The IRS issued proposed regulations implementing Sec. 951A’s global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder’s gross income.
Advertisement
NEWS
FinREC issues working draft on multiemployer benefit plans
The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of a proposed chapter on multiemployer benefit plans and illustrative financial statements, which will be added to the AICPA Audit and Accounting Guide Employee Benefit Plans.
States’ deregulatory push threatens CPA licensure
The CPA profession organizes resistance to legislative proposals that would reduce state licensing requirements.
U.S. economic enthusiasm remains high
Tariffs, rising interest rates, and difficulty finding workers are not enough to slow projected growth, according to a survey of finance decision-makers.
Launch of CPA Exam in Europe provides convenience for candidates
Beginning next month, CPA candidates in Europe will no longer have to undertake intercontinental travel to sit for the CPA Exam.
GASB clarifies majority equity interest reporting rules
Clarifying guidance issued by GASB explains that state and local governments are required to consider the definition of an acquisition in their accounting for majority equity interest in an organization.
FASB simplifies accounting for cloud computing service costs
FASB issued new rules that are designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement.
12 US cities where accountants draw higher pay
Two new salary guides show higher pay benchmarks for accountants in several locations in California and the Northeast.
Deemed personal exemption amount introduced for various tax benefits
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
FASB takes big steps on disclosure effectiveness
FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes announced by the board.
Updated guidance highlights key changes in the auditor’s report
The PCAOB has issued updated staff guidance to assist practitioners as they implement the board’s new auditor’s reporting model.
Technology issues to consider in lease accounting
Preparers may want to consider technological tools that can help with the accounting and the administration of leases.
Proposed rules would curb avoidance of SALT deduction limit
Here is what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits.
News quiz: Investments, charitable contributions, and more
News posted on the JofA website in the past month offered CPAs a glimpse of Americans’ attitudes toward investing and the state of the economy through surveys.
Proposal would withdraw inter-entity cost guidance
A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.
IRS provides initial guidance on new Sec. 162(m)
The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
Wright reappointed as PCC chair
Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.
3 areas of top concern in broker-dealer audits
Independence issues identified in the PCAOB’s 2017 staff inspections fell compared with the previous year, according to a report the board.
FASB addresses credit loss standard concerns
A proposal issued by FASB would amend the transition requirements and scope of the board’s new standard for accounting for credit losses.
Quarterly earnings reports at center of debate
Some say focusing too intently on quarterly reports causes companies to neglect the long-term goals that should be more of an emphasis.
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
