Practitioners will be able to perform a new engagement known as a direct examination for clients under a new standard published by the AICPA Auditing Standards Board (ASB).
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Foreign tax credit allocation and apportionment rules finalized
The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.
What COVID-19 has taught corporate boards
Boards were meeting more regularly, more virtually, and getting more into the details on topics previously addressed only at a high level.
How auditors can enhance the reliability of non-GAAP reporting
Practitioners are not required to provide an opinion on non-GAAP measures during a financial statement audit, but they can be engaged to perform additional procedures related to this information, according to a new Center for Audit Quality report.
Small business accounting regulations and tax shelter implications
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
Companies use full array of tools to navigate the pandemic
Companies have used various means to expand credit, conserve cash and reduce tax burdens to combat the devastation of the pandemic. Here are some of the tactics that large public companies have used.
A data revolution, from hot dogs to fastballs
The director of accounting for the San Diego Padres explains how teams are adopting technology to improve the on-field product and the customer experience.
Returns affected by e-filing outage will be timely if filed by Sept. 17
For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.
Safety of employees, customers ranks as top pandemic-related concern
A survey of U.S. finance decision-makers sheds light on the precautions businesses are taking and how they plan to address future office space needs.
SEC amends rules for whistleblowers, shareholder proposals
The SEC voted to amend rules that govern its whistleblower program and the amount a shareholder must hold to have a proposal included in a company’s proxy statement.
PPP loan forgiveness: What CPAs should be doing now
The forgiveness aspect of the Paycheck Protection Program remains a source of uncertainty for CPAs. This collection of facts and frequently asked questions can help CPAs understand what to do amid the confusion.
New FAQs address health care entity pandemic accounting
Pandemic-related accounting issues for health care entities are addressed in new AICPA guidance that has been added to a list of previously posted frequently asked questions.
Lenders will not file Form 1099-C for forgiven PPP loans
The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
Final regs. outline trust and estate expenses still deductible under TCJA
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.
New ESG reporting metrics released by World Economic Forum
Environmental, social and governance measures and disclosures released by the World Economic Forum are designed to make it easier for companies to benchmark their sustainable business performance.
IRS issues more bonus depreciation rules
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
AICPA ethics proposal would limit firms’ loaning of staff to attest clients
CPA firms’ ability to loan staff to attest clients would be limited to rare circumstances under a newly proposed AICPA ethics interpretation.
Final regs. govern CFC downward attribution
The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.
FASB proposes expedient for private company franchisors
FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.
Corporate governance in COVID-19: Cybersecurity and technology considerations
The coronavirus pandemic has resulted in a realignment of company strategies to enable success during these disruptive times. Some of these decisions — such as the sudden shift to remote work due to stay-at-home orders — have created additional risk corporate boards must consider.
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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.
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