This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.
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NEWS
IRS permits partnership basis election without partner’s signature
To ease the regulatory burden on partnerships, the IRS announced that it is eliminating the requirement that partnership elections under Sec. 754 be signed by a partner.
SEC proposes simplifying disclosure requirements
The SEC proposed amendments that are designed to simplify disclosures without sacrificing information that is important to investors.
Potential areas of risk for the 2017 audit cycle
An alert published by the Center for Audit Quality discusses some of the more judgmental or complex areas that may be relevant during the 2017 auditing cycle.
What to consider when auditing revenue recognition implementation
A new PCAOB alert can help auditors apply the board’s guidance to their clients’ implementation of the new accounting standard.
Treasury to pull regulations after review of burdensome tax rules
Treasury said it intended to withdraw the Sec. 2704 valuation discount regulations and portions of the Sec. 385 corporate inversion regulations.
FASB proposes various minor changes to codification
Nine potential amendments are contained in the proposal, which would affect a wide variety of topics in the codification.
Federal agencies get new guidance related to PP&E opening balances
Federal agencies received new guidance for applying alternative methods in establishing opening balances for general property, plant and equipment.
20 revenue recognition working drafts issued by FinREC
The AICPA Financial Reporting Executive Committee issued 20 working drafts on issues related to implementation of the new revenue recognition standard.
How revenue recognition changes are affecting preparers like GE, Microsoft
Financial statements show some of the changes resulting from the new revenue recognition standard in various industries.
FASB proposes technical corrections to 2 standards
FASB proposed clarifications to separate standards issued in 2016 on accounting for financial instruments and lease accounting.
How data-hosting services affect independence
Taking responsibility for hosting an attest client’s data or records impairs a CPA’s independence, according to a new ethics interpretation.
Republicans unveil tax reform framework
Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.
PCAOB revises proposal on supervision of other auditors
The PCAOB has revised a proposal that would create a more uniform approach to a lead auditor’s supervision of other auditors from other audit firms.
Combining efforts around advocacy for women CPAs
Advocacy for women in the accounting profession continues to progress as the American Woman’s Society of CPAs transfers its name and intellectual property to the American Institute of CPAs.
IRS updates special per-diem rates for business travel
The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.
FASB proposes clarifying land easements guidance in leases standard
FASB issued a proposal that would clarify how its new leases standard should be applied to land easements.
FASAB establishes concepts for federal agencies’ financial reporting
The Federal Accounting Standards Advisory Board issued a new statement that establishes foundational concepts for federal agencies’ financial reporting.
CPAs satisfied as average salary tops six figures
CPAs based in the US are largely content with their salaries and expect to be earning more within the next year, according to a new survey by the Association of International Certified Professional Accountants.
IRS to rule on tax-free stock distributions
The IRS is introducing an 18-month pilot program under which it will once again issue letter rulings concerning the general income tax effects of stock distributions under Sec. 355.
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
