NEWS

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.

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.

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.

AICPA issues 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.

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.

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.

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.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

SPONSORED REPORT

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.