Companies with deferred tax assets may report surprisingly lower net income in 2017 even though they will benefit from lower income tax rates under the new tax law in 2018.
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NEWS
IRS announces 2018 pension contribution limits under tax reform act
The IRS revealed that the recalculated 2018 pension contribution limits are unchanged from the numbers issued before the tax reform bill was enacted.
OPR implements greater transparency in disciplinary investigations
The IRS’s Office of Professional Responsibility has implemented a new process for informing practitioners that they are under investigation for violations of Circular 230.
AICPA committee seeks private company relief from some elements of revenue standard
An AICPA committee has asked FASB to provide relief for private companies and certain conduit debt obligors from some elements of the new revenue recognition standard.
FinCEN announces filing deadline for 2017 FBARs
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its annual reminder of the due date for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
GASB developing revenue and expense recognition model
GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.
7 revenue recognition issues exposed by FinREC
The AICPA Financial Reporting Executive Committee sought public comment on seven new revenue recognition implementation issues to be added to the AICPA’s revenue recognition guide.
Georgia-Pacific’s Sobel named COSO chairman
Paul Sobel, the chief audit executive of Georgia-Pacific, replaces Bob Hirth as the chairman of the Committee of Sponsoring Organizations of the Treadway Commission.
Tips for lease accounting implementation
The effective date for implementing FASB’s new lease accounting standard is still about one year away, but it will require additional resources and a team effort.
IRS issues more guidance on withholding rules for new tax law
The IRS issued Notice 2018-14 to provide more guidance on the withholding rules that were changed by P.L. 115-97, known as the Tax Cuts and Jobs Act.
Practitioners need immediate guidance on tax reform act, AICPA says
Thirty-nine areas in the recent tax overhaul act require immediate guidance, the AICPA told the IRS and Treasury.
Skills that help accounting professionals succeed alongside AI
Professionals will have to retain their traditional accounting skills and learn some new ones to succeed alongside AI.
FASB clarifies lease standard’s application to land easements
The change is expected to make adopting the leases standard easier for some land easements.
Americans’ financial well-being continues upward trend
Americans’ personal financial satisfaction increased steadily throughout 2017, reaching a 24-year peak in the fourth quarter of 2017, according to the AICPA’s Personal Financial Satisfaction Index.
Government funding bill postpones some health care taxes
The continuing resolution to fund the government through Feb. 8 also delays the so-called Cadillac tax on high-cost health plans for an additional two years beyond 2019.
More women with CFO titles, but still far behind men
Finance leaders share ways companies can identify a more diverse pool of leadership candidates.
FASB Q&As discuss financial reporting implications of tax law
FASB issued four staff Q&As that address financial reporting issues related to the Tax Cuts and Jobs Act.
What to expect from the IRS during the government shutdown
The shutdown of the federal government comes just nine days before the scheduled start of tax season. Here’s a look at how the IRS may be affected.
FASB proposes corporate reporting change related to new tax law
FASB proposed a new standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
20 cities in the running for Amazon HQ
The online behemoth plans to hire up to 50,000 workers in a second North American headquarters. Did your city make the list?
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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
