A long-haul truck driver who spent 358 days on the road during 2009 did not have a tax home that would permit him to deduct his travel expenses as unreimbursed business expenses.
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Forging cooperation between internal audit, external audit, audit committee
The varied roles of internal auditors, external auditors, and audit committees often intersect. A new report describes how they can work together for mutual benefit.
GAAP taxonomy adopted by SEC
The 2015 GAAP financial reporting taxonomy has been adopted by the Securities and Exchange Commission and will be supported immediately. The taxonomy is a set of computer-readable tags for data included in financial statements.
FASB to propose new not-for-profit reporting requirements
The Financial Accounting Standards Board voted to propose new requirements designed to make not-for-profit financial statements more useful.
U.S. finance execs remain optimistic, envision growth, according to survey
Overall optimism among U.S. finance executives in business and industry took a slight quarterly dip, but sentiment remains positive compared with previous first quarters in the post-recession era, according to an AICPA survey.
IRS considering free e-filing for employment tax returns
The IRS asked for comments on a proposal to establish a free e-filing program for employment tax returns in an attempt to increase electronic filing of these returns by businesses.
IRS proposes new slot machine tax rules
Under the safe harbor, gamblers complying with the rules would be permitted to net gains and losses from all slot machine play on the same calendar day at one gambling establishment.
Supreme Court holds trade association can challenge Colorado’s Amazon law
The U.S. Supreme Court held that federal law does not prevent a trade association from suing Colorado to prevent enforcement of a law that requires out-of-state retailers to report sales to Colorado purchasers.
Root cause analysis can improve audits, regulators say
Root cause analysis of audit issues has the potential to bring about significant improvements in audit quality, audit regulators said while presenting results of a global survey of audit inspection findings.
GASB tackles fair value in state and local government reporting
New guidance issued by the Governmental Accounting Standards Board defines fair value and how it should be measured in state and local government financial reporting.
FASB task force to consider whether the new revenue standard applies to certain prepaid cards
FASB’s Emerging Issues Task Force is expected to consider whether the new, converged revenue recognition standard applies to certain prepaid cards.
FAF seeks assessments of Private Company Council
The Financial Accounting Foundation board of trustees issued a request for comment on the effectiveness, accomplishments and future role of the Private Company Council.
Taxpayers who already filed 2014 returns using incorrect Forms 1095-A won’t have to pay more tax
The IRS announced that about 800,000 taxpayers (20% of the people receiving the form) had received incorrect Forms 1095-A, Health Insurance Marketplace Statement, for 2014.
Proposed FASB disclosures would link bifurcated embedded derivatives to host contracts
The Financial Accounting Standards Board issued a proposal that would require disclosures linking each bifurcated embedded derivative to its host contract.
Revenue recognition: New differences emerging
International convergence of the new revenue recognition standard may decrease as a result of clarifying revisions that will be proposed by the Financial Accounting Standards Board and the International Accounting Standards Board.
ASB issues attestation interpretation to agreed-upon procedures engagements standard
A new AICPA Auditing Standards Board attestation interpretation provides guidance for third-party due-diligence services performed as agreed-upon procedures engagements related to asset-backed securitizations.
IRS asks for comments on proposed rules for high-cost health plans
The Affordable Care Act will impose a 40% excise tax on health care plans that provide excess benefits (so-called Cadillac health plans) starting in 2018. To prepare for its implementation, the IRS is asking taxpayers to comment on proposed rules.
Thousands receive incorrect health care tax forms; signup period extended
The government says it sent thousands of incorrect Forms 1095-A to taxpayers who signed up for health insurance on the HealthCare.gov website. It is working to correct those forms by early March.
Revenue recognition implementation concerns finance executives
A recent KPMG survey shows that 64% of U.S. companies are uncertain about the path they’ll take to adopt the new, converged revenue recognition standard. Also, regulation is cited as the top compliance concern for 51% of corporate finance executives.
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