Nonauthoritative guidance developed by the AICPA Not-for-Profit Entities Expert Panel addresses how a for-profit subsidiary of a not-for-profit entity can apply a private company accounting alternative related to amortization of goodwill in its stand-alone financial statements.
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Charter schools can participate in government retirement plans
The IRS announced that it will develop regulations that would permit a state or local retirement system that qualifies as a governmental plan to cover employees of charter schools.
Details of the president’s State of the Union tax proposals
The president aims to increase capital gains taxes for higher-income taxpayers in order to pay for various education, child care, and retirement benefits for middle-income taxpayers.
Proposed rules would govern Sec. 41 credit for software
The IRS issued proposed rules to provide guidance on what types of internal-use software qualify for the Sec. 41 research credit, an area of considerable controversy over the years.
New IAASB standard changes auditor’s reporting model
A new standard released by the International Auditing and Assurance Standards Board changes rules about how auditors will communicate about their work in their reports.
IRS updates accounting method change procedures
The new rules apply to automatic and nonautomatic accounting method changes and include a list of automatic changes that do not require IRS consent.
Pathways implementation taking next steps
The next steps in implementation of the recommendations of the Pathways Commission on Accounting Higher Education were announced by the AICPA and American Accounting Association.
Americans’ finances rebounding in the economic recovery, AICPA PFS Index finds
The AICPA released a new economic barometer, the PFSi (Personal Financial Satisfaction Index), which weighs a variety of economic factors to calculate the financial standing of a typical American.
Viewing cybersecurity through a COSO lens
The principles outlined in a popular internal control framework can help organizations manage their cybersecurity.
Budget cuts may force IRS furlough days again
The IRS warned its employees that budget cuts may require it to furlough employees for two days sometime during this fiscal year.
No more extraordinary items: FASB simplifies GAAP
A new standard issued by FASB is designed to save time and reduce costs for preparers by eliminating the concept of extraordinary items from GAAP.
AICPA provides feedback on tax reform proposals
The AICPA urged Rep. Paul Ryan, the new chair of the House Ways and Means Committee, to follow the AICPA’s principles of good tax policy to guide tax reform.
PCAOB to seek comments on going concern
The project is responding to new FASB requirements for management’s evaluation of going concern.
Government to reach out, provide resources to ease health care tax filing burden
The government announced today that, in the next few weeks, it will introduce “consumer-friendly” resources for taxpayers to use to comply with the new rules.
IRS issues procedures for reinstated transit benefits parity
As part of the Tax Increase Prevention Act of 2014, Congress retroactively reinstated the parity between transportation benefits for parking and for transit passes and vanpools to the beginning of 2014.
IRS: Tax season to start on time
The IRS announced that it will begin accepting e-filed and paper tax returns on time this filing season. The late passage of tax extender legislation had threatened to delay the start of tax season.
How firms can use social media more effectively
Many CPA firms post sparingly and need better training and policies around social media, a new survey shows.
Regulations tightening Form 5472 filing requirements are finalized
The IRS finalized proposed regulations issued last June requiring corporations to file Form 5472 with their timely filed tax returns or pay a large penalty.
FASB issues private company alternative for certain intangible assets
A GAAP alternative issued by FASB gives private companies the option to elect not to recognize separately from goodwill certain intangible assets acquired in a business combination.
Transfers of installment obligations would trigger gain or loss under proposed rules
The IRS issued proposed regulations that govern the tax treatment of transfers of installment obligations in exchange for equity interests in corporations or partnerships.
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