Tax, accounting, auditing news - Journal of Accountancy

March 6, 2019

FASB alters accounting for episodic TV series

FASB issued a standard that converges the accounting guidance for production costs for episodic TV series with the rules for production costs for films.

March 5, 2019

New FASB standard clarifies lease accounting issues

FASB addressed two lessor implementation issues and clarified an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the board’s new lease accounting standard.

March 5, 2019

Guidance proposed on FDII and GILTI deductions

The IRS issued guidance on determining the amount of the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) under Sec. 250.

March 4, 2019

Court upholds IRS PTIN fees

The IRS has authority to charge a user fee for preparer tax identification numbers (PTINs) a federal appeals court held on, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN.

March 4, 2019

FASB proposes guidance for measuring share-based payments to customers

A proposal issued by the Financial Accounting Standards Board would spell out how to measure share-based payments to a customer.

March 1, 2019

FASAB proposes eliminating RSSI, updating lease references

FASAB has proposed eliminating the required supplementary stewardship information (RSSI) category and updating references to leases in multiple places in its accounting standards for federal government entities.

March 1, 2019

PEEC issues new and revised interpretations

The AICPA Professional Ethics Executive Committee has adopted revised interpretations of the “Independence Rule” related to leases and client affiliates and a new interpretation under the “Confidential Client Information Rule” of the AICPA Code of Professional Conduct.

February 28, 2019

GASB issues proposed lease accounting implementation guide

GASB issued a proposed implementation guide that is designed to help state and local governments understand the board’s new standard on lease accounting.

February 22, 2019

IRS finalizes centralized partnership audit regulations

The IRS issued final regulations on the centralized partnership audit regime, which generally assesses tax at the partnership level.

February 15, 2019

Taxpayers will file QBI deduction computation with IRS next year

The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.

February 14, 2019

FASB addresses deferred revenue in business combinations

FASB took a step forward in resolving challenges in its rules for recognizing and measuring deferred revenue in business combinations.

February 14, 2019

Clients’ top retirement fear: Running out of money

Nearly one-third (30%) of financial planners say their clients’ top retirement fear is running out of money, according to a recent AICPA survey of 631 CPA financial planners.

February 13, 2019

Bonus depreciation safe-harbor rules for vehicles issued

The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.

February 12, 2019