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 2017 news
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.
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.
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.
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.
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.
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.
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.
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.
News quiz: FASB and IRS news leads off new year
The news for the first weeks of January is dominated by FASB and IRS announcements. See how much you know about the news with this short quiz.
5 strategies to efficiently implement the new lease accounting standard
Deloitte offers five strategies to help find efficiencies and avoid unnecessary disturbances.
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.,
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.
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.
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.
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.
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.
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.
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.
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.
