Two years after finding the IRS used inappropriate criteria when reviewing applications for tax-exempt status under Sec. 501(c)(4) and delayed the processing of some applications, the TIGTA issued a follow-up report to check on the IRS’s progress in eliminating the controversial practices.
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FASB proposal addresses breakage associated with certain unredeemed cards
FASB issued a proposal addressing diversity in practice related to derecognizing liabilities related to certain unredeemed, prepaid cards.
SEC proposes rules linking executive compensation with performance
The SEC proposed rules that would require public companies to disclose how their executive compensation relates to the company’s financial performance.
FASB formally proposes deferring revenue recognition effective date
FASB issued a proposed Accounting Standards Update that would delay the effective date of the new, converged revenue recognition standard by one year.
Updated FAQs now available for AICPA PFP standard
New additions to a Frequently Asked Questions (FAQ) resource can help practitioners who practice in the areas of estate, retirement, risk management, and investment planning to comply with Statement on Standards in Personal Financial Planning Services No. 1.
68% of Americans are unhappy with the way they financed college
More than one-third of Millennials wish they had delayed going to school in order to save more money first.
IRS intends to amend rules so refunds match foreign withholding payments
The IRS has proposed to amend its regulations to limit refunds paid to beneficial owners of withheld payments to amounts actually deposited by withholding agents.
IASB votes to propose delaying effective date of revenue standard
The International Accounting Standards Board agreed to propose delaying by one year the effective date of the converged revenue recognition standard, with early application permitted.
Q&A: What you need to ask clients before setting a price
Billing by the hour isn’t the only way to charge clients. But to implement a different approach, you’re going to need to ask these questions first.
CHIP buy-in programs may qualify as minimum essential coverage
The existence of Children’s Health Insurance buy-in programs that qualify as minimum essential coverage will not make taxpayers ineligible for the premium tax credit except in periods when they are actually enrolled in the program.
AICPA issues Q&As for practitioners related to ALTA best practices framework
New technical questions and answers provide nonauthoritative guidance for practitioners regarding the types of engagements practitioners may perform in connection with the American Land Title Association’s “Best Practices Framework.”
FASB proposals address plan accounting, certain electricity contracts
Three Accounting Standards Updates proposed by FASB seek to simplify accounting for employee benefit plans.
Proposed PFIC rules would define “active conduct” of an insurance business
Proposed rules would define when investment income earned by a foreign insurance company would not be considered passive income in the determination of whether the company is a passive foreign investment company (PFIC).
FASB proposes significant changes to not-for-profit reporting
Not-for-profit financial statement preparers would experience significant changes in practice as a result of new standards proposed Wednesday by FASB.
Doughtie to become first female CEO of KPMG in U.S.
KPMG in the United States has elected Lynne Doughtie, CPA, as its next chairman and CEO, adding to the growing ranks of women in prominent leadership positions in the accounting profession.
As cyberbreaches rise, consumers alter spending, browsing habits
The percentage of Americans who have fallen prey to an information security breach has risen to 25% from 11% the previous year, a new AICPA survey found.
Millions of taxpayer phone calls went unanswered by IRS this tax season
The interim report for the 2015 filing season revealed that the average time a taxpayer calling the IRS for assistance had to wait was 24.6 minutes, up from 11.7 minutes last year, and that very few taxpayer calls were actually answered.
New FASB standards keep focus on simplification
FASB issued separate accounting standards Wednesday that are designed to simplify reporting of certain employer retirement obligations and assets, as well as provide explicit guidance about how to account for fees paid in a cloud-computing arrangement.
CPAs select security as top technology priority
A steady stream of high-profile cybercrimes involving corporate and customer data has captured the attention of North American accounting professionals, who ranked IT security as their top technology priority.
Americans’ financial happiness on the rise
Americans’ financial well-being improved this quarter, as indicated by a 6.5-point rise in the AICPA’s Personal Financial Satisfaction Index (PFSi).
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