The Financial Accounting Standards Board issued a three-part standards update designed to make accounting for employee benefit plans less complex.
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Return due dates changed in highway funding bill
The federal highway funding extension bill passed by Congress contains several tax provisions, including changing the due dates for partnership, S corporation, and corporate tax returns, a provision the AICPA has long advocated.
New safe harbor governs accounting for ratable service contracts
Qualifying accrual-basis taxpayers will be allowed to treat economic performance of certain service contracts as occurring on a ratable basis under a safe harbor introduced by the IRS.
IASB proposes revenue recognition clarifications
Clarifications and transition relief the IASB proposed for the new revenue recognition standard are designed to address financial statement preparers’ concerns.
Q&A: How to present your prices to customers
Talking to clients about your pricing options can be a challenging conversation. Here are a few tips that can help, starting with why you should avoid using the word “fee.”
Tax Court invalidates stock-based compensation rule in cost-sharing agreements
The Tax Court held that Regs. Sec. 1.482-7(d)(2), requiring entities to share stock-based compensation costs under qualified cost-sharing agreements, failed to meet the reasoned decision-making standard and was invalid.
Regulations provide guidance on proper place to file refund claims
The new rules generally require taxpayers filing claims for refund or credit to file their claim with the IRS service center at which the taxpayers currently would be required to file a tax return for the type of tax to which the claims relate.
FASB simplifies inventory measurement guidance
The Financial Accounting Standards Board has issued amendments designed to make the subsequent measurement of inventory less complex.
Proposed rules define disguised payments for services in partnerships
The IRS will apply a six-factor test to determine whether payments to partners are disguised payments for services under proposed regulations issued today.
IASB votes to delay effective date of revenue recognition standard
The delay keeps IASB’s effective date in line with that of FASB, which also voted in favor of a one-year deferral earlier this month.
Revised Form 3115 issued in draft form
The IRS has posted a draft revised version of Form 3115, Application for Change in Accounting Method, on its website.
IAASB completes amendments to auditing standards focused on disclosures
The revisions include changes to 10 international standards on auditing and conforming amendments to five other standards.
Majority of CPAs polled had clients victimized by tax ID theft this year
Many reported it was difficult or very difficult to resolve the issue with the IRS, echoing recent findings by the Taxpayer Advocate Service.
Americans’ financial well-being reaches 8-year high
Americans’ financial well-being is the highest it’s been since 2007, according to the American Institute of CPAs’ latest Personal Financial Satisfaction Index, which reached an eight-year high during the second quarter.
National taxpayer advocate: IRS falling down on the job of helping identity theft victims
Fewer than 10% of callers to the IRS’s phone line for victims of identity theft got through to an IRS assistor during some of the busiest weeks of tax season.
Emerging tax issues cause due-diligence problems
Speaking at an IRS Nationwide Forum in Fort Washington, Md., the deputy director of the IRS Office of Professional Responsibility warned practitioners that they should exercise due diligence when advising clients on emerging tax issues.
Defined benefit plans to be prohibited from replacing annuities with lump-sum payments
The IRS announced that it would amend its regulations under Sec. 401(a)(9) to provide that qualified defined benefit plans cannot replace any joint and survivor, single life, or other annuity currently being paid, with a lump-sum payment or other accelerated distribution.
FASB delays revenue recognition effective date by one year
Citing challenges for financial statement preparers, FASB voted to delay the effective date of the new revenue recognition standard by one year, with early adoption permitted as of the original effective date.
Using three lines of defense to manage internal controls
A “three lines of defense” model can help organizations establish responsibility for duties under the COSO framework.
10 imperatives for internal audit
Internal auditors are facing many new challenges in a world where technology and globalization are leading to rapid changes.
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