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FASB issues risk-free rate rule to cut costs for nonpublic lessees
Nonpublic lessees such as private companies, not-for-profits, and employee benefit plans will be permitted to elect risk-free rates for lease accounting by class of underlying asset rather than at the entitywide level under a new rule issued Thursday by FASB.
FASB declines to extend nonpublic lease accounting effective date
Private companies and not-for-profits will not see further relief from the effective date of FASB’s new lease accounting standard after the board voted Wednesday to reject a request for a two-year extension.
IRS issues inflation adjustments for 2022 returns
The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
A bright future ahead for young CPAs
AICPA leaders highlight the profession’s opportunities for CPAs from diverse backgrounds.
Audit committee cybersecurity disclosures on the rise
The number of public company audit committees that disclose their role in cybersecurity risk oversight has grown dramatically over the past five years, according to a Center for Audit Quality report.
Companies embrace unusual new strategies to survive a labor crunch
With millions of jobs vacant, company leaders are being tested. Here are some ways smaller businesses are coping with multiple openings and trying to recruit new talent.
FAQ guidance on income change reporting for advance child tax credit
The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.
Employee retention credit: Opportunities remain
The employee retention credit was created in March 2020, but changing requirements have caused some confusion over eligibility. It’s important for businesses and their tax preparers to know who can take the credit and how much relief they can receive.
Tax treatment of COVID-19 homeowner relief payments clarified
A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.
PCAOB gets new chairperson, board members
Erica Williams has been named chairperson of the Public Company Accounting Oversight Board. She will be joined on the board by Christina Ho, Kara Stein and Tony Thompson. Duane DesParte will continue his service on the board and will serve as acting chairperson until Williams is sworn in.
Infrastructure bill tax provisions include ERC termination
The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.
Serving cannabis clients: Understand the risks
Practicing due diligence and understanding state and local laws are keys to success for firms that choose to engage with this industry.
IRS makes retirement account inflation adjustments for 2022
The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.
FASAB amends lease accounting requirements
Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.
Lessons in career and business development during times of disruption
Forensic accounting and valuation professionals offer advice on how to leverage career and business development at a time of uncertainty.
House approves resolution to boost financial transparency
A concurrent resolution with an objective of providing more transparency to Congress about the fiscal state of the US government passed the House by a voice vote. The Senate has yet to vote on the resolution, which has the AICPA’s backing.
Carried interest reporting FAQs and guidance posted
The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.
Quality management: ARSC pursues consistency with proposed ASB standards
The quality management standard for accounting and review services would achieve consistency, where appropriate, with that proposed for audit services under a proposal issued by the AICPA Accounting and Review Services Committee.
Say ‘yes’ to saying ‘no’
Turning down requests isn’t easy, but it’s necessary for protecting your time.
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