The IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A.
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Supreme Court decision creates liability risk for CPA profession regulators
Following a 2015 Supreme Court decision, CPAs serving on state boards of accountancy may be held personally liable for potential antitrust actions taken on behalf of the boards.
Golden-years divorces show couples’ need for financial literacy
Three in four older divorced people need a better understanding of how to manage their personal finances, a new AICPA survey shows.
IRS alerts practitioners of e-Services account suspensions
The IRS announced that as of Sunday it has suspended the e-Services accounts of users who failed to verify their identities in accordance with letters sent out in December.
Tax practitioners’ information will soon be available at IRS website
The IRS announced that it will soon post online the registration information of practitioners who have preparer tax identification numbers, and the information will be available without charge to the public.
Driver’s license information now required on some state e-filed returns
Tax return preparers are discovering that some state income tax returns for 2016 require information from a taxpayer’s driver’s license or state-issued identification card information before the returns can be e-filed.
New revenue recognition working drafts issued for insurance, software
Working drafts on revenue recognition issues for the insurance and software industries were published by the AICPA, which is seeking comments from interested parties.
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.
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.
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.
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