The IRS announced that taxpayers affected by the recent Wolters Kluwer service outage who are facing May 15 filing deadlines can follow certain procedures to obtain reasonable cause waivers for failing to file on time.
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NEWS
How a lease with an attest client affects independence
A new AICPA interpretation provides guidance for when a lease with an attest client impairs independence. This significant revision to the independence rules takes effect soon.
FASB proposes simplifying accounting for income taxes
FASB issued a proposal that is intended to make accounting for income taxes less costly and complex.
AICPA committee requests delay in private company lease accounting effective date
Private companies are experiencing overload as they implement complex new accounting standards, according to the AICPA Private Companies Practice Section’s Technical Issues Committee.
Distribution by former S corporation is part dividend
The IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution.
SEC addresses ICFR attestation for smaller companies
The SEC voted to propose reducing the number of public companies required to obtain an attestation of their internal control over financial reporting from an independent auditor.
IRS changes maximum-vehicle-value rule
The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
Wolters Kluwer takes services offline after malware attack
Following a malware attack, cloud tax and accounting services provider Wolters Kluwer took a number of its platforms and applications offline this week.
ASB enhances communication in auditors’ reports
The AICPA Auditing Standards Board issued standards that are designed to improve auditors’ ability to communicate in auditors’ reports and align generally accepted auditing standards with those of other standard-setting bodies.
Credit losses standard tips for audit committees
FASB’s new standard for recording credit losses presents a huge change to accounting for financial institutions, and affects other organizations as well. A new tool helps audit committees in their oversight of this important implementation.
AICPA rescinds guidance on prior-period audits
Auditors should perform and report on prior-period audits in accordance with auditing standards in effect at the time the engagement is performed, according to nonauthoritative guidance issued by the AICPA.
SEC proposes changes to disclosures on acquisitions and disposals
The SEC proposed rules changes designed to make disclosures less costly for acquisitions and disposals of businesses while preserving valuable information for investors.
New GASB guide assists with implementation
A new implementation guide issued by the Governmental Accounting Standards Board can assist state and local governments as they adopt certain GASB statements.
Q&A discusses ‘direct care’ expenses for collections
A new Technical Question and Answer issued by the AICPA discusses the characteristics of expenses that would be considered “direct care of existing collections” under a new FASB standard that updates the definition of “collections.”
Polley steps down as head of FAF
After leading the Financial Accounting Foundation (FAF) for 11 years, Terri Polley announced that she is stepping down.
FASB makes minor adjustments to financial instruments rules
Stakeholders have voiced concerns to FASB about various aspects of the board’s recently issued standards for credit losses, hedging, and recognition and measurement.
Personal financial satisfaction up in first quarter after market rebound
Americans’ personal financial satisfaction reached a record high in the first quarter of 2019, according to the AICPA’s proprietary Personal Financial Satisfaction Index.
News quiz: IRS gives a break on underpayment
Try this short quiz to review some of the news posted in the past month or so.
More proposed regs. on qualified opportunity funds issued
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
Can a state tax a trust based on the beneficiary’s residency?
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
Features
FROM THIS MONTH'S ISSUE
Right-sizing risk management
Sole practitioner or small firm? Risk management doesn’t have to be “one size fits all.” Learn how to help protect your practice without adding unnecessary admin time.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
