The IRS announced that it would disallow all claims for refund that were filed for Federal Insurance Contributions Act taxes withheld on severance payments in light of the Supreme Court’s decision in Quality Stores, Inc., that those payments were subject to tax.
Advertisement
NEWS
IASB proposal would clarify how entities classify a liability
An IASB proposal issued Tuesday is designed to improve presentation in financial statements by clarifying how entities classify debt, particularly when it is coming up for renewal.
Q&A: Should you dump the billable hour?
A growing number of industry pricing experts are urging CPA firms to jettison the venerable billable hour and replace it with value pricing. In this Q&A session, value-pricing champion Ron Baker provides an in-depth look at the benefits of making the switch.
Regulation remains top risk for 2015
Some familiar risks are top-of-mind for executives and board members, and new concerns are emerging as well, according to survey results released Monday.
SEC proposes requiring companies to disclose hedging policies for personnel
The proposal is designed to inform investors whether company personnel can receive incentive compensation through hedging even if the company performs poorly and the stock value drops.
Final rules govern foreign tax credit splitter arrangements
The IRS finalized temporary regulations issued in 2012, called anti-splitter rules because they aim to prevent foreign income from being inappropriately split from foreign tax in calculating the foreign tax credit.
Deloitte’s Engelbert to be first female U.S. CEO of a Big Four firm
Cathy Engelbert, CPA, has been elected CEO of Deloitte LLP, the firm announced today. When Engelbert begins her role in March, she will be the first woman CEO of a Big Four firm in the U.S.
IRS issues revised 2014 and 2015 passenger automobile depreciation limits
The IRS issued new figures for depreciation deductions allowed for business use of passenger automobiles for 2014 to take into account the 50% additional depreciation that can be taken for vehicles during the 2014 tax year.
2015’s dirty dozen tax scams
The IRS released its “dirty dozen” list of top tax scams for 2015, starting with phone scams and ending with frivolous tax arguments.
COSO: Internal control a challenge with outsourced providers
Here’s how companies with outsourced service providers can meet the requirements of the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
PCAOB attempting to make standard setting more efficient
The PCAOB is exploring ways to make its standard-setting process more efficient, board Chairman James Doty said Wednesday during an open meeting of the SEC.
FASB proposes two changes to simplify accounting for income taxes
FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.
Audit committee members need more time, expertise to deal with risky environment, survey says
Risk concerns have put a strain on audit committees, who say they need more time and expertise to exercise proper oversight.
Apple nearly catches Samsung as smartphone sales soar
Strong demand for the new iPhone 6 and 6+ almost boosted Apple past Samsung in worldwide smartphone shipments.
New standards for auditors of brokers and dealers are focus of PCAOB reminder
A PCAOB report reminds auditors of brokers and dealers that new audit standards for those engagements differ from previous standards.
Offshore Voluntary Disclosure Program to remain open indefinitely
The IRS stated that it intends to keep its Offshore Voluntary Disclosure Program open until it announces otherwise.
How to manage risks connected with the “internet of things”
Although web-connected products and the “internet of things” provide opportunities for transformative growth, they also may carry substantial risks.
Revenue recognition implementation: What are FASB’s plans?
FASB’s staff expects to report results of research on two key revenue recognition issues to the board in February—and plans to present feedback to the board early in the second quarter of 2015 on a possible delay in the standard’s effective date.
Taxpayers get penalty relief for incorrect premium tax credit advance payments
The IRS announced penalty relief for taxpayers who find they owe tax when they reconcile the advance payments of the premium tax credit they received with the amount they were entitled to when they file their 2014 tax returns.
ASB issues auditing interpretations to SAS No. 126 on going concern
New auditing interpretations issued by the AICPA Auditing Standards Board are the result of a short-term initiative to address some of the effects of accounting standards on going concern.
Features
SPONSORED REPORT
Get your clients ready for tax season
Help clients avoid surprises with year-end planning strategies for managing taxable income, maximizing deductions, and adjusting to OBBBA changes affecting individuals and businesses.
From The Tax Adviser
September 30, 2026
Navigating the QSBS rules in pass-through structures
September 30, 2026
Sec. 338(h)(10) elections in business acquisitions
August 31, 2026
