Polley steps down as head of FAF
After leading the Financial Accounting Foundation (FAF) for 11 years, Terri Polley announced that she is stepping down.
NEWS
FASB makes minor adjustments to financial instruments rules
Stakeholders have voiced concerns to FASB about various aspects of the board’s recently issued standards for credit losses, hedging, and recognition and measurement.
Personal financial satisfaction up in first quarter after market rebound
Americans’ personal financial satisfaction reached a record high in the first quarter of 2019, according to the AICPA’s proprietary Personal Financial Satisfaction Index.
News quiz: IRS gives a break on underpayment
Try this short quiz to review some of the news posted in the past month or so.
More proposed regs. on qualified opportunity funds issued
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
Can a state tax a trust based on the beneficiary’s residency?
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
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.
Safe harbor issued for valuing pro sports trades
The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.
AICPA asks government to issue more QBI deduction guidance
The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.
Ways to keep your talented CPAs
Flexible scheduling can ward off burnout and help retain staff.
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.
The barriers to enhanced risk oversight
One theme that has emerged from 10 years of survey data on risk management: It’s not getting any easier.
Tax treatment of state and local tax refunds clarified
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
Lease accounting: A private company perspective
Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.
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.
The benefits of a digitally fit risk function
Risk functions that are up to speed with organizations’ digital initiatives are better able to manage risks in a transformative time.
Final rules issued on penalty for nondisclosure of reportable transactions
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
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.
Proposed rules issued for information reporting for life insurance contract transactions
The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
FASB modifies definition of ‘collections’
New rules issued by the FASB align its definition of “collections” with that used by the American Alliance of Museums’ Code of Ethics for Museums.
