January 2017

January 31, 2017

New Form 990-EZ has help icons to aid exempt organizations in filing

The IRS announces new Form 990-EZ with help icons to assist organizations with accurate filing.

January 27, 2017

What repatriation tax changes could mean for U.S. companies

U.S. companies holding earnings overseas in cash could be bringing it back in response to tax reform proposed by the new administration in Washington.

January 26, 2017

FASB drops Step 2 from goodwill impairment test

Step 2 was eliminated from the goodwill impairment test as the FASB sought to simplify accounting in a new standard issued Thursday.

January 26, 2017

Engagement partner’s name must stay consistent in Form AP reporting

Engagement partners’ names will be required to be reported consistently on all Forms AP filed with the Public Company Accounting Oversight Board under new PCAOB staff guidance.

January 26, 2017

Americans’ financial well-being holds steady, despite rising inflation

CPAs’ optimism about the economy, buoyed by the election and an uptick in the stock market, helped the quarter’s financial picture stay strong.

January 25, 2017

Seventh Circuit holds that taxpayer filed timely Tax Court petition

A taxpayer whose lawyer used print-at-home postage when mailing a Tax Court petition timely filed that petition, the Seventh Circuit Court of Appeals held, reversing and remanding the case to the Tax Court for consideration on the merits.

January 20, 2017

How a major beer importer is planning for tax reform

Constellation Brands, the third-largest beer seller in the United States, for instance, is modeling several scenarios related to a possible increase in taxes on imported goods.

January 19, 2017

Centralized partnership audit rules proposed

The IRS released a package of proposed provisions that will apply to the recently enacted centralized audit regime that generally assesses and collects tax at the partnership level.

January 19, 2017

IRS proposes changes to rules for dependents

The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.

January 19, 2017

5 strategies to efficiently implement the new lease accounting standard

Deloitte offers five strategies to help find efficiencies and avoid unnecessary disturbances.

January 18, 2017

IRS permits same-sex couples to recalculate marital exclusion amounts

The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.,

January 18, 2017

FASAB issues new standard on insurance programs

A new federal government accounting standard is designed to provide concise and meaningful information about insurance costs and liabilities.

January 13, 2017

600 GE tax professionals moving to PwC

The transfer of 600 General Electric workers helps the Big Four firm grow its international expertise at a time when global tax strategy is growing in importance.

January 12, 2017

IASB proposes amendments to 3 IFRS standards

The IASB issued clarifications to standards related to income taxes, borrowing costs and investments in associates and joint ventures.

January 10, 2017

FASB addresses debt classification, inventory disclosures

FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework.

January 10, 2017

AICPA updates guidance for CPA personal financial planners

The AICPA has updated its guidance on the competencies and information that CPAs who provide financial planning services need to know.

January 9, 2017

Inflation adjustments for 2017 issued for employer-provided vehicles

The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.

January 5, 2017

FASB clarifies definition of a business

The definition was clarified because of concerns that many transactions that should be considered asset acquisitions were being recorded as business acquisitions for accounting purposes.

January 4, 2017

Guidance issued on de minimis safe harbor for information returns/payee statements

The IRS issued a notice that provides the requirements for a payee to make an election to not have the safe harbor for de minimis errors on information returns below certain amounts apply to a payer.

January 4, 2017

AICPA exposes more revenue recognition working drafts

The latest drafts address issues in the aerospace and defense, telecommunications, and time-share industries.

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.