Mary Jo White plans to depart her position as Securities and Exchange Commission chair in January, when Barack Obama’s second term as president ends.
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NEWS
Final rules remove 3-year nonpayment testing period for COD reporting
The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.
IRS warns tax professionals of another email phishing scam
The IRS issued an “urgent alert” to tax practitioners who use IRS e-services to beware of a fraudulent email asking them to update their accounts and directing them to a fake website.
FASB proposes new guidance for service concession arrangements
FASB proposed guidance designed to eliminate diversity in practice in how operating entities determine who is the customer in service concession arrangements.
Identity theft safeguards to expand for 2017
The IRS, state tax agencies, and industry partners announced expanded and improved tax return identity theft safeguards for the 2017 filing season.
AICPA issues another round of revenue recognition working drafts
The AICPA Financial Reporting Executive Committee (FinREC) issued new working drafts addressing issues that broker-dealers and depository and lending institutions face related to FASB’s new revenue recognition standard.
Audit committees voluntarily disclosing more about auditor oversight
More audit committees are voluntarily disclosing information in proxy statements about their oversight of external auditors, including auditor appointment and audit partner rotation, according to a new analysis.
FASB proposes technical correction to not-for-profit standard
Under the proposal, FASB would clarify the minimum requirements for the reconciliation that a not-for-profit entity is required to disclose if it has endowment funds.
2017 pension contribution limits announced
While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.
Americans see highest level of personal financial satisfaction since 2007
According to the AICPA’s proprietary Personal Financial Satisfaction Index (PFSi), this quarter the financial standing of the average American reached its highest level since the recession.
FASB amends guidance for consolidating VIEs
FASB issued a financial reporting standard that changes financial reporting rules for consolidating variable-interest entities.
IRS issues 2017 inflation adjustments for many tax provisions
The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.
SSARS 23 expands application of preparation, compilation standards
SSARS No. 23 results in the SSARSs being applicable to engagements performed on certain subject matter other than financial statements.
3 major foreign policy challenges facing the next U.S. president
Former US diplomat Nicholas Burns, in a speech to the AICPA’s governing Council, highlighted some of the complexities that the winner of the presidential election will face abroad.
FASB simplifies financial reporting for income taxes
The standard is designed to simplify the financial reporting for the income tax consequences of intra-entity transfers other than inventory.
MAP survey: Firms continue to grow revenue
Accounting firms of all sizes posted year-over-year revenue gains during their most recent fiscal year, with the rate of growth increasing for most practices.
8 technical questions and answers for investment companies
Eight technical questions and answers for investment company accounting have been issued by the AICPA Investment Companies Expert Panel and are available in TIS Section 6910, Investment Companies.
Social Security Administration announces large increase in 2017 wage base
The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.
GASB proposes OPEB implementation guidance
GASB would provide answers to more than 150 questions about other post-employment benefit (OPEB) plan accounting in a newly proposed implementation guide.
Earnings-stripping rules make many changes from proposed regs.
The new rules are part of the Treasury Department’s larger effort to curb corporate inversions.
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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
