January 2017 news

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.

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.

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.

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Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.