An overwhelming 92% of American parents say it is very important that children understand how to effectively manage their money, according to a new poll conducted for the AICPA by The Harris Poll.
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NEWS
FASAB addresses multiple issues in omnibus amendments
A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.
IASB, GASB address interbank-offered rate phaseout
The IASB and GASB acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.
AICPA seeks guidance on adjustments for conversions from S corp. to C corp.
In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
SEC addresses IPOs, ETFs, and retail investor protections
The SEC issued new rules for testing the waters on IPOs and modernizing regulation of ETFs. It also proposed amendments to enhance protections for investors.
IRS issues 2019 to 2020 per-diem rates for traveling away from home
The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
Safe harbor allows QBI deduction for rental real estate businesses
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits
New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.
Final regs. loosen 401(k) hardship distribution requirements
The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.
Hidden in plain sight: Accounting for embedded leases
Locating and reporting on lease arrangements hidden in contracts that are not labeled as leases can be a challenge under FASB’s new rules.
Auditors get high marks, but non-US market optimism sags
Retail investors’ confidence in audited financial information has risen to near record highs, but confidence in markets outside the United States has plunged.
5 tips for effective not-for-profit board oversight
These tips can help boards perform their duties of care, loyalty, and obedience to help not-for-profits thrive.
Regulations clarify bonus depreciation treatment
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
7 tips for adopting integrated reporting
As more companies latch on to the importance of long-term value creation, the International Integrated Reporting Council is offering them advice for producing integrated reports.
FASB makes a second effort to improve balance sheet debt classification
FASB issued a reproposal that is designed to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet.
Proposed regs. clarify reporting requirements for tax-exempt organizations
The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.
IRS offers expatriate tax relief
The IRS announced procedures to allow certain individuals who have renounced their U.S. citizenship to get into compliance with their US tax obligations and obtain relief for back taxes.
Tax accounting rules issued for advance payments
Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.
FASB proposes guidance to ease transition to new benchmark rates
A proposed Accounting Standards Update would establish temporary guidance designed to reduce the accounting burdens associated with the shift from LIBOR and other interbank-offered interest rates to new reference rates.
Trade concerns widespread as economic outlook sags
Economic expectations for the United States and the world tumbled in the third quarter amid trade concerns and indications of a possible recession.
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