Pandemic-related accounting issues for health care entities are addressed in new AICPA guidance that has been added to a list of previously posted frequently asked questions.
The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.
Environmental, social and governance measures and disclosures released by the World Economic Forum are designed to make it easier for companies to benchmark their sustainable business performance.
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
CPA firms’ ability to loan staff to attest clients would be limited to rare circumstances under a newly proposed AICPA ethics interpretation.
The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.
FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.
The coronavirus pandemic has resulted in a realignment of company strategies to enable success during these disruptive times. Some of these decisions — such as the sudden shift to remote work due to stay-at-home orders — have created additional risk corporate boards must consider.
The AICPA issued a news release renewing the organization’s call for the swift passage of legislation to extend and expand the Paycheck Protection Program (PPP).
The coronavirus pandemic and current market conditions prevent a definitive assessment of the impact of the FASB’s new standard on accounting for credit losses, according to a new report released by Treasury.
Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.
Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.
The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.
The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.
The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and Jobs Act that provided favorable treatment for corporations that wished to terminate their S elections.
The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.
IFAC called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate reporting.
As employees are welcomed back to work or back to the office amid the coronavirus pandemic, the most successful employers will help them care for their mental, physical, and emotional well-being.
The SEC announced rule changes that will change the disclosures bank and savings and loan registrants are required to provide investors.