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.