Small business accounting regulations and tax shelter implications

New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.

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Companies use full array of tools to navigate the pandemic

Companies have used various means to expand credit, conserve cash and reduce tax burdens to combat the devastation of the pandemic. Here are some of the tactics that large public companies have used.

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A data revolution, from hot dogs to fastballs

The director of accounting for the San Diego Padres explains how teams are adopting technology to improve the on-field product and the customer experience.

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Returns affected by e-filing outage will be timely if filed by Sept. 17

For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.

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Safety of employees, customers ranks as top pandemic-related concern

A survey of U.S. finance decision-makers sheds light on the precautions businesses are taking and how they plan to address future office space needs.

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SEC amends rules for whistleblowers, shareholder proposals

The SEC voted to amend rules that govern its whistleblower program and the amount a shareholder must hold to have a proposal included in a company’s proxy statement.

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PPP loan forgiveness: What CPAs should be doing now

The forgiveness aspect of the Paycheck Protection Program remains a source of uncertainty for CPAs. This collection of facts and frequently asked questions can help CPAs understand what to do amid the confusion.

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New FAQs address health care entity pandemic accounting

Pandemic-related accounting issues for health care entities are addressed in new AICPA guidance that has been added to a list of previously posted frequently asked questions.

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Lenders will not file Form 1099-C for forgiven PPP loans

The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.

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Final regs. outline trust and estate expenses still deductible under TCJA

The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.

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New ESG reporting metrics released by World Economic Forum

Environmental, social and governance measures and disclosures released by the World Economic Forum are designed to make it easier for companies to benchmark their sustainable business performance.

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IRS issues more bonus depreciation rules

The IRS issued final bonus depreciation regulations and withdrew proposed regulations.

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AICPA ethics proposal would limit firms' loaning of staff to attest clients

CPA firms’ ability to loan staff to attest clients would be limited to rare circumstances under a newly proposed AICPA ethics interpretation.

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Final regs. govern CFC downward attribution

The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.

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FASB proposes expedient for private company franchisors

FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.

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Corporate governance in COVID-19: Cybersecurity and technology considerations

The coronavirus pandemic has resulted in a realignment of company strategies to enable success during these disruptive times. Some of these decisions — such as the sudden shift to remote work due to stay-at-home orders — have created additional risk corporate boards must consider.

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AICPA urges passage of 'PPP 2' legislation

The AICPA issued a news release renewing the organization’s call for the swift passage of legislation to extend and expand the Paycheck Protection Program (PPP).

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Treasury report on CECL standard is inconclusive

The coronavirus pandemic and current market conditions prevent a definitive assessment of the impact of the FASB’s new standard on accounting for credit losses, according to a new report released by Treasury.

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FASB alters not-for-profit accounting rules for gifts-in-kind

Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.

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E-filing problems plague some Sept. 15 tax returns

Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.

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Premium tax credit unaffected by zeroing of personal exemptions

The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.

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Final regulations define 'qualifying relative'

The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.

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Final regs. govern eligible terminated S corporation rules

The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and Jobs Act that provided favorable treatment for corporations that wished to terminate their S elections.

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IRS issues 2020–2021 per-diem rates

The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.

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Consistency sought in sustainability, corporate reporting through global effort

The IFRS called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate reporting.

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Returning to work: Prioritizing mental health

As employees are welcomed back to work or back to the office amid the coronavirus pandemic, the most successful employers will help them care for their mental, physical, and emotional well-being.

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SEC changes disclosure rules for banks

The SEC announced rule changes that will change the disclosures bank and savings and loan registrants are required to provide investors.

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Pandemic makes meeting Sept. 15 filing deadline difficult

Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.

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6 more IRS forms can be filed with e-signatures

The IRS added six more forms to the list of forms that can now be signed electronically to respond to the coronavirus pandemic.

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IRS issues guidance on COVID-19 testing

The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.

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Finance leaders search for opportunities as outbreak drags on

While some companies find pockets of success, overall sentiment is neutral regarding the next 12 months, according to a quarterly survey.

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Additional BEAT regs. finalized

The IRS issued final regulations on the base-erosion and anti-abuse tax, which was created by the Tax Cuts and Jobs Act to deter attempts to shift profits to foreign jurisdictions.

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COVID-19 decisions create data dilemma for businesses

The rush to set up and support remote working arrangements kept companies operating despite pandemic-related quarantines, but the swift shift to the cloud could mean that regulatory problems loom on the horizon. The first question that must be answered: Where is my data?

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Regulations coming on S corporations with accumulated E&P and GILTI

The IRS announced that it will issue regulations to allow S corporations with accumulated earnings and profits to elect to have global intangible low-taxed income inclusions increase the S corporation’s accumulated adjustments account.

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TQAs discuss nongovernmental health care entities’ pandemic-related issues

Technical Questions and Answers issued by the AICPA address nongovernmental health care entities’ accounting for governmental assistance related to the coronavirus pandemic.

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TQAs address lease accounting for retirement communities

Background and nonauthoritative guidance on lease accounting for continuing care retirement community Type A life care contracts is provided in Technical Questions and Answers (TQAs) published by the AICPA.

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How to get Black female leadership talent into the C-suite

Women, particularly Black women and other women of color, are a rare sight in executive leadership. A panel discussion at ENGAGE explores why and how to change it.

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A new internet domain for the CPA profession: .cpa

The AICPA and CPA.com are launching .cpa, a restricted Internet domain exclusively for licensed CPA firms and, beginning next year, individual CPAs. The new .cpa domain is designed to promote greater trust in firms’ online interactions with clients and the public.

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IRS temporarily allows e-signatures on some forms

The IRS identified a dozen forms for which is will accept e-signatures for the rest of the year. The forms covered include Form 8879, IRS e-file Signature Authorization, used for e-filing individual income tax returns.

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Blockchain not seen transforming accounting processes — yet

Blockchain is often misunderstood. For instance, there is not one blockchain but many. Similarly, there are many opinions about how blockchain will affect the practice of accounting. Participants in the our annual technology roundtable add their voices to the debate.

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Guidance issued on payroll tax deferral

The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.

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How lenders should account for forgivable PPP loans

The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the SBA, according to new Technical Question and Answer Guidance issued by the AICPA.

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Proposal aims to enhance auditors’ risk assessment process

A proposed standard by the AICPA Auditing Standards Board is designed to enhance auditors’ processes for identifying and responding to the risks of material misstatement in financial statements.

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Tools to help nonfilers receive economic impact payments

The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.

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SEC changes disclosure rules, redefines 'accredited investors'

The SEC voted to amend its rules for public company disclosures of the description of business, legal proceedings and risk factors. The commission also changed its definition of “accredited investor.”

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Records-request duties clarified in AICPA ethics proposal

AICPA members’ responsibilities when responding to client requests for client-provided records would be clarified under a proposal issued by the AICPA Professional Ethics Executive Committee that would amend the “Records Requests” interpretation in the AICPA Code of Professional Conduct.

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New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs

The SBA and Treasury published an interim final rule that provides clarity on Paycheck Protection Program loan forgiveness issues related to owner-employee compensation calculations and the eligibility of nonpayroll costs related to certain lease and property ownership scenarios.

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Final regs. address new dividends received deduction and reporting rules

The IRS finalized regulations and withdrew temporary regulations on the Sec. 245A dividend rules, as well as Sec. 954 and the reporting requirements for those new rules under Sec. 6038, which were all amended by the law known as the Tax Cuts and Jobs Act.

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IRS stops sending balance-due notices, corrects payroll tax penalties

The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.

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Video interview tips for forensic accountants and auditors

Social distancing rules designed to stunt the growth of the COVID-19 pandemic have made it impossible, or at least impractical, to conduct in-person interviews for forensic and auditing engagements.

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AICPA urges firms to schedule peer reviews as off-site deadline is extended

The AICPA Peer Review Board voted to continue permitting remote system reviews for CPA firms without prior approval of the administering entity for system reviews commencing before June 30, 2021.

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Promoting resilience helps firms and people in turbulent times

Amid the coronavirus pandemic and social upheaval, taking a fresh look at your practice and leading with emotional intelligence can lead to improvements in business results and employee welfare.

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Proposed regs. govern qualified plan loan rollovers

The IRS issued proposed regulations explaining the extended rollover period that applies to qualified plan loan offsets after the rules were amended by the law known as the Tax Cuts and Jobs Act.

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IRS begins accepting e-filing of amended individual tax returns

The IRS said it had launched its eagerly awaited program to accept Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically.

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Auditors show resilience during pandemic, CAQ’s Lindsay says

The effective response by public company auditors during the coronavirus pandemic has helped maintain the public’s faith in the capital markets, Center for Audit Quality Executive Director Julie Bell Lindsay said.

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IRS posts information about check processing backlog and incorrect notices

As the IRS works through its backlog of correspondence, it has posted information about checks it hasn’t cashed yet and notices that went out with incorrect dates.

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FASB addresses valuation of private company share-based awards

Private company share-based awards can be difficult to value because such shares often are not actively traded. FASB proposed guidance that is designed to make this valuation less costly and complex.

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AICPA requests guidance on payroll tax deferral

The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.

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New PPP guidance addresses health insurance, EIDL, other issues

Paycheck Protection Program issues related to health insurance, Economic Injury Disaster Loans and other matters were addressed in new guidance issued by the US Small Business Administration and Treasury.

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Pandemic-related FAQs for health care entities

Health care entities’ financial statement preparers and auditors can benefit from an FAQ document developed by the AICPA on issues related to the coronavirus pandemic.

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AICPA encourages COVID-19 tax relief and issues new auditing standards

Recent AICPA advocacy efforts have included requesting tax relief related to the coronavirus pandemic and issuing auditing standards related to audit evidence and auditing accounting estimates.

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Final regs. issued on payments to charitable organizations

The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.

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Executive order delays workers’ payroll tax payments

President Donald Trump issued an executive order to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.

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FASB simplifies accounting for convertible instruments, contracts in own equity

FASB issued a new standard that is intended to simplify accounting for convertible instruments and contracts in an entity’s own equity.

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New FAQs address PPP loan forgiveness issues

The SBA and Treasury published guidance answering 23 frequently asked questions related to the forgiveness of loans issued under the Paycheck Protection Program.

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TIGTA critiques IRS’s protection of taxpayer data

The IRS continues to have challenges protecting taxpayer data, and especially ensuring that its various applications provide complete and accurate audit trails, according to the Treasury Inspector General for Tax Administration (TIGTA).

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AICPA continues to ask Congress to include PPP deductibility in upcoming legislation

In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.

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Evaluating blockchain and internal control through a COSO lens

Although blockchain technology creates new risks, organizations also can use it to improve risk management and create better controls.

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Proposed rules govern carried interests

The Irs issued proposed regulations under Sec. 1061, enacted by the law known as the Tax Cuts and Jobs Act, which requires owners of certain partnership interests to hold them for three years to be eligible for capital gain treatment.

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Simplified accounting rules issued for small businesses

The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.

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New CPA licensure model embraces core, deeper knowledge

A new approach to CPA licensure that’s under development is designed to emphasize the core skills that matter most to CPAs while encouraging deeper exploration of a candidate’s passion. Laurie Tish, CPA, chair of the board of NASBA, explains what’s next in the CPA Evolution initiative.

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PPP and pandemic-related tips for not-for-profits

Not-for-profits face challenges related to funding, operations and strategy as a result of the coronavirus pandemic. These tips can help resolve issues related to the PPP, accounting and other topics.

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IRS to allow faxing of automatic method change requests

The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.

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IRS issues business interest expense limitation guidance

The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.

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Remove roadblocks to CAS practice growth

Securing more buy-in for the CAS practice at the partner level and ensuring it is properly funded and staffed can help it take off.

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Government financial reporting model would change under GASB proposal

The Governmental Accounting Standards Board has proposed changes to the state and local government financial reporting model.

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Guidance on recapture of excess employment tax credits

The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.

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CPA licensure model transformation will proceed after NASBA board vote

The transformation of the CPA licensure model will continue after the National Association of State Boards of Accountancy’s board of directors voted unanimously on efforts to design and implement a new approach to CPA licensure.

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Why Zoom meetings really do leave you exhausted

Videoconferencing fatigue is just one of several types of technostress that have been plaguing workers since personal computers hit it big. The problem has grown worse due to the COVID-19 lockdowns, but Marc Staut of Boomer Consulting offers some remedies.

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PPP forgiveness: No need to rush, and other tips

Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.

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What women need to rise in the accounting profession

Women are more likely to succeed if they have role models, are able to find sponsors, and receive opportunities for training and high-profile assignments. Panelists at ENGAGE 2020 also discussed how barriers to advancement are intensified for women of color.

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Provider Relief Funds included in audit determination, HHS says

Nonfederal entities and for-profit entities are required to include Provider Relief Fund payments in the reported total annual federal fund expenditures that determine whether they meet the $750,000 threshold that triggers audit requirements, the US Department of Health and Human Services announced.

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Underemployment spurs record drop in financial satisfaction

The AICPA’s Personal Financial Satisfaction Index saw a record drop of 55% over last quarter. A 244% rise in underemployment was the factor most responsible for the decline, followed by drops in the CPA Outlook Index and job openings.

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Answers to 4 common accounting and auditing questions

New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.

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How CPA financial planners can succeed with alternative fee models

Financial planners who use hourly billing, subscription fees and other alternatives to the AUM billing model shared their experiences at the ENGAGE conference.

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GILTI rules address income subject to high foreign tax rate

The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.

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AICPA urges Congress to act on PPP issues, other topics in pandemic legislation

In a letter to congressional leaders on another round of pandemic aid legislation, the AICPA urged action on Paycheck Protection Program issues, tax obstacles to remote work, state and local government funding, and employer liability related to the coronavirus pandemic.

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Three Lines Model for risk management gets major update

The Institute of Internal Auditors issued a major update to the Three Lines of Defense model that has been popular in risk management and governance processes for years.

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New AICPA tool automates PPP loan forgiveness process

Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.

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Fed expands Main Street Lending Program to more not-for-profits

The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.

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IRS updates annual Dirty Dozen tax schemes for 2020

The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”

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The 10 elements of financial statements, according to FASB

The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.

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IRS reinstates PTIN user fees

The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.

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Show clients empathy in uncertain times

Two experienced CPA financial planners offer tips for reaching out to clients and helping to calm their fears.

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AICPA issues nonauthoritative guidance on auditing digital assets

Accounting firms should consider many factors when considering whether to accept auditing engagements that involve digital assets such as cryptoassets. Nonauthoritative guidance published by the AICPA helps firms evaluate whether such engagements are worth the risks.

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Partnership form being redesigned for 2021

The IRS proposes modifying the partnership form (Form 1065) to help standardize the format of international tax items.

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Advice for firms thinking about reopening

Firms planning to reopen their offices in the near future share what steps they’re taking first, and offer advice for other organizations that have made the difficult decision to return to in-person work.

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Pandemic issues for government financial statement preparers and auditors

The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.

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Remote work after the pandemic

The COVID-19 pandemic forced many businesses to rapidly ramp up their reliance on remote work, and many employees will continue to work from home even after offices reopen. Jim Boomer, CPA/CITP, and Jessica Battaglia share advice for crafting a long-term remote work strategy.

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A product pivot and PPP success in the early days of the pandemic

A pivot to producing a different type of alcohol as well as successful application for a PPP loan meant that Sons of Liberty could continue to pay its staff and gave it time to reimagine its business model.

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SBA closes EIDL Advance program after granting $20 billion

The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.

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Accounting estimates and disclosures addressed in new auditing standard

New guidance issued by the AICPA Auditing Standards Board provides practitioners with guidance on one of their most difficult tasks — auditing accounting estimates and related disclosures.

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FDII and GILTI regulations finalized

The IRS issued final regs. on the foreign-derived intangible income deduction and the global intangible low-taxed income provisions enacted by the TCJA.

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How to report coronavirus paid sick leave and family leave to employees

The IRS issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act.

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FASB proposes delay of insurance standard effective date

FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.

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New audit evidence standard recognizes evolving nature of business

The AICPA Auditing Standards Board issued a new standard that recognizes the evolving nature of business, including use of technology.

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2020 depreciation limits for cars and trucks are issued

The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.

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EIDL pandemic assistance facts for CPAs

Economic Injury Disaster Loans can provide small businesses with low-interest pandemic assistance over a 30-year term. To help their businesses and clients, CPAs need to understand the key terms that these loans provide.

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Strategies for CPAs to encourage positive changes in diversity

A surge in passion on issues of racial justice, diversity and inclusion has led to opportunities for CPAs to lead meaningful change. Members of the AICPA National Commission on Diversity and Inclusion share best practices for CPAs who are eager to support change.

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Be the kind of boss employees want to work for

Managers can improve retention by finding the right way to motivate their employees, said ENGAGE 2020 speaker Liz Mason, CPA, the CEO and founder of High Rock Accounting. Choosing the right communication style and making employees feel supported are two more ways for managers to up their game, Mason said.

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A 6-point security checkup for working from everywhere

Quarantines prompted by the coronavirus pandemic have forced many organizations to deploy and configure technology to support 100% remote work and/or a mix of working remotely on certain days.

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SBA, Treasury release names of some PPP recipients

The SBA and Treasury published a trove of loan-level data about the Paycheck Protection Program. The release includes the names of all PPP recipients that received loans for $150,000 or more.

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Consolidated groups get NOL guidance

The IRS issued proposed and temporary regulations explaining how consolidated groups should apply the changes to the net operating loss rules enacted by the CARES Act.

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GASB issues pandemic-related accounting guidance

GASB issued a technical bulletin to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the pandemic.

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The art of the client email

Here are nine tips from CPAs on how to get their emails noticed in clients’ inboxes and how to communicate more effectively and efficiently.

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Trump signs 5-week PPP extension

President Donald Trump signed a bill Saturday re-opening the application window for Paycheck Protection Program loans until Aug. 8. The five-week extension is intended to keep assistance available to struggling small businesses while Congress works on a new, more targeted program.

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Auditors can play key role in ESG information assurance

Public company auditors can play an important role in enhancing the reliability of company disclosures on environmental, social and governance information, according to a new Center for Audit Quality report.

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GASB delves into financial statement elements, revenue and expense models

GASB issued a proposed concepts statement on recognition of financial statement elements and a request for comment on preliminary views on revenue and expense recognition model proposals.

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AICPA tax comment letters include pandemic-related advocacy

The AICPA Tax Policy and Advocacy team produced six tax-related comment letters in June with a goal of assisting accounting professionals and taxpayers.

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PPP lender accounting issues addressed by new TQAs

New Technical Questions and Answers issued by the AICPA discuss accounting issues lenders have encountered related to the Paycheck Protection Program.

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IRS will not postpone July 15 deadline

The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15.

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PPP: Client forgiveness services Q&As for CPAs

Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.

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How COVID-19 taught new ways to work

Changes once considered radical have become the norm in the accounting profession. Firm leaders share their lessons learned.

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New PPP guidance addresses maturity dates, loan amounts

Updated guidance issued by the Treasury Department and the U.S. SBA addresses PPP loan maturity dates for all borrowers as well as maximum loan amounts for certain self-employed individuals.

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How to handle the 2020 PTO backlog

With few employees taking extended time off this summer due to the coronavirus pandemic, firms will inevitably face scheduling challenges as the year ends.

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Handling nondisclosure compilations amid the pandemic

Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.

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Quiz: Are you ready to audit these areas of heightened risk?

The coronavirus pandemic has increased risk in certain areas of the audit for clients with 2020 year ends. Take this quiz to see if you are ready to audit these areas.

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Strategies for addressing pandemic-related audit risks

Audit risk assessments and sampling procedures may need to change as a result of the coronavirus pandemic, according to Lynford Graham, CPA, Ph.D.

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PPP recipients can apply early for loan forgiveness, SBA says

New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.

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Rollover relief for required minimum distributions

The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.

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GASB addresses component units, deferred compensation plans

GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.

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Your peer review has been extended — now what?

CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.

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FASB Q&As address application of taxonomy to pandemic disclosures

FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.

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Proposed regs. explain disallowed transportation fringe benefits

The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.

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SBA, Treasury to publish names of some PPP loan recipients

The SBA and Treasury announced an agreement with the bipartisan leaders of the Senate Small Business Committee to publish the names and amount ranges for all recipients of Paycheck Protection Program loans of $150,000 or more.

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SBA launches tool to match underserved borrowers with PPP lenders

The SBA, citing the impending June 30 deadline for Paycheck Protection Program applications, said that it has restarted an online referral program to match small businesses and not-for-profits with a select group of specialized and small lenders.

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Heading off Paycheck Protection Program fraud

Accountants can play a role in making sure the money set aside to help small business goes to the right places.

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Lease accounting effective date deferred for federal entities

Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.

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Guidance on how to take CARES Act distributions from qualified plans

The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.

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17 strategic questions to answer before reopening

Firms must consider strategic as well as practical issues as they reopen. These questions can help you think through some of these issues and point you toward ways to preserve positive changes made during the lockdowns.

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New PPP loan forgiveness applications released

The U.S. Small Business Administration and Treasury released a revised loan forgiveness application for the Paycheck Protection Program that reflects recent changes made by Congress to make the program more borrower-friendly.

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Pandemic considerations for EBP financial statements

The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.

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How to deliver the news of furloughs and layoffs

Transparency and sensitivity are important when managers have to tell employees about job cuts, and these tips can help prepare you for that communication.

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15 questions firm leaders should ask before returning to the office

Reopening your physical office is not a decision to take lightly. Here’s an overview of the many issues firm leaders need to consider when developing a plan to reopen.

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Steps to take to prepare for a recession

Establishing an emergency fund is the tactic that CPA financial planners most recommend Americans take to help prepare for a downturn.

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Fed expands program to help large employers

The Federal Reserve will begin buying individual corporate bonds on the secondary market in a move designed to make more credit available for large employers.

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Preparing for future health needs

As trusted advisers in their clients’ lives, CPAs can play an important role in long-term health planning.

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Why accountants should embrace 'More with Less'

Hard trends accelerated by the COVID-19 pandemic means that the mantra “More with Less” should become a rallying cry for the accounting profession. What does More with Less mean?

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CFOs’ top 5 lessons for handling coronavirus crisis

Three experienced finance leaders share what they have learned and what they are doing to deal with turmoil and uncertainty.

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Q&A: Advocating for justice, diversity, and inclusion

Amid tense and uncertain times, two leaders of the National Association of Black Accountants describe their emotions and a sense of hope that they can produce positive change in the accounting profession and their communities.

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PPP provides a lifeline, but more may be needed

With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.

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Leave-based donation program available during pandemic

The IRS announced that employers may make donations this year to charitable organizations that provide relief to COVID-19 pandemic victims in exchange for personal leave that their employees forgo.

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GASB proposes accounting guidance for CARES Act aid

GASB issued a proposed technical bulletin that would help state and local governments account for funds they received from programs included in the CARES Act pandemic relief legislation.

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Take care of your staff’s mental health during COVID-19

Isolation, boredom, uncertainty, stress, and anxiety can all take a toll on staff’s mental health during the pandemic. Try these tactics to support staff and boost their spirits during difficult times.

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FASB addresses insurance, convertible instruments, gifts-in-kind

FASB proposed delaying the effective date of its new long-duration insurance contracts standard. The board also voted to approve standards on improving convertible instruments and contracts in an entity’s own equity and not-for-profit accounting for gifts-in-kind.

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AICPA issues guidance on accounting for forgivable PPP loans

Nongovernmental entities have some options for accounting for forgivable loans under the Paycheck Protection Program, according to the AICPA’s new Technical Question and Answer guidance for borrowers.

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Together, we can make a difference: A 12-step plan to address racism and unconscious bias

Increased resources and focus will be needed to address the consequences of systemic racism and unconscious bias, writes Kimberly Ellison-Taylor, CPA, CGMA, a former AICPA chairman who is executive director, Finance Thought Leadership for Oracle.

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Rules proposed for direct primary care arrangements, health care sharing ministries

The IRS issued proposed regulations defining direct primary care arrangements with doctors and health care sharing ministries and how payments for them can qualify as Sec. 213 medical expenses.

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Fed expands Main Street Lending Program to more businesses

The Federal Reserve Board announced revisions to the Main Street Lending Program that make it possible for more small and midsize businesses to receive financial support.

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AICPA recommends changes to e-signature requirements

In a letter to the IRS, the AICPA asked the IRS to permanently amend its electronic signature procedures to make it easier for taxpayers and practitioners to e-file all types of returns.

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Partial PPP loan forgiveness remains if 60% threshold not met

Paycheck Protection Program loan recipients can receive partial loan forgiveness even if they don’t spend at least 60% of their PPP funds on payroll, Treasury and the US Small Business Administration said.

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GASB addresses subscription-based technology arrangements

GASB issued a standard that specifically addresses accounting and financial reporting for subscription-based technology arrangements used by state and local governments.

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4 key COVID-19 audit risks for 2020 year ends

The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, legal compliance, and accounting estimates. Here’s how auditors can address these risks.

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Qualified opportunity zone rules are relaxed

In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.

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Falling demand, safety concerns fuel finance leaders’ pessimism

Optimism reigned for years in a quarterly survey of finance decision-makers, but the COVID-19 pandemic changed everything.

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PPP forgiveness changes coming as Senate passes House bill

The Senate passed a House bill that gives small businesses and other entities that received loans from the Paycheck Protection Program 16 additional weeks to spend the funds and qualify for full forgiveness of the loans.

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IRS permits remote signatures for plan loan consents

In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.

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FASB issues limited revenue recognition, lease accounting delays

FASB issued an option to delay implementation of the board’s revenue recognition and lease accounting standards for certain entities that have not yet applied the standards.

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How the CARES Act has affected business valuation

Legislation designed to help businesses during the coronavirus pandemic has created new issues for CPAs and other valuation specialists to consider. New AICPA FAQs address these valuation concerns.

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Protecting seniors from COVID-19 fraud

CPAs can help thwart bad actors from cashing in on seniors during the global pandemic.

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House passes bill that would relax PPP forgiveness requirements

The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.

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E-filing of Form 1040-X coming this summer

The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.

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$10 billion from PPP pledged to lenders to underserved communities

Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.

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Social Security fraud boosted by COVID-19 fears

CPAs can spread the word on the newest version of a longtime fraud ploy.

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Final regs. address reporting by tax-exempt organizations

The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.

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UAA Model Rule changes proposed in support of CPA Evolution

The Uniform Accountancy Act Model Rules would be changed to support CPA Evolution under an exposure draft issued by the National Association of State Boards of Accountancy.

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When planning for a natural disaster, don’t forget about your finances

Margaret Poster, CPA, shares advice for making sure your finances are in shape in the event of a disaster.

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COSO provides new guidance on risk appetite

The Committee of Sponsoring Organizations of the Treadway Commission has published new guidance on risk appetite and its critical links with strategy and decision-making.

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Premium tax credit unaffected by personal exemption decrease to zero

The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.

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PPP forgiveness guidance issued as Congress mulls changes

The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.

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IAASB addresses pandemic issues in audit practice alert

The International Auditing and Assurance Standards Board highlighted key areas of focus for auditor reporting related to the coronavirus pandemic in an audit staff practice alert.

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What to do with your stimulus check

Many Americans will receive stimulus money to help them weather the pandemic, but what they do with that money will depend on whether they need it right away or can afford to set some aside. CPA financial planners offer advice on how to make the best use of stimulus funds.

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SEC amends disclosure rules for acquisitions and disposals

The SEC voted to amend its rules and forms for disclosing financial information about acquired or disposed businesses.

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AICPA Council supports advancement of new CPA licensure model

The AICPA governing Council voted to support advancement of a new CPA licensure model that is designed to maintain the credential’s relevance long into the future.

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HSA contribution limits increase for 2021

The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.

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FASB votes to delay revenue recognition effective date for private companies

The FASB voted to delay the effective date of its revenue recognition standard for nonpublic entities that have not yet issued their financial statements. Challenges related to the coronavirus pandemic led to the delay.

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Essential documents clients must update during COVID-19

Now, more than ever, it’s important to ensure clients’ wills, health care powers of attorney, and other estate planning documents are current.

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IRS mobilizing 3,500 phone operators to answer stimulus questions

With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.

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Tips for audit committees during the pandemic

Strong oversight from audit committees can help companies stay on the right track as they work to survive and thrive through the coronavirus pandemic. These tips can help audit committees serve effectively.

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SBA releases PPP forgiveness form but AICPA urges more detail

An application form and instructions released by the US Small Business Administration are designed to assist borrowers as they apply for Paycheck Protection Program loan forgiveness.

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Quiz: Are you ready to audit during the pandemic?

Take this quiz to find out if you’re prepared to navigate issues such as remote audit procedures and going concern evaluations amid the pandemic.

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SBA allows increased PPP loans to partnerships, extends safe harbor to May 18

The U.S. Small Business Administration (SBA) issued a new interim final rule opening the door for lenders to increase existing Paycheck Protection Program loans to partnerships and seasonal employers.

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What CPAs should consider before deferring ASB reporting standards

The AICPA Auditing Standards Board delayed the effective dates of seven new standards as a result of the coronavirus pandemic. Here’s what auditors need to know about the standards and their delay.

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Final regs. clarify when interest in corporation is stock vs. debt

The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt.

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SBA provides safe harbor for PPP loans under $2 million

The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.

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Proposed rules govern deductions and reporting for restitution

The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.

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A tale of the PPP tape: Why relationship building matters

The number of small businesses receiving Paycheck Protection Program loans can be linked to the number that had bank financing before the pandemic, data from the Federal Reserve Bank of New York shows.

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IRS allows midyear changes to health coverage, dependent care elections

In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses.

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AICPA, small business advocates call for clarity in PPP rules

The AICPA joined with other organizations that advocate for small businesses to urge the US Small Business Administration to provide clarity related to Paycheck Protection Program funds.

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Options for clients with student loans during the pandemic

Here’s a rundown of the relief the CARES Act offers for student loan borrowers, who is eligible for it and what clients can do if they’re not covered by the CARES Act or if they’ve become unemployed or had their hours reduced.

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Be wary of charity requests in wake of COVID-19

Accountants can remind clients of bad actors who pop up in times of crisis.

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Coronavirus concerns for ESOPs and ESOP auditors

Employee stock ownership plans, their sponsors, and auditors all face new challenges and risks related to the coronavirus pandemic.

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Taxpayers must act soon for direct deposit of stimulus payments

The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.

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Pandemic-related CPE exceptions granted to auditors under GAGAS

Auditors performing engagements under government auditing standards were granted relief from certain CPE requirements by the US Government Accountability Office as a result of the coronavirus pandemic.

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GASB delays effective dates of recent pronouncements

GASB is giving state and local governments extra time to implement much of its recently issued guidance as a result of the coronavirus pandemic.

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How to have hard client conversations during a crisis

A four-step approach can help CPAs facilitate the difficult, often emotional conversations needed to help their clients find their way to calmer waters.

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Trusts and estates are permitted certain deductions

The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions.

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As cash worries persist, companies ponder cuts, investments

Revenue declines are chief on the minds of finance professionals in an April survey. More than half of finance professionals expect business operations to return to normal in the fourth quarter or later.

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Overcoming site visit limitations in the pandemic

The coronavirus pandemic has made site visits challenging for many auditors. Remote auditing techniques can help practitioners perform high-quality engagements during this difficult time.

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6-month delay granted for peer reviews

The AICPA Peer Review Board voted to grant automatic six-month extensions for peer reviews, corrective actions and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year.

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AICPA proposes broad range of tax relief to aid economic recovery

The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.

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SBA extends safe harbor for returning PPP funds

The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.

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Effective dates extended for 3 AICPA ethics interpretations

As a result of the coronavirus pandemic, the AICPA Professional Ethics Executive Committee voted to extend by one year the effective dates of AICPA ethics interpretations on information systems services, state and local government client affiliates and leases.

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AICPA supports bill that would make PPP-funded expenses deductible

A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.

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Materiality concepts clarified for federal entities

A new accounting standard for federal government entities is designed to define the concept of materiality more precisely.

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SEC temporarily expands access to crowdfunding

Responding to the coronavirus pandemic, the SEC said it has temporarily amended rules to provide established smaller companies with opportunities to meet their urgent funding needs through Regulation Crowdfunding.

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EIDL loan portal reopens for agricultural businesses only

The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.

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SBA issues PPP guidance on laid-off employees who refuse to be rehired

Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.

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AICPA challenging nondeductibility of PPP-related expenses

The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.

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AICPA urges release of PPP loan forgiveness guidance

The AICPA issued an “urgent call” for the Treasury Department and the US Small Business Administration to release guidance on Paycheck Protection Program (PPP) loan forgiveness calculations.

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ASB formally issues deferral of effective dates

The AICPA Auditing Standards board formally extended the effective dates Friday of seven new auditing standards because of concerns related to the coronavirus pandemic.

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PLR and other requests for IRS guidance can now be sent electronically

The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.

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AICPA tackles many issues in coronavirus advocacy

As the coronavirus pandemic became a public health menace and damaged the economy, the AICPA took the lead in advocating for relief on behalf of the accounting profession and the public.

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CARES Act QIP change requires action

Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.

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SBA to accept PPP loans only from smallest lenders for 8 hours today

From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.

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AICPA makes PPP loan forgiveness recommendations

The AICPA issued a series of recommendations it would like to see the U.S. Small Business Administration adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP).

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SBA, Treasury ban use of RPA to submit PPP loans

Treasury and the U.S. Small Business Administration said they will no longer accept Paycheck Protection Program (PPP) loan applications prepared by robotic process automation (RPA) systems.

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AICPA recommends federal loans backed by accounts receivable

The AICPA, citing a continuing need for short-term liquidity in the marketplace, recommended the creation of a federally backed lending facility that would provide loans to small businesses that pledge their future receivables.

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FASB staff Q&As address hedge accounting amid the pandemic

FASB’s staff published Q&As to address issues related to hedge accounting during the coronavirus pandemic.

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SBA addresses how to calculate PPP loans, other issues

Guidance from the US Small Business Administration on how to calculate Paycheck Protection Program loan amounts and other issues was provided in advance of the SBA’s resumption of accepting applications from participating lenders.

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SBA warns that larger companies may not qualify for PPP loans

New U.S. Small Business Administration guidance reminds larger companies of their responsibility to certify their eligibility for Paycheck Protection Program loans if they apply or have applied.

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AICPA addresses CPA firm-lender issues related to PPP

The AICPA made recommendations for the CPA firm-lender relationship for firms seeking to assist their clients with the Paycheck Protection Program.

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Auditors displaying dedication during pandemic, CAQ’s Lindsay says

Auditors are well prepared to work remotely, are supporting their staffs and community, and face an environment with heightened fraud risks, according to CAQ Executive Director Julie Bell Lindsay.

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House approves additional funding for Paycheck Protection Program

The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.

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Prop. regs. would govern silo rules for exempt organizations

The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.

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Financial satisfaction takes biggest dive since Great Recession

Economic woes brought on by the coronavirus pandemic triggered the steepest quarterly decline in Americans’ personal financial satisfaction since the recession that began in 2008.

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Tips for navigating CPA challenges related to PPP

The Paycheck Protection Program has created a lifeline for small businesses — and challenges for CPAs. A new document published by the AICPA Center for Plain English Accounting contains guidance for CPAs to consider as they navigate these issues.

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Perceptions about analytics-aided audit quality

Audit firms are increasingly performing audits using data and analytics tools and techniques and have invested substantial resources in recent years into new technologies. However, auditors have expressed concerns about how external reviewers will scrutinize these approaches.

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Effective dates of 3 AICPA ethics interpretations may be delayed

The AICPA Professional Ethics Division staff is proposing a one-year delay in ethics interpretations on “Information Systems Services,” “State and Local Government Client Affiliates” and “Leases.”

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Relief for tax residency impacts of COVID-19 travel disruptions

Individuals and businesses can avoid having their prolonged stay in a country affect their tax residence if their cross-border travel was disrupted by the COVID-19 pandemic, under limited relief the IRS announced in two revenue procedures and FAQs.

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Senate approves $370 billion in additional small business funding

The Senate voted to approve a new coronavirus pandemic relief bill that includes $370 billion in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program.

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Guidance sought on employee retention credit

In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.

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FASB’s relief proposal includes lease accounting delay for private companies

FASB proposed pandemic relief actions that included a one-year delay in its lease accounting standard for private companies and most not-for-profits.

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Deadline looms for nonfilers to register for child stimulus payments

Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.

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IRS explains how to file returns to receive economic impact payments

The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.

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The indirect impacts of COVID-19 on CPA firms

When money is lost, those who are damaged will seek recourse from wherever they can find it, and CPAs can be high on that list of targets.

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ASB delays effective dates of SASs No. 134–140

A vote by the AICPA Auditing Standards Board delayed by one year the effective dates of seven private company auditing standards. Among other things, the standards are generally related to the AICPA’s new auditor reporting rules.

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GASB issues guidance on accounting for P3s and APAs

GASB issued guidance that is intended to improve state and local governments’ accounting for public-private and public-public partnership arrangements as well as availability payment arrangements.

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IRS posts FAQs on paid sick and family leave

The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.

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Veterans Affairs recipients to receive automatic economic impact payments

Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.

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How to take retroactive 100% bonus depreciation on QIP

The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).

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How the COVID-19 crisis is leading to lasting change

The COVID-19 crisis has caused pain, loss and overwhelming gloom. It also is leading to lasting change in the workplace, which may be fundamentally different in many ways after the crisis ends.

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PCAOB seeks feedback on critical audit matters requirement

The PCAOB is requesting input to inform its analysis of its new critical audit matters requirements.

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SBA stops accepting PPP applications after funding runs out

The U.S. Small Business Administration stopped accepting applications for the Paycheck Protection Program after exhausting the initial $349 billion in funding provided by Congress to fund forgivable loans to small businesses impacted by the COVID-19 pandemic.

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SSI recipients to receive stimulus payments; dependent payments require extra step

The IRS announce that Supplemental Security Income (SSI) recipients will receive automatic stimulus payments, but some taxpayers need to enter information about qualifying children.

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Pandemic alters lease accounting landscape

The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease accounting standard as well as an environment in which lease concessions may lead to new accounting considerations.

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GASB proposes postponing effective dates due to pandemic

GASB issued a proposal that would postpone by one year the effective dates of most GASB statements and implementation guides due to be implemented for fiscal years 2019 and later.

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PTIN fee will be lower when it is reinstated

The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.

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IRS launches website for tracking stimulus payments

The IRS announced the launch of its “Get My Payment” website, which is designed to permit people who filed tax returns to enter their direct deposit information and check the status of their $1,200 stimulus payment.

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SBA publishes new PPP guidance for the self-employed and general partners

The US Small Business Administration issued guidance for independent contractors, sole proprietors and others with self-employment income to apply for forgivable loans under the $349 billion Paycheck Protection Program.

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Tips for auditing with changed controls during the pandemic

Because business volume and activities have changed significantly for many clients, auditors face new challenges related to auditing with changes in internal control. Here’s how practitioners can adjust to the changes and deliver a high-quality audit.

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Key facts about the Fed’s $2.3 trillion loan initiative

CPAs should pay careful attention to the new $600 billion Main Street Lending Program for small and midsize businesses and a couple of tweaks that might encourage more banks to participate in the $349 billion Paycheck Protection Program.

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Business interest expense election guidance for farming, real estate

Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year.

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CPA Exam testing center closings extended through May 1

Testing centers for the CPA Exam in the United States and Canada will remain closed through May 1, exam provider Prometric announced.

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IRS launches tool for nonfilers to receive stimulus payments

The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low.

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FASB issues Q&As to clarify pandemic lease accounting issues

FASB posted a Q&A document to clarify questions about lease accounting that have arisen during the coronavirus pandemic.

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Guidance on NOL carryback and tentative carryback adjustments

The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.

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IRS grants broad coronavirus-related tax relief

The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.

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5 steps for advising clients during COVID-19 crisis

With the COVID-19 pandemic causing unprecedented economic turmoil, small businesses need financial guidance and expertise more than ever before. CPAs and firms can provide that assistance by following a five-step process.

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Partnerships can file amended returns to get CARES Act benefits

To allow those partnerships to take advantage of the beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security Act, the IRS is allowing partnerships to file amended returns for 2018 or 2019.

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SEC updates staff guidance on shareholder meetings

Responding to travel, mailing and other issues caused by the COVID-19 pandemic, the SEC has published updated staff guidance on shareholder meetings for companies and other issuers of public stock.

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FASB staff clarifies lease modifications, other pandemic accounting issues

Accounting challenges related to the coronavirus pandemic have resulted in numerous questions for FASB from financial statement preparers and practitioners. Shayne Kuhaneck, FASB’s acting technical director, answered some of these questions during the board’s meeting.

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FASB effective date delay proposals to include private company lease accounting

The delays would apply to the effective date of its revenue recognition standard for nonpublic franchisors and the effective dates of its lease accounting standard for private companies and public and private not-for-profits.

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AICPA issues audit and accounting guidance FAQs on COVID-19

The AICPA has published a new report providing nonauthoritative guidance on frequently asked accounting and auditing questions related to the coronavirus pandemic.

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ASB completes alignment of GAAS with new auditor reporting standards

With the release of Statement on Auditing Standards No. 140, the AICPA Auditing Standards Board has completed its yearlong effort to conform generally accepted auditing standards with the provisions of its new auditor reporting standards.

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Regulators urge lenders to work constructively with borrowers

Federal regulators encouraged financial institutions to work constructively with borrowers affected by the coronavirus pandemic. The statement also provided additional information regarding loan modifications.

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AICPA posts 20 FAQs on tax filing relief

The AICPA posted FAQs explaining the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has recommended that the IRS and Treasury Department expand the scope of recently announced taxpayer relief.

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4 ways to reduce anxiety and social isolation

The COVID-19 pandemic is putting people worldwide under rarely seen levels of stress. What can you do to cope? Learn about a four-pronged approach that might bring some relief.

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AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program

The Treasury and the SBA released 18 FAQs to help facilitate funding of small businesses under the PPP. The AICPA applauds the additional clarity, which aligns with many of the recommendations recently made by the AICPA and an AICPA-led coalition.

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ASB to consider one-year deferral of effective dates

The AICPA Auditing Standards Board will consider on April 20 on whether to defer for one year the effective dates of Statements on Auditing Standards No. 134 through 140. The deferral is being considered to give firms relief amid the coronavirus pandemic.

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Keeping clients informed during the COVID-19 crisis

Five CPA firms of different sizes outline their plans for staying in touch with clients during the pandemic and ensuring they get the vital information they need.

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CPAs providing billable advisory services to small business may not want to be an agent

The AICPA issued a statement clarifying that the Coronavirus Aid, Relief, and Economic Security (CARES) Act prohibits CPAs and accounting firms from collecting fees from small business clients they help apply for Paycheck Protection Program (PPP) loans.

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AICPA-led coalition supports gross pay approach as calculation standard for PPP loans

An AICPA-led small business funding coalition, in conjunction with the National Payroll Reporting Consortium, issued a statement supporting the use of gross payroll based on 2019 data in calculations for Paycheck Protection Program pandemic relief loans.

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CPAs support business owners during COVID-19 crisis

Accountants weigh in on what their business-owner clients are going through and how they’re providing a reassuring voice and pragmatic advice during a challenging time.

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Financial institutions using CARES Act deferrals won’t violate GAAP, SEC says

Companies that elect to defer or suspend FASB rules for credit losses or troubled debt restructurings in accordance with the CARES Act will not be found in violation of GAAP.

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SBA issues details for Paycheck Protection Program loans

The US Small Business Administration has released an interim final rule providing additional guidance and requirements for the program. The final rule includes a number of changes, including a doubling of the loans’ interest rate from 0.5% to 1%.

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Going concern tips for auditors during the pandemic

The going concern basis of accounting is likely to be used more frequently as a result of the coronavirus pandemic. Here is what auditors need to know as they fulfill their duties related to going concern.

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Social Security recipients will automatically receive stimulus payments

The IRS announced that Social Security and Railroad Retirement benefit recipients will not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief, and Economic Security Act.

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Creating webinars to answer client questions

The coronavirus pandemic has unleashed a flood of tax, audit and other accounting-related questions. Webinars offer CPAs an efficient way to tackle topics affecting large numbers of clients, staff or other stakeholders.

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GASB provides guidance for LIBOR transition

GASB issued a standard that is designed to assist state and local governments in the transition away from existing interbank offered rates (IBORs) to other reference rates.

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FASB to discuss effective date deferral requests in response to pandemic

Deferral requests for significant accounting standards that are not yet effective will be among the topics FASB will discuss related to the coronavirus pandemic at its April 8 board meeting.

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Employer tax credits form, employee retention credit guidance posted

The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.

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Addressing pandemic-related audit challenges

Auditors face many new challenges as they work through the coronavirus pandemic. The AICPA Center for Plain English Accounting has posted new guidance on handling those challenges.

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AICPA advocates on Wayfair burden, virtual currency taxation

The AICPA voiced small businesses’ concerns with the fallout from the Wayfair decision and discussed taxation of virtual currency in separate events on March 3.

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IRS waives failure-to-deposit penalties during pandemic

The IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.

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Enterprise risk management: More critical than ever

The fast-moving, global reach of the coronavirus has illustrated that a forward-looking approach to risk management is more important than ever.

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Applications for small business Paycheck Protection Program open April 3

Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying Friday, April 3.

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CPA Exam moves to 'continuous testing' model

The National Association of State Boards of Accountancy announced a new model that will enhance candidates’ options for taking the CPA Exam beginning July 1.

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Recovery rebate payments to be issued within 3 weeks

The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.

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Coronavirus fraud reporting resources

Have you seen potential scams or fraud related to the COVID-19 pandemic? Here’s how to report possible crimes.

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Gift and GST returns added to postponed tax and filing deadlines

The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.

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Coronavirus paid sick leave and family leave guidance issued

The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.

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Optional delay provided in regulatory capital transition to credit losses standard

Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.

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CPA Exam emergency testing period invoked

An emergency testing period for the CPA Exam is being invoked as a result of the coronavirus pandemic. The 2020 second-quarter testing window is being extended from June 10 to June 30.

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AICPA requests broader relief for taxpayers

In a letter to Treasury and the IRS, the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.

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CARES Act would delay compliance with FASB credit loss standard

The federal economic stimulus bill passed by the Senate delays the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses.

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GASB considers postponing effective dates

GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.

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How auditors can test inventory without a site visit

Inventory counts for March 31 year-end financial statements are a challenge for auditors during the coronavirus outbreak. But there are a few methods that can provide sufficient appropriate evidence of inventory even when the auditor can’t make a site visit.

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IRS announces more operational changes related to coronavirus

The IRS announced that, under its People First Initiative, it was taking various actions to alter its activities beyond the tax filing and payment delay announced last week.

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News quiz: Coronavirus dominates the cycle

The news has been coming fast and furious in the past few weeks. The JofA has reported daily about the coronavirus pandemic and its effect on the accounting profession.

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CARES Act tax provisions aim to stabilize pandemic-ravaged economy

The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.

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SEC extends pandemic-related relief

The Securities and Exchange Commission announced that it has extended coronavirus-related filing relief provided to public companies, funds and investment advisers.

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IRS posts FAQs about coronavirus-related filing and payment extensions

The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.

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IRS alters certain operations in effort to protect employees, taxpayers during outbreak

To protect taxpayers and its employees, the IRS is scaling back its operations during the coronavirus pandemic to focus on mission-critical activities. Here’s a look at what services are being affected.

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PCAOB provides firms opportunity for inspection relief

A relief period of up to 45 days from PCAOB inspections will be available to audit firms that request relief. Firms that wish to use all or part of the 45-day period can reach out to their designated PCAOB inspections point of contact.

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Practitioners seek further clarity on tax filing, payment delay

Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.

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Regulators clear way for certain loan modifications amid pandemic

A move by regulators to ease certain restrictions for borrowers in good standing will facilitate loan modifications linked to the coronavirus pandemic. But borrowers will need to act fast to secure relief while still in good standing with their lenders, which has been defined as being less than 30 days past due on contractual payments at the time a modification is implemented.

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AICPA-led coalition calls for small business funding

An AICPA-led coalition is urging quick government action to avert layoffs and allow small businesses affected by the coronavirus pandemic to continue paying workers. A key step is a federal payroll funding account that small business payroll processors could use to get money directly to employees.

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IRS provides guidance for April 15 filing delay

The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.

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Coronavirus and financial reporting: Report addresses key issues

The coronavirus presents substantial challenges to financial statement preparers and the CPA firms that serve them related to subsequent events, accounting estimates and many other topics.

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Final regulations address covered assets acquisition rules

The IRS issued final regulations that govern covered asset acquisitions, which are used to increase foreign tax credits.

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Tax filing deadline moving to July 15, Treasury secretary announces

Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.

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How small businesses can apply for SBA disaster loans

Businesses and not-for-profits with fewer than 500 employees can seek to borrow up to $2 million to cover coronavirus-related loss of revenue in declared disaster areas.

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Switch to virtual client meetings amid coronavirus fears

CPAs who run virtual firms share their top tips for educating clients about online meetings and holding successful virtual meetings.

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AICPA postpones ENGAGE 2020 due to coronavirus pandemic

Concerns about the coronavirus pandemic have prompted the postponement of ENGAGE 2020, one of the largest accounting and finance conferences in North America.

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PCAOB’s domestic inspections to continue remotely

The Public Company Accounting Oversight Board will continue its inspections of domestic audit firms on a remote basis in response to the coronavirus outbreak.

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Coronavirus relief bill contains tax credits for employers

Here’s a look at the payroll tax credit provisions for employers in the coronavirus relief bill President Donald Trump signed on Wednesday.

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Consumer confidence, spending are top coronavirus concerns

The sudden onset of the coronavirus is testing many companies’ financial stability and emergency preparedness. But financial executives tend to believe their businesses are positioned to weather the storm.

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AICPA expresses strong concern over lack of filing relief in coronavirus tax notice

The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines.

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Prometric closes CPA Exam test centers for 30 days

Prometric’s CPA Exam test centers are closing for 30 days in the US and Canada to protect the health of test takers and staff during the coronavirus outbreak.

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In focus: Map of coronavirus cases in the U.S.

The COVID-19 outbreak that began in China has now spread globally. Here’s a view of reported cases in the U.S.

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Treasury secretary announces 90-day delay in tax payment deadline

Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.

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How the coronavirus may affect financial reporting and auditing

The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.

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What to do if staff can’t make it to the office

As the coronavirus pandemic leads to staff scattering, here is expert advice on what firms can do to make remote working work.

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Final regs. raise offer-in-compromise user fee

The IRS issued final regulations raising the offer-in-compromise user fee from $186 to $205, a 10% increase instead of the increase to $300 included in proposed regulations.

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FASB provides accounting relief for LIBOR transition

Accounting for the transition away from the London Interbank Offered Rate and similar rates should be less complex as a result of a standard issued by FASB.

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SEC exempts certain companies from ICFR attestation requirement

The SEC issued amendments that exempt smaller reporting companies with less than $100 million in revenue from the requirement to obtain attestation of their internal control over financial reporting from an outside auditor.

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High-deductible health plans can cover coronavirus testing, treatment

To facilitate the nation’s response to COVID-19, the IRS issued guidance permitting high-deductible health plans to cover costs for testing and treating the virus without satisfying a deductible requirement.

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Calming clients’ fears during the coronavirus outbreak

How can CPAs deal with client anxieties during a time of uncertainty? The best steps include preparing them for unexpected events before they happen and acknowledging their concerns.

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AU-C 800 series amended to conform with auditor reporting standard

The AICPA Auditing Standards Board issued new guidance that is intended to align the AU-C 800 series with the board’s new standard on auditor reporting.

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FASB makes narrow changes to financial instruments guidance

FASB issued narrow changes to its guidance for financial instruments accounting, including the credit losses standard issued in 2016.

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GASB addresses certain component unit criteria, deferred compensation plans

A proposal issued by GASB addresses certain component unit criteria and accounting for certain Internal Revenue Code Sec. 457 deferred compensation plans.

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35 questions for coronavirus planning

Business leaders should be proactive in putting emergency plans in place in response to the spread of coronavirus. Here’s a checklist for organizations related to employees, customers, and vendors.

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Coronavirus looms over positive economic outlook

Projections for the next 12 months are generally positive, but concerns about the effect of the virus diminished that enthusiasm, according to a quarterly survey.

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Conditional coronavirus relief provided by SEC

The SEC said public companies that have trouble meeting filing obligations because of the coronavirus outbreak may qualify for regulatory relief under certain conditions.

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Emotional impact of elder abuse outweighs the financial toll

Fraud and financial abuse harm clients psychologically more than they do financially, according to the AICPA Personal Financial Planning Trends Survey.

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How firms can advance women in the workplace

Firms are taking proactive steps to attract, retain, and advance women. And firms that use modified work arrangements (MWAs) and formal advancement programs to achieve those goals report that the benefits are clear.

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What companies are disclosing about coronavirus risks

The coronavirus outbreak is causing significant disruptions to many companies’ supply chains and operations. Here’s how some companies are discussing risks related to the virus in corporate reporting.

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FAF appoints Auchincloss to serve as executive director

The Financial Accounting Foundation selected John Auchincloss, who had been serving as acting president following Terri Polley’s departure, for the foundation’s executive director post.

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Supreme Court overturns consolidated group tax refund allocation rule

The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.

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Accounting profession leaders call for action against climate change

Accounting body leaders from across the globe issued a call for action urging accounting professionals to put the fight against climate change at the forefront of their work.

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Proposed regs. issued on meal and entertainment expense deductions

The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.

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GASB proposes criteria for financial statement disclosures

GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.

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FASAB clarifies loss allowance for intragovernmental receivables

A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.

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News quiz: What the IRS proposes on withholding

Recent news included the IRS’s latest proposed rules on withholding and results of a survey on professional licensing. See how much you know about the news (or catch up) with this short quiz.

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AICPA requests clarity on Sec. 465 reporting relief

The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.

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No need to report some transactions in video game currency, IRS says

Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.

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Quiz: Auditor independence and FASB’s revenue recognition standard

Take this quiz to find out what kind of guidance auditors can provide without compromising their independence.

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FASB to propose private company expedient for share-based payment accounting

Accounting for employee share-based compensation could become less complex for private companies after FASB endorsed the decision by the Private Company Council to propose a practical expedient for nonpublic entities.

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IRS proposes rules to update income tax withholding, revises Form W-4

The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.

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ARSC further converges SSARSs with international standards and aligns closer with GAAS

The AICPA’s Accounting and Review Services Committee issued a new Statement on Standards for Accounting and Review Services (SSARS) that further converges the standards for reviews of financial statements in AICPA Professional Standards with international standards for such engagements.

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FASB proposes changes to not-for-profits’ reporting of gifts-in-kind

The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.

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Agreement provides mobility for CPAs, South African accountants

Credentials for U.S. CPAs and South African chartered accountants have a path to be recognized in their respective countries under a new cross-border mutual recognition agreement.

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New threats to CPA licensing posed in 2020 legislative year

Legislative challenges to professional licensing standards are a threat to CPAs and other professionals. But a new survey indicates strong public support for licensing standards.

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New GASB standard addresses lease accounting, OPEB, other issues

Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed in an omnibus standard issued by GASB.

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Final rules determine maximum vehicle values

The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.

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Electronic filing mandated for Sec. 501(c)(3) applications

The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.

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SEC proposes simplifying disclosure requirements

The SEC voted to propose amendments that would simplify disclosure requirements and issued guidance on key performance indicators and metrics in MD&A.

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6 tips for not-for-profit board members to improve volunteer retention

Board members can help retain volunteers by making sure they are onboarded effectively, recognized and given a chance to advance.

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ASB issues guidance on Global Investment Performance Standards

The AICPA Auditing Standards Board has issued guidance for practitioners performing verification or performance examination engagements pursuant to the Global Investment Performance Standards.

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Why audit firm leaders need to practice what they preach

Audit quality is improved when firm leaders personally model the exemplary behaviors that they say they value, according to a new study backed by the AICPA Assurance Research Advisory Group.

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News quiz: Taxes that didn’t make it into the new year

See how much you know about recent news (or catch up on some of the latest) with this short quiz.

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Americans’ financial satisfaction at all-time high

Americans’ financial satisfaction hit an all-time high in the fourth quarter of 2019. Stock market gains coupled with declines in underemployment and loan delinquencies helped lift the index to new heights.

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How firms are delivering value with audit data analytics

Here’s how auditors can prepare themselves for this work, and what they need to explain to audit committees as they incorporate analytics into engagements.

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Women’s initiatives: How the pilot programs worked

Three women CPAs explain how a pilot program that aimed for diversity and inclusion helped transform their midsize accounting firms.

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FASB clarifies interaction between standards

FASB took action to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.

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More taxpayers qualify for student loan COD relief

The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.

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BlackRock CEO declares ‘fundamental reshaping of finance’

Powerful institutional investor BlackRock will hold companies accountable for their disclosures of sustainability risks and for the policies that underpin them, Chairman and CEO Larry Fink wrote in an open letter to CEOs.

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Confronting tariffs: Trade war tips for CPAs

U.S. businesses can use a number of strategies to soften the impact of tariffs on their operations.

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GASB selects Mauldin & Jenkins’s Black as next chair

GASB has selected Joel Black, CPA, partner-in-charge of the audit practice at accounting firm Mauldin & Jenkins LLC in Atlanta, as its next chair.

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Accounting for cloud computing: What you need to know

Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.

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SEC proposes updating auditor independence rules

An SEC proposal is designed to amend rules that indicate auditor independence breaches in situations when no substantial threat to independence exists.

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IRS issues 2020 standard mileage rates

On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.

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AICPA proposes updates to material tested on CPA Exam

Changes the AICPA is proposing to the CPA Exam Blueprints are designed to update the material tested on the CPA Exam to make sure it continues to represent the core knowledge and skills that newly licensed CPAs need to possess.

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Qualified opportunity zone regs. finalized

The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).

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Adaptive learning self-study enabled in new CPE provider rules

Adaptive learning self-study programs are accommodated in new standards for continuing professional education providers that have been issued by NASBA and the AICPA.

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Year-end government spending bill contains many tax provisions

The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.

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EY’s Jones to succeed Golden as FASB chair

Richard Jones, a 32-year veteran at EY, will succeed Russell Golden as the Financial Accounting Standards Board’s chair beginning in July.

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5th Circuit invalidates health care law’s individual mandate

The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.

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AICPA issues TQAs related to Sec. 163(j), GASB 84

The AICPA issued separate Technical Questions and Answers to provide nonauthoritative guidance in response to the amendment of Internal Revenue Code Sec. 163(j) and related to GASB’s fiduciary activities guidance.

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New FASB standard aims to simplify accounting for income taxes

FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.

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SEC proposes expanding access to private markets

The Securities and Exchange Commission issued a proposal that would provide more investors with access to private capital markets.

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Proposal would delay lease accounting effective date for federal entities

FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.

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Proposed regs. would govern Sec. 162(m) executive compensation limits

The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.

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How to handle accounting for digital assets

A new practice aid published by the AICPA provides nonauthoritative guidance about how to account for digital assets under generally accepted accounting principles.

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Guidance issued on payments to charitable organizations

The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.

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How auditors can stay independent while advising on revenue recognition

Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.

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PCAOB’s 2020 inspection focus and audit quality tips revealed

The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections.

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FASB addressing liabilities and equity complexity, goodwill

FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.

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Partnership capital reporting requirements postponed until 2020

The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).

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AICPA seeks feedback on insurance working drafts

The AICPA issued working drafts on accounting issues for insurance entities. When completed, the drafts will be included in AICPA Accounting and Auditing Guides.

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Proposed CPA licensure model emphasizes core plus disciplines

A newly proposed CPA licensure model developed by NASBA and the AICPA is designed to help newly licensed CPAs learn the skills and competencies they will need in the workplace of the future.

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ASB proposes conforming amendments, addresses practice issues

Sections of the ASB’s codification would be amended under a proposal to conform with recently issued standards on auditor reporting and the auditor’s responsibilities relating to other information included in annual reports.

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Revenue recognition tips from the SEC staff

Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.

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How critical audit matters relate to critical accounting estimates

Auditors of the largest public companies have included critical audit matters in their reports for the first time. Here are some of the SEC’s observations based on those reports.

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ASB aligns with other US standard setters on materiality

The AICPA Auditing Standards Board has amended its concept of materiality to match the definition used by the U.S. judicial system and other US standard setters.

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New standard adds flexibility for agreed-upon procedures

The barriers preventing CPAs from performing engagements providing certain agreed-upon procedures were removed when the AICPA Auditing Standards Board issued a standard providing more flexibility to practitioners.

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Economic outlook: Not too hot, not too cold

Finance decision-makers remain positive overall heading into 2020, but they continue to have concerns about hiring.

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BEAT regs. are finalized, new regs. are proposed

The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act.

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Deadline for health care information statements extended

As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.

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FASB proposes changes aimed at improving codification

FASB proposed minor changes as part of its annual effort to clarify and correct unintended application of its Accounting Standards Codification.

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Per-diem method clarified in light of TCJA changes

The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.

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FASB issues narrow-scope changes to credit losses standard

An Accounting Standards Update makes improvements to certain technical and other aspects of implementing FASB’s new accounting standard for credit losses.

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California proposes guidance for privacy law

The California attorney general’s office is seeking feedback on proposed regulations on the California Consumer Privacy Act, which will become the nation’s toughest data privacy law when it goes into effect Jan. 1.

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Final regs. eliminate estate and gift tax clawback

The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.

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News quiz: IRS announces adjustments and limits

See how much you know about the news or catch up with what has happened with this short quiz.

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Valuation in spotlight as SEC mulls expanding investment opportunities

The SEC is considering expanding opportunities for nonaccredited investors. That means more investors may be relying on private-equity fund valuations and auditors’ assessments of those valuations.

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Use of standard mileage rate, other rules are updated for TCJA

The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.

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FASB officially delays 4 major standards

FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

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IRS commissioner seeks to enhance taxpayer contacts, target enforcement

Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.

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FASB approves guidance to assist in reference rate transition

FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.

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New opportunities for firms in SOC reporting

Increases in outsourcing and cloud computing have led to clients’ need for CPA assurance on systems and controls.

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FASB proposes clarifying hedge accounting standard

FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.

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Demand for sustainability assurance is growing

Seventy percent of companies participating in a survey by The Conference Board that obtain assurance on their sustainability information said the need for such assurance will increase over the next five years.

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FASB addresses share-based payments to customers

Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.

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Automatic accounting method change procedures updated

The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.

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IFAC seeks consistency, accountants’ engagement in corporate reporting

The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.

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IRS posts 2020 inflation adjustments and tax tables

The IRS released the 2020 tax tables for individuals and estates and trusts, as well the inflation adjustments for over 60 tax provisions for 2020 tax returns.

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Retirement plan contribution limits increase for 2020

Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.

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How audit committees can improve disclosure

Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.

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SEC addresses shareholder proposals, proxy advice, ads, and solicitation

The SEC proposed amendments that are designed to change the shareholder proposal rule, improve the accuracy and transparency of proxy voting advice and modernize the advertising and cash solicitation rules for investment advisers.

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FASB debt classification reproposal sparks concerns

FASB’s attempts to simplify the classification of debt in a classified balance sheet may have unintended consequences, according to a comment letter sent by the AICPA Technical Issues Committee.

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ASB addresses compliance with GAAS, PCAOB standards

An auditing interpretation issued by the AICPA Auditing Standards Board provides auditors with guidance on how to comply with AU-C Section 700A as well as the PCAOB’s standards on critical audit matters.

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News quiz: Kids’ allowances and investor confidence

Surveys offer insight into how much allowance children are getting these days and into how investors perceive audited financial statements in U.S. markets. See what else you know about recent news with this short quiz.

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The former Deloitte CEO on career agility

Cathy Engelbert, CPA, became the first woman to lead a Big Four firm in the U.S. She is now applying more than three decades of business skills to the WNBA, a league that has longevity but needs a boost on several fronts.

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Financial satisfaction stays high, but economic concerns remain

Despite fears about the economy, Americans’ personal financial satisfaction stayed high in the third quarter of 2019, according to the PFSi, a proprietary economic indicator calculated quarterly by the AICPA.

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Guidance provided on SAS No. 134 implementation

A new Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board’s new standard on auditor reporting.

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Lease accounting: Keep pushing ahead

Despite FASB’s delay in the lease accounting effective date for private companies and certain other entities, there’s not a lot of time for companies to handle a complicated implementation.

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How CPAs can prepare for accelerating tech changes

Openness to change and lifelong learning can help CPAs thrive amid accelerating tech development, says AICPA fall Council speaker Jeffrey Rogers.

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TIGTA outlines IRS challenges for 2020

The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.

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FASB votes to delay effective dates for 3 major standards

Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses, and hedging after a unanimous vote by FASB.

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Opinion: FASB proposal jeopardizes health care entity financing

A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).

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Taxpayers may deduct casualty losses in prior years

The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.

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Sustainability assurance’s link to reporting quality

The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.

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IRS clarifies the tax treatment of cryptocurrency ‘hard forks’ and ‘airdrops’

The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.

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Critical audit matters: What firms are reporting

The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.

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CFC downward attributions get safe harbors

U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC.

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Children’s average allowance in 2019: $120 a month

An overwhelming 92% of American parents say it is very important that children understand how to effectively manage their money, according to a new poll conducted for the AICPA by The Harris Poll.

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FASAB addresses multiple issues in omnibus amendments

A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.

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IASB, GASB address interbank-offered rate phaseout

The International Accounting Standards Board and the Governmental Accounting Standards Board on Thursday acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.

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AICPA seeks guidance on adjustments for conversions from S corp. to C corp.

In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.

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SEC addresses IPOs, ETFs, and retail investor protections

The SEC issued new rules for testing the waters on IPOs and modernizing regulation of ETFs. It also proposed amendments to enhance protections for investors.

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News quiz: Scanning the economy and CPA hiring

Reports on surveys gauged finance professionals’ thinking on the economy and the hiring and supply of accounting graduates. See how much you know (or catch up on the latest news) with this short quiz.

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IRS issues 2019 to 2020 per-diem rates for traveling away from home

The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.

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Safe harbor allows QBI deduction for rental real estate businesses

The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.

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New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits

New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.

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Final regs. loosen 401(k) hardship distribution requirements

The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.

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Hidden in plain sight: Accounting for embedded leases

Locating and reporting on lease arrangements hidden in contracts that are not labeled as leases can be a challenge under FASB’s new rules.

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Auditors get high marks, but non-US market optimism sags

Retail investors’ confidence in audited financial information has risen to near record highs, but confidence in markets outside the United States has plunged.

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5 tips for effective not-for-profit board oversight

These tips can help boards perform their duties of care, loyalty, and obedience to help not-for-profits thrive.

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Regulations clarify bonus depreciation treatment

The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.

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7 tips for adopting integrated reporting

As more companies latch on to the importance of long-term value creation, the International Integrated Reporting Council is offering them advice for producing integrated reports.

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FASB makes a second effort to improve balance sheet debt classification

FASB issued a reproposal that is designed to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet.

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Proposed regs. clarify reporting requirements for tax-exempt organizations

The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.

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IRS offers expatriate tax relief

The IRS announced procedures to allow certain individuals who have renounced their U.S. citizenship to get into compliance with their US tax obligations and obtain relief for back taxes.

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Tax accounting rules issued for advance payments

Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.

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FASB proposes guidance to ease transition to new benchmark rates

A proposed Accounting Standards Update would establish temporary guidance designed to reduce the accounting burdens associated with the shift from LIBOR and other interbank-offered interest rates to new reference rates.

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Trade concerns widespread as economic outlook sags

Economic expectations for the United States and the world tumbled in the third quarter amid trade concerns and indications of a possible recession.

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What to do when the cloud goes down

Tech experts weigh in on the steps firms can take to stay productive in the event of a cloud software outage.

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How to make the most of FASB’s effective date delays

FASB has proposed delays in effective dates for some major accounting standards for certain financial statement preparers. Here’s how preparers can make the best use of the extra time.

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8 recession signals to monitor

Take a look at data points market watchers are following for signals of a potential U.S. recession.

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Proposal would align AU-C 800 series with SAS No. 134

Under a proposal issued by the AICPA Auditing Standards Board, AU-C Sections 800, 805, and 810 would be aligned with the changes introduced by new auditor reporting standards.

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7 in 10 young workers prefer freedom to job security

Seventy percent of young adult job seekers say the freedom of being their own boss is worth more than the benefit of job security working for someone else, according to research conducted by MAVY Poll on behalf of the AICPA.

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Proposed regs. govern maximum automobile values

The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.

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PCAOB issues staff guidance on auditing estimates, specialists

The PCAOB released staff guidance documents that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists.

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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