The IRS announced that is raising the current de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements.
The IRS issued a QuickAlert to tax practitioners, warning of a phishing scam that is attempting to capture practitioners’ e-Services usernames and passwords.
A joint working group is exploring ways to expand the use of IFRS within China, especially for Chinese companies that are internationally oriented.
FASB wants to clarify the definition of a business to help financial statement preparers evaluate whether they should account for transactions as acquisitions or disposals of assets or businesses.
The Financial Accounting Standards Board issued a standard that is intended to simplify the presentation of deferred income taxes on the balance sheet.
the IRS announced additional rules designed to curtail the ability of an inverted company to access foreign subsidiaries’ earnings without paying U.S. tax.
Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest.
In two separate exposure drafts, the IASB proposed changes to its investment property standard and proposed narrow-scope amendments to three other standards.
Work by the Private Company Council (PCC) on potential GAAP alternatives for private companies is not finished.
Changes proposed by the AICPA Peer Review Board are designed to help audit firms increase their focus on the proper design and operating effectiveness of their quality-control systems.
The AICPA CPA Firm Gender Survey found that women account for 40% of the partnership ranks in firms with 20 or fewer CPAs—double the rate of firms with 100 or more CPAs.
In a change of policy, the IRS announced procedures for victims of tax ID theft or their authorized representative to request copies of bogus returns filed by identity thieves.
In a recent survey, students said their college loan debts will cause them to delay such life goals as moving out of their parents’ home, buying a house, having kids, and getting married.
The proposal would require disclosures about the type of arrangement and the method of accounting for government assistance.
The standard, which will include substantial changes to lessee accounting, is expected to be issued in early 2016.
Underestimating certain key factors in financial planning can leave retirees in difficult circumstances at a time that is supposed to be their golden years.
Although guiding organizational strategy is a key responsibility for finance chiefs, interruptions often get in the way at not-for-profit organizations.
Treasury said eligible individuals nationwide may now open a new retirement account for people with earned income who may lack access to an employer-sponsored retirement plan.
IRS Commissioner John Koskinen told the AICPA that continuing cuts to the agency’s budget mean less enforcement revenue and continued challenges in properly serving taxpayers’ and practitioners’ needs during the crush of tax season.
A new proposal would change the Uniform Accountancy Act and associated rules to create a uniform “Retired-CPA” status.