apply to the recently enacted centralized audit regime that generally assesses and collects tax at the partnership level.

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IRS proposes changes to rules for dependents

The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.

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News quiz: FASB and IRS news leads off new year

The news for the first weeks of January is dominated by FASB and IRS announcements. See how much you know about the news with this short quiz.

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5 strategies to efficiently implement the new lease accounting standard

Deloitte offers five strategies to help find efficiencies and avoid unnecessary disturbances.

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IRS permits same-sex couples to recalculate marital exclusion amounts

The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.,

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FASAB issues new standard on insurance programs

A new federal government accounting standard is designed to provide concise and meaningful information about insurance costs and liabilities.

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600 GE tax professionals moving to PwC

The transfer of 600 General Electric workers helps the Big Four firm grow its international expertise at a time when global tax strategy is growing in importance.

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IASB proposes amendments to 3 IFRS standards

The IASB issued clarifications to standards related to income taxes, borrowing costs and investments in associates and joint ventures.

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FASB addresses debt classification, inventory disclosures

FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework.

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AICPA updates guidance for CPA personal financial planners

The AICPA has updated its guidance on the competencies and information that CPAs who provide financial planning services need to know.

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Inflation adjustments for 2017 issued for employer-provided vehicles

The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.

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FASB clarifies definition of a business

The definition was clarified because of concerns that many transactions that should be considered asset acquisitions were being recorded as business acquisitions for accounting purposes.

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Guidance issued on de minimis safe harbor for information returns/payee statements

The IRS issued a notice that provides the requirements for a payee to make an election to not have the safe harbor for de minimis errors on information returns below certain amounts apply to a payer.

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AICPA exposes more revenue recognition working drafts

The latest drafts address issues in the aerospace and defense, telecommunications, and time-share industries.

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GASB introduces possible new approaches for governmental fund reporting

Three possible alternative recognition approaches for governmental fund reporting are included in an Invitation to Comment issued by GASB.

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Revenue recognition: Guidance for preparers and auditors

Financial statement preparers and auditors face important challenges as they implement FASB’s new revenue recognition standard.

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FASB issues technical improvements to revenue recognition standard

In technical improvements issued Wednesday, the FASB addressed 13 narrow issues related to its new revenue recognition standard.

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FASAB proposes changes to budget and accrual reconciliation

The FASAB issued a proposal that would change the requirements for a reconciliation between budgetary and financial accounting information.

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Eligibility rule waiver extended for taxpayers adopting repair regs.

The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.

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Final rule implementing the Advancing Care Coordination through Episode Payment Models mandatory bundled payment program.

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FinCEN grants permanent automatic extensions for FBARs

Starting this year, FBARs have a new, April 15 due date, with extensions to Oct. 15.

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The top global risks for 2017

Executives ranked the business environment as riskier than in previous years, but many don’t plan to devote more resources to risk management, according to a new survey.

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Despite PATH Act, some tax provisions expire at end of 2016

The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.

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AICPA groups recommend field-testing of FASB long-duration insurance proposal

Before finalizing its proposed targeted improvements to accounting for long-duration insurance contracts, FASB should field-test them, two AICPA groups recommended in a joint comment letter.

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Quiz: Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces.

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Using IRS E-Services

Webpage providing guidance and resources about IRS E-Services tools.

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FASB issues technical corrections

FASB issued numerous technical corrections and clarifications to GAAP that are designed to remove inconsistencies in the board’s accounting guidance.

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PCC seeks accounting relief for smallest private companies

The Private Company Council is encountering challenges as it advocates for the smallest private companies in FASB’s process for setting accounting standards.

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Confidently address MDS 3.0 trouble areas

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Standard mileage rates for 2017 are announced

The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.

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How audit committees can oversee revenue recognition implementation

Audit committees can use a new tool to exercise their oversight role during implementation.

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Deflecting clients’ requests for defense and indemnity

Requests for such clauses are unnecessary and unfair, and, in some cases, are unenforceable.

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Election buoys sentiment among US finance executives

Despite regulation remaining a top concern for U.S. businesses, optimism is growing in the wake of the presidential election.

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Congress enacts law allowing HRAs under the Affordable Care Act

The Senate passed the 21st Century Cures Act, which, among other things, permits certain employers to offer health reimbursement arrangements to employees without running afoul of the Patient Protection and Affordable Care Act’s market reform provisions.

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GASB issues guidance on asset retirement obligations

GASB issued guidance for state and local governments to address asset retirement obligations related to tangible capital assets.

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Two-part FASB proposal addresses accounting for certain financial instruments

A proposal issued by FASB addresses the complexity involved in accounting for certain financial instruments associated with liability and equity.

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7 keys for auditors’ success in a changing environment

Efforts by auditors in three key areas have led to improved quality in audits, PCAOB inspections show.

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Will Brexit, Trump affect global accounting standards?

Political decisions that may affect cross-border business policies in the United States and the United Kingdom have so far had no effect on international accounting standards, Hans Hoogervorst said.

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FASB considers slowdown in standard setting

Some companies and accounting firms have told FASB that their resources are stretched as they implement the board’s numerous recently issued standards.

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Client accounting services emerges as strong revenue driver for CPA firms

For firms that offer virtual CFO and other client accounting services, the category is becoming a significant contributor to the top line, according to the results of a survey from the AICPA Private Companies Practice Section and CPA.com.

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Regulations implement new due-diligence requirements for tax return preparers

Recent legislation added these requirements, which previously applied only to the earned income tax credit.

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Why IFRS remains relevant in the U.S.

Knowledge and understanding of IFRS is important in the United States even though FASB’s standard-setting process best serves U.S. capital markets, SEC Chief Accountant Wes Bricker said.

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Don’t neglect revenue recognition disclosures, SEC’s Bricker says

Companies are obligated to provide investors with disclosures on the impact FASB’s new revenue recognition standard will have on them, SEC Chief Accountant Wes Bricker said.

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2015 audit fee increases varied based on size, type of auditee

The median audit fee increase paid by Securities and Exchange Commission filers was 3.2% in 2015 compared with the previous year, according to a new survey.

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U.S. anti-money laundering regulations well-developed, analysis finds

U.S. anti-money laundering regulations are well-developed, and domestic coordination to prevent money laundering and terrorist financing is sophisticated and has improved over the past 10 years.

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New online tool allows taxpayers to check IRS account information

The IRS has launched an online tool that allows individual taxpayers to get their account balances online, including tax due, penalties, and interest.

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FinREC issues revenue recognition working drafts for airline, gaming industries

New working drafts issued by FinREC address issues that financial statement preparers in the gaming and airline industries may encounter as they implement FASB’s new revenue recognition standard.

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GASB proposes implementation guidance

A proposed implementation guide issued by GASB is designed to clarify, explain or elaborate on the board’s standards for state and local government financial reporting.

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IRS announces start of e-Services re-registration

As part of its latest efforts to prevent cybercrime, the IRS said it will begin sending letters to currently registered e-Services users asking them to re-register within 30 days of the date of the letter or risk being shut out of the system.

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FASB proposal would improve hedge accounting, AICPA committee says

A FASB proposal on targeted improvements to accounting for hedging activities would make hedge accounting simpler, according to the AICPA Financial Reporting Executive Committee.

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AICPA urges changes to employee benefit reporting proposal

The proposed changes would increase compliance costs for employers that they may pass on to plan participants, the AICPA wrote.

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SEC names Bricker chief accountant

Wesley Bricker, CPA, a former PwC partner, was named the Securities and Exchange Commission’s chief accountant.

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IRS extends due dates for PPACA forms and penalty relief

In response to concerns from employers, insurers, and other providers of minimum essential coverage, the IRS announced that it is extending the due dates for certain health care forms required under the Patient Protection and Affordable Care Act.

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FASB aims for consistency in modification accounting

FASB has proposed guidance that would describe when changes to the terms of share-based payments require financial statement preparers to apply modification accounting.

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FASB seeks uniformity in reporting on restricted cash

FASB issued Accounting Standards Update No. 2016-18, addressing the classification and presentation of restricted cash and restricted cash equivalents.

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News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam.

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Checklists

2015 tax checklists that are part of the annual compliance kit

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Practice Management Guides

Misc. practice guides for 2015; part of Annual Compliance Kit

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Engagement Letters

2015 engagement letters as part of the Annual Compliance Kit

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GASB fund balance reporting standard gets positive review

GASB’s standard for fund balance reporting and governmental fund type definitions for state and local governments achieves its purpose, a review panel has found.

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No delays anticipated in 2017 tax filing season, IRS commissioner says

IRS Commissioner John Koskinen reassured tax practitioners attending the AICPA’s National Tax Conference that the 2017 tax filing season should start on time.

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2 new members appointed to FASB as Golden remains chairman

Marsha Hunt and Harold Monk will join the Financial Accounting Standards Board for five-year terms.

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White to leave SEC chair post in January

Mary Jo White plans to depart her position as Securities and Exchange Commission chair in January, when Barack Obama’s second term as president ends.

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Final rules remove 3-year nonpayment testing period for COD reporting

The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.

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IRS warns tax professionals of another email phishing scam

The IRS issued an “urgent alert” to tax practitioners who use IRS e-services to beware of a fraudulent email asking them to update their accounts and directing them to a fake website.

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FASB proposes new guidance for service concession arrangements

FASB proposed guidance designed to eliminate diversity in practice in how operating entities determine who is the customer in service concession arrangements.

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Identity theft safeguards to expand for 2017

The IRS, state tax agencies, and industry partners announced expanded and improved tax return identity theft safeguards for the 2017 filing season.

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News quiz: Social Security and income tax changes affect CPAs and clients

CPAs can pass along to their clients important news about a change in the wage base for Social Security and inflation adjustments from the IRS.

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AICPA issues another round of revenue recognition working drafts

The AICPA Financial Reporting Executive Committee (FinREC) issued new working drafts addressing issues that broker-dealers and depository and lending institutions face related to FASB’s new revenue recognition standard.

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Audit committees voluntarily disclosing more about auditor oversight

More audit committees are voluntarily disclosing information in proxy statements about their oversight of external auditors, including auditor appointment and audit partner rotation, according to a new analysis.

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FASB proposes technical correction to not-for-profit standard

Under the proposal, FASB would clarify the minimum requirements for the reconciliation that a not-for-profit entity is required to disclose if it has endowment funds.

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2017 pension contribution limits announced

While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.

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Letter from the Chair of the AICPA Tax Executive Committee

The AICPA Tax Division welcomes new and returning volunteers to its technical resource panels (TRPs) and committees. Thank you for stepping up to serve and making time in your busy schedules to help fellow members, and to improve tax rules and procedures. On Troy Lewis’ and my behalf, thank you to

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What's New in IRS Appeals

The Office of Appeals is an independent organization within the IRS with the mission of helping taxpayers settle tax disagreements. Though practitioners should always try to resolve issues at the lowest possible level (i.e., with the service centers or front-line IRS employees/managers), using

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Halloween Horror Stories: No Accounting for the Wicked

While most people’s Halloween shudders come from haunted houses or scary movie marathons on their favorite television channels, fear is something very different for a CPA. An unexpected call from the state board, an audit of an important client’s return… these are nightmares a CPA would rather not

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Gearing Up for the Next Busy Season

With another tax deadline behind us, we all can breathe a sigh of relief, but it has to be a short one as the next tax season is right around the corner. There are some steps you can take now though, to help you get through your next tax season more smoothly.
One way to make your tax season less

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What's New in IRS Appeals

The Office of Appeals is an independent organization within the IRS with the mission of helping taxpayers settle tax disagreements. Though practitioners should always try to resolve issues at the lowest possible level (i.e., with the service centers or front-line IRS employees/managers), using

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Americans see highest level of personal financial satisfaction since 2007

According to the AICPA’s proprietary Personal Financial Satisfaction Index (PFSi), this quarter the financial standing of the average American reached its highest level since the recession.

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FASB amends guidance for consolidating VIEs

FASB issued a financial reporting standard that changes financial reporting rules for consolidating variable-interest entities.

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IRS issues 2017 inflation adjustments for many tax provisions

The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.

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SSARS 23 expands application of preparation, compilation standards

SSARS No. 23 results in the SSARSs being applicable to engagements performed on certain subject matter other than financial statements.

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3 major foreign policy challenges facing the next U.S. president

Former US diplomat Nicholas Burns, in a speech to the AICPA’s governing Council, highlighted some of the complexities that the winner of the presidential election will face abroad.

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FASB simplifies financial reporting for income taxes

The standard is designed to simplify the financial reporting for the income tax consequences of intra-entity transfers other than inventory.

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MAP survey: Firms continue to grow revenue

Accounting firms of all sizes posted year-over-year revenue gains during their most recent fiscal year, with the rate of growth increasing for most practices.

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8 technical questions and answers for investment companies

Eight technical questions and answers for investment company accounting have been issued by the AICPA Investment Companies Expert Panel and are available in TIS Section 6910, Investment Companies.

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News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk.

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Social Security Administration announces large increase in 2017 wage base

The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.

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GASB proposes OPEB implementation guidance

GASB would provide answers to more than 150 questions about other post-employment benefit (OPEB) plan accounting in a newly proposed implementation guide.

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Earnings-stripping rules make many changes from proposed regs.

The new rules are part of the Treasury Department’s larger effort to curb corporate inversions.

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PTIN class action lawsuit affects all tax return preparers

A class action lawsuit currently pending in a federal district court includes in its class of plaintiffs all tax return preparers who obtained or renewed a PTIN after Sept. 30, 2010.

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Olympic tax break enacted

Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.

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CMS has posted an updated fact sheet with information on requirements for the SNF Quality Reporting Program (QRP) FY 2018 reporting year.

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Newly Reformed Requirements of Participation for SNFs Issued

http://s3.amazonaws.com/public-inspection.federalregister.gov/2016-23503.pdf

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News quiz: Tax practices get updates on private collection and per-diem rates

Tax practitioners could find news of particular relevance in reports about private collection of overdue taxes, updated per-diem rates for travel, and a new process for authenticating the identity of IRS e-services users.

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Americans’ biggest retirement fear: Running out of money

CPA financial planners report that their clients’ greatest fear about retirement is running out of money, an AICPA survey finds.

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Tax Professional Success Stories – Podcasts

Prominent CPAs provide success stories from their careers as tax accountants. They discuss how they became successful, challenges they have faced, and opportunities in the profession.

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Tax Career Opportunities

There are many opportunities for those who seek a career in tax. The financial rewards for

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Tax Education Resources for Students and Teachers

Our tax education resources for students and teachers helps accounting

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Campus to Clients Columns

This quarterly column for the AICPA’s Tax Adviser, publishes in February, May, August, and November. It covers topics of interest to tax faculty including ideas for classroom co-curricular activities and pedagogy for tax courses.

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Top considerations for 2016 audit cycle

Areas of high attention for auditors during the 2016 audit cycle will include a new standard on naming the engagement partner as well as internal control over financial reporting.

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AICPA issues more revenue recognition working drafts

New working drafts issued by the AICPA Financial Reporting Executive Committee address issues related to implementation of FASB’s new revenue recognition standard.

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Millennials are the most confident investors, survey shows

Millennial investors have more faith than members of other generations in US and overseas markets, US public companies, and audited financial information, a new survey shows.

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Fraud risk management guidance updated by COSO

Developing a transparent anti-fraud culture and conducting periodic risk assessments are important steps for organizations in deterring fraud.

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FASB proposes changes to long-duration contract reporting for insurance companies

FASB issued a proposal that would change accounting rules for insurance companies that issue long-duration contracts such as life insurance, disability income, long-term care, and annuities.

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Guidance allows QTIP election where executor elects portability

The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.

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New lease accounting standard proposed for federal entities

A proposal issued by the FASAB would require federal lessees to recognize a lease liability and a leased asset at the beginning of a lease, unless it is an intragovernmental lease or a short-term lease.

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IRS issues 2016–2017 special per-diem rates for travel

The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.

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GASB proposal addresses various practice issues

A GASB proposal would provide guidance addressing a multitude of issues that have arisen in state and local government financial reporting.

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Private collection agencies to start collecting tax debts in the spring

Under legislation enacted last year, the IRS is required to use private debt collection agencies to collect outstanding inactive tax liabilities.

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New IRS e-Services authentication process requires re-registration

The IRS announced that beginning in late October all e-services users will be subject to a strengthened identity protection process, which, for existing users, requires re-registering.