Tax, accounting, auditing news - Journal of Accountancy

August 6, 2018

IRS issues proposed regs. on 100% bonus depreciation

The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.

August 6, 2018

GASB proposes new rules for reporting conduit debt obligations

Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.

August 1, 2018

Proposed regs. address several transition tax issues

The IRS issued proposed regulations on the Sec. 965 transition tax that requires U.S. shareholders of deferred foreign income corporations to pay tax on post-1986 deferred income.

August 1, 2018

Quiz: Test your knowledge of employee benefit plan audits

How well do you know the basics of employee benefit plan auditing? Take this quiz and find out.

August 1, 2018

2018 tax software survey: Individual product survey responses

Online-only: Contact information, basic packages and their features are shown below for the top seven products in the survey.

July 31, 2018

New AICPA technical corrections clarify independence requirements

Technical corrections issued by the AICPA clarify the definition of “covered member” in the AICPA Professional Standards and the independence rules for agreed-upon procedure engagements under the Statements on Standards for Attestation Engagements.

July 30, 2018

FASB attempts to make lease accounting implementation easier

FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers.

July 30, 2018

Final rules govern adequate substantiation for charitable contributions

Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.

July 26, 2018

Job growth helps push Americans’ financial well-being to record high

Stock market gains and increased job opportunities improved the financial outlook of the average American in the second quarter of 2018 despite rising inflation.

July 26, 2018

News quiz: Wayfair, cybersecurity, and a shorter 1040

See how much you know about the news (or catch up with recent developments) with this short quiz.

July 25, 2018

Stock-based compensation cost-sharing regs. valid

The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.

July 25, 2018

In unified voice, leaders reaffirm profession’s commitment to audit quality

Leaders in the auditing profession are committed to continuous improvement in audit quality at a time of significant change, seven prominent executives in the profession said in a joint statement.

July 24, 2018

Tips for understanding critical audit matters

A new report explains what audit committees and financial statement users need to know about critical audit matters.

July 19, 2018

FASB issues 16 minor amendments to lease accounting standard

FASB clarified rules and corrected application of guidance for its lease accounting standard.

July 18, 2018

SEC provides disclosure relief, considers employee stock compensation rules

The SEC raised a disclosure threshold and sought public comment on other ways to modernize its rules for employee stock compensation.

July 17, 2018

GAO issues revised Yellow Book standards for government auditors

The revised standards are designed to provide a framework for high-quality work by government auditors.

July 17, 2018

States sue over state and local tax deduction cap

Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.

July 17, 2018

Many tax-exempt organizations no longer need to list donor information

News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.

July 16, 2018

FASB issues standard devoted to minor codification improvements

FASB made clarifying changes and corrected unintended application of guidance in a standard that updates its Accounting Standards Codification.

July 12, 2018

FASB memos shed light on private company revenue recognition issues

Two FASB staff memos issued last month provide insight to private company financial statement preparers on how to overcome implementation challenges that some have encountered with the new revenue recognition standard.

FROM THIS MONTH'S ISSUE

Making the right choice when no one is watching

The true test of one’s character is the decision made when no one is looking over your shoulder. Learn how CPAs can uphold ethical standards and take actions that help limit liability risk.