November 2015

November 24, 2015

Safe harbor for purchases of de minimis tangible property will be raised

The IRS announced that is raising the current de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements.

November 24, 2015

IRS warns practitioners of an e-Services phishing scam

The IRS issued a QuickAlert to tax practitioners, warning of a phishing scam that is attempting to capture practitioners’ e-Services usernames and passwords.

November 24, 2015

China explores ways to expand IFRS use

A joint working group is exploring ways to expand the use of IFRS within China, especially for Chinese companies that are internationally oriented.

November 23, 2015

FASB proposes clarifying the definition of a business

FASB wants to clarify the definition of a business to help financial statement preparers evaluate whether they should account for transactions as acquisitions or disposals of assets or businesses.

November 20, 2015

FASB simplifies presentation of deferred income taxes

The Financial Accounting Standards Board issued a standard that is intended to simplify the presentation of deferred income taxes on the balance sheet.

November 20, 2015

New corporate anti-inversion rules issued

the IRS announced additional rules designed to curtail the ability of an inverted company to access foreign subsidiaries’ earnings without paying U.S. tax.

November 19, 2015

Proposed regulations provide more detailed rules governing innocent spouse relief

Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest.

November 19, 2015

IASB proposes annual improvements, change to investment property standard

In two separate exposure drafts, the IASB proposed changes to its investment property standard and proposed narrow-scope amendments to three other standards.

November 18, 2015

PCC’s work on private company alternatives to continue

Work by the Private Company Council (PCC) on potential GAAP alternatives for private companies is not finished.

November 18, 2015

Changes proposed to peer review standards

Changes proposed by the AICPA Peer Review Board are designed to help audit firms increase their focus on the proper design and operating effectiveness of their quality-control systems.

November 16, 2015

Women see far more partnership gains with small firms than with large ones

The AICPA CPA Firm Gender Survey found that women account for 40% of the partnership ranks in firms with 20 or fewer CPAs—double the rate of firms with 100 or more CPAs.

November 13, 2015

Tax ID theft victims may obtain copies of fraudulent returns

In a change of policy, the IRS announced procedures for victims of tax ID theft or their authorized representative to request copies of bogus returns filed by identity thieves.

November 13, 2015

More than one-third of students plan to live at home after graduation to pay off loans

In a recent survey, students said their college loan debts will cause them to delay such life goals as moving out of their parents’ home, buying a house, having kids, and getting married.

November 12, 2015

FASB proposal aims to increase transparency regarding disclosure of government assistance

The proposal would require disclosures about the type of arrangement and the method of accounting for government assistance.

November 11, 2015

FASB’s leases standard gets preliminary approval

The standard, which will include substantial changes to lessee accounting, is expected to be issued in early 2016.

November 10, 2015

More than half of clients underestimate their retirement expenses

Underestimating certain key factors in financial planning can leave retirees in difficult circumstances at a time that is supposed to be their golden years.

November 6, 2015

Interruptions are top challenge for not-for-profit finance execs

Although guiding organizational strategy is a key responsibility for finance chiefs, interruptions often get in the way at not-for-profit organizations.

November 4, 2015

MyRAs now available nationwide

Treasury said eligible individuals nationwide may now open a new retirement account for people with earned income who may lack access to an employer-sponsored retirement plan.

November 3, 2015

Demanding tax season likely ahead, IRS commissioner tells AICPA

IRS Commissioner John Koskinen told the AICPA that continuing cuts to the agency’s budget mean less enforcement revenue and continued challenges in properly serving taxpayers’ and practitioners’ needs during the crush of tax season.

November 3, 2015

Proposal would create new status for retired CPAs

A new proposal would change the Uniform Accountancy Act and associated rules to create a uniform “Retired-CPA” status.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.