Proposed regs. govern maximum automobile values

The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.

PCAOB issues staff guidance on auditing estimates, specialists

The PCAOB released staff guidance documents that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists.

ASB addresses challenges in auditing accounting estimates

A proposal issued by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates.

FASAB clarifies cleanup cost liabilities guidance

A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.

FASB proposes delay in long-term insurance standard effective date

The effective date of a new accounting standard for long-term insurance contracts would be delayed under a proposal issued FASB.

Determining materiality for nonquantitative subject matters

Emerging engagements such as sustainability attestation services and System and Organization Controls reports require auditors to consider materiality for subject matters that can’t be quantitatively measured.

GASB issues lease accounting implementation guide

State and local governments received implementation guidance for the Governmental Accounting Standards Board’s lease accounting standard.

Underpayment penalty relief now automatic for eligible filers

Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.

FASB proposes delays in 3 key effective dates

Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.

FinREC issues credit loss standard working drafts

Working drafts of accounting issues related to the Financial Accounting Standards Board’s new credit losses standard were issued by the AICPA Financial Reporting Executive Committee.

Alimony tax gap swells to $3.2 billion, TIGTA finds

Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.

Report finds shift in accounting firm hiring

Almost one-third (31%) of new graduate hires in public accounting in 2018 were nonaccounting graduates, a new AICPA survey shows.

Rules proposed for classifying cloud and digital content transactions

The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and cloud computing.

Coalition launched to protect professional licensing

The AICPA and NASBA helped found a new coalition of advanced professions with the goal of educating policymakers and the public on the importance of professional licensing standards.

The benefits of a ‘decomposed’ approach to group audit planning

New research performed with the help of the AICPA’s Assurance Research Advisory Group has provided new insights on ways to improve quality in group audits.

IRS changes its third-party contact procedures

The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, requiring the IRS to notify taxpayers at least 45 days before it contacts a third party to determine or collect a tax.

Taxpayers may revoke or make late bonus depreciation elections

The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.

FASB tackles difficult liabilities and equity topic

FASB addressed one of the most challenging areas of financial reporting with a proposal intended to help distinguish liabilities from equity.

FASB proposes clarifying interaction between 2 standards

FASB issued a proposal that would clarify the interaction between its standard on recognition and measurement of financial instruments and its standard on equity method investments.

IRS permits certain partnerships to file superseding partnership returns

The IRS is permitting certain partnerships that timely filed their tax returns for the 2018 tax year an extension of time to file superseding returns and Schedules K-1 for their partners.