Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk.
The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.
GASB would provide answers to more than 150 questions about other post-employment benefit (OPEB) plan accounting in a newly proposed implementation guide.
The new rules are part of the Treasury Department’s larger effort to curb corporate inversions.
A class action lawsuit currently pending in a federal district court includes in its class of plaintiffs all tax return preparers who obtained or renewed a PTIN after Sept. 30, 2010.
Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.
Tax practitioners could find news of particular relevance in reports about private collection of overdue taxes, updated per-diem rates for travel, and a new process for authenticating the identity of IRS e-services users.
CPA financial planners report that their clients’ greatest fear about retirement is running out of money, an AICPA survey finds.
Areas of high attention for auditors during the 2016 audit cycle will include a new standard on naming the engagement partner as well as internal control over financial reporting.
New working drafts issued by the AICPA Financial Reporting Executive Committee address issues related to implementation of FASB’s new revenue recognition standard.
Millennial investors have more faith than members of other generations in US and overseas markets, US public companies, and audited financial information, a new survey shows.
Developing a transparent anti-fraud culture and conducting periodic risk assessments are important steps for organizations in deterring fraud.
FASB issued a proposal that would change accounting rules for insurance companies that issue long-duration contracts such as life insurance, disability income, long-term care, and annuities.
The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.
A proposal issued by the FASAB would require federal lessees to recognize a lease liability and a leased asset at the beginning of a lease, unless it is an intragovernmental lease or a short-term lease.
The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.
A GASB proposal would provide guidance addressing a multitude of issues that have arisen in state and local government financial reporting.
Under legislation enacted last year, the IRS is required to use private debt collection agencies to collect outstanding inactive tax liabilities.
The IRS announced that beginning in late October all e-services users will be subject to a strengthened identity protection process, which, for existing users, requires re-registering.
New Statement on Standards for Accounting and Review Services No. 22 clarifies the standard on compilations of pro forma financial information.