CPA firms’ ability to loan staff to attest clients would be limited to rare circumstances under a newly proposed AICPA ethics interpretation.
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NEWS
Final regs. govern CFC downward attribution
The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.
FASB proposes expedient for private company franchisors
FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.
Corporate governance in COVID-19: Cybersecurity and technology considerations
The coronavirus pandemic has resulted in a realignment of company strategies to enable success during these disruptive times. Some of these decisions — such as the sudden shift to remote work due to stay-at-home orders — have created additional risk corporate boards must consider.
AICPA urges passage of ‘PPP 2’ legislation
The AICPA issued a news release renewing the organization’s call for the swift passage of legislation to extend and expand the Paycheck Protection Program (PPP).
Treasury report on CECL standard is inconclusive
The coronavirus pandemic and current market conditions prevent a definitive assessment of the impact of the FASB’s new standard on accounting for credit losses, according to a new report released by Treasury.
FASB alters not-for-profit accounting rules for gifts-in-kind
Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.
E-filing problems plague some Sept. 15 tax returns
Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.
Premium tax credit unaffected by zeroing of personal exemptions
The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.
Final regulations define ‘qualifying relative’
The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.
Final regs. govern eligible terminated S corporation rules
The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and Jobs Act that provided favorable treatment for corporations that wished to terminate their S elections.
IRS issues 2020–2021 per-diem rates
The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.
Consistency sought in sustainability, corporate reporting through global effort
IFAC called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate reporting.
Returning to work: Prioritizing mental health
As employees are welcomed back to work or back to the office amid the coronavirus pandemic, the most successful employers will help them care for their mental, physical, and emotional well-being.
SEC changes disclosure rules for banks
The SEC announced rule changes that will change the disclosures bank and savings and loan registrants are required to provide investors.
Pandemic makes meeting Sept. 15 filing deadline difficult
Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.
6 more IRS forms can be filed with e-signatures
The IRS added six more forms to the list of forms that can now be signed electronically to respond to the coronavirus pandemic.
IRS issues guidance on COVID-19 testing coverage
The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.
Finance leaders search for opportunities as outbreak drags on
While some companies find pockets of success, overall sentiment is neutral regarding the next 12 months, according to a quarterly survey.
Additional BEAT regs. finalized
The IRS issued final regulations on the base-erosion and anti-abuse tax, which was created by the Tax Cuts and Jobs Act to deter attempts to shift profits to foreign jurisdictions.
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