U.S. anti-money laundering regulations are well-developed, and domestic coordination to prevent money laundering and terrorist financing is sophisticated and has improved over the past 10 years.
The IRS has launched an online tool that allows individual taxpayers to get their account balances online, including tax due, penalties, and interest.
New working drafts issued by FinREC address issues that financial statement preparers in the gaming and airline industries may encounter as they implement FASB’s new revenue recognition standard.
A proposed implementation guide issued by GASB is designed to clarify, explain or elaborate on the board’s standards for state and local government financial reporting.
As part of its latest efforts to prevent cybercrime, the IRS said it will begin sending letters to currently registered e-Services users asking them to re-register within 30 days of the date of the letter or risk being shut out of the system.
A FASB proposal on targeted improvements to accounting for hedging activities would make hedge accounting simpler, according to the AICPA Financial Reporting Executive Committee.
The proposed changes would increase compliance costs for employers that they may pass on to plan participants, the AICPA wrote.
Wesley Bricker, CPA, a former PwC partner, was named the Securities and Exchange Commission’s chief accountant.
In response to concerns from employers, insurers, and other providers of minimum essential coverage, the IRS announced that it is extending the due dates for certain health care forms required under the Patient Protection and Affordable Care Act.
FASB has proposed guidance that would describe when changes to the terms of share-based payments require financial statement preparers to apply modification accounting.
FASB issued Accounting Standards Update No. 2016-18, addressing the classification and presentation of restricted cash and restricted cash equivalents.
Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam.
GASB’s standard for fund balance reporting and governmental fund type definitions for state and local governments achieves its purpose, a review panel has found.
IRS Commissioner John Koskinen reassured tax practitioners attending the AICPA’s National Tax Conference that the 2017 tax filing season should start on time.
Marsha Hunt and Harold Monk will join the Financial Accounting Standards Board for five-year terms.
Mary Jo White plans to depart her position as Securities and Exchange Commission chair in January, when Barack Obama’s second term as president ends.
The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.
The IRS issued an “urgent alert” to tax practitioners who use IRS e-services to beware of a fraudulent email asking them to update their accounts and directing them to a fake website.
FASB proposed guidance designed to eliminate diversity in practice in how operating entities determine who is the customer in service concession arrangements.
The IRS, state tax agencies, and industry partners announced expanded and improved tax return identity theft safeguards for the 2017 filing season.