The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
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SEC addresses auditor independence and the Loan Provision
The SEC adopted amendments designed to help identify when an auditor’s lending relationship with an audit client is a threat to the auditor’s objectivity and impartiality.
Audit evidence standard would be updated under proposal
The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.
Virtual currency not FBAR reportable (at least for now)
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
Convergence with international standards sought for SSARSs
A proposal issued by the AICPA Accounting and Review Services Committee would promote convergence with international standards for review services.
W-2 methods proposed for Sec. 199A(g) deduction by agricultural co-ops
The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural cooperatives, similar to the former Sec. 199 domestic production activities deduction.
New GASB guide addresses fiduciary activities
GASB issued a new implementation guide that includes questions and answers related to recently released GASB standards on accounting and financial reporting for fiduciary activities.
Final HRA rules permit integration with individual health insurance
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
Final rules govern GILTI, Subpart F income, and foreign tax credits
The IRS issued final regulations on the Sec. 951A global low-taxed income inclusion and foreign tax credits, finalizing proposed rules issued in October and December 2018.
GASB proposes guidance on PPPs and APAs
The guidance is designed to improve accounting and financial reporting for public-private and public-public partnership arrangements. Comments on the proposal were requested by Sept. 13.
Develop a coaching culture in your organization
Listening and asking the right questions are two keys to coaching employees, said ENGAGE speaker Melisa Galasso, CPA, CGMA, founder of Galasso Learning Solutions in Charlotte, N.C.
What tax firms need to know now about technology
Artificial intelligence and robots get a lot of attention, but automation and cloud computing-enabled outsourcing are the technology-related terms that should be top of mind for tax practices, according to a session at AICPA ENGAGE 2019 in Las Vegas.
SALT deduction cap rules finalized, safe harbor proposed
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
Tax law changes join staffing as a top issue for CPA firms
Finding qualified staff was once again most CPA firms’ top concern, according to the 2019 PCPS CPA Firm Top Issues Survey.
NASBA and AICPA seek input on evolving licensure model
NASBA and the AICPA are seeking feedback from the profession and its stakeholders as they consider ways to evolve the model for initial CPA licensure to support a growing need for new skills amid rapid technological advancement.
PEEC updates 2 ethics interpretations
The AICPA Professional Ethics Executive Committee (PEEC) has issued revised ethics interpretations addressing state and local government client affiliates and provision of information system services to attest clients.
Liquidity, regulation among not-for-profits’ top challenges
Not-for-profits are facing restrictions on funding that have lingered for more than a decade, growing requirements from regulations, and an increased demand for their services, according to a BDO USA LLP survey.
A refined approach to auditing accounting estimates
Auditing accounting estimates can be challenging. New auditing standards may help by encouraging deeper professional skepticism.
4 ways to protect your data from the dark web
Your credentials might already be for sale on the dark web without your knowledge. Fortunately, there are steps you can take to monitor the dark web and shore up your cybersecurity defenses.
When choosing technology, put clients first
Evan Carroll, an author and the founder of Evan Carroll and Associates, shares his philosophy for choosing the technology that can help you improve relationships with your clients.
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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