Depreciation and the TCJA
The Tax Cuts and Jobs Act of 2017 increased and expanded the IRC §179 deduction and bonus depreciation deduction.
The New Revenue Recognition Rules
The new rules require more estimates and greater judgment. Are you up to speed on the changes and their potential impact?
Taxes: The Limited SALT Deduction
The limitations on state and local property tax deductions introduced by the TCJA continue to be a point of contention.
Books: Lessons in Value Creation
CFO Ryohei Yanagi examines corporate governance in Japan and looks for ways Japanese companies can create greater value.
Survey: Hedge Accounting
A Deloitte survey of business professionals looks at companies’ plans to implement the new, optional hedge accounting standard.
Sec Issues 300-Plus-Page Disclosure Reform Rule
The SEC issued a final rule on disclosure simplification that includes changes to Regulations S-X and S-K.
President Intervenes on Multiple-employer Plans
An executive order aims to expand sponsorship and adoption of multiple-employer plans for small and mid-size businesses.
Taxation of Children’s Unearned Income
The 2017 TCJA simplifies the kiddie tax calculation by allowing a child’s net unearned income to be calculated independently.
Martin Baumann Named New IAASB Chair
The new chair for the International Auditing and Assurance Standards Board will begin a three-year term in January 2019.
Congress IS Debating Latest JOBS Act
The JOBS and Investor Confidence Act would help start-up companies attract investments to grow and create jobs.
House Considers Divisive Bill on Paid Sick Leave
A House bill allowing companies to offer federal options for paid medical leave is gaining momentum and criticism.
Public Pension Underfunding
Management accountants have the skills and expertise to help weather and influence the transformations in public pensions.
Sales Tax for E-Commerce Still in Limbo
A recent Supreme Court ruling could have a significant impact on states’ ability to collect sales tax for online purchases.
SEC to Ease Financial Reporting for More Small Companies
More small reporting companies will be eligible to provide scaled-down disclosures under Regulations S-K and S-X.
SEC Orders Reporting via Inline XBRL
The SEC has developed a phased transition plan for organizations to submit financial information using Inline XBRL.
Taxes: Opportunity Zone Legislation
The Tax Cuts and Jobs Act offers incentives for taxpayers to reinvest capital in economically distressed communities.
Banking Bill a Possible Boon to Commercial Lending?
The Economic Growth, Regulatory Relief, and Consumer Protection Act eases some of the regulatory burden for community banks.
Multiple-Employer Plans May Expand
The Retirement Security for American Workers Act could make it easier for smaller businesses to join together to offer pensions.
Hobby Gross Income and Expenses after the TCJA
The Tax Cuts and Jobs Acts of 2017 may have increased the complexity of hobby gross income and expenses reporting.
SEC Cybersecurity Disclosure Guidance Concerns
The March 2018 SEC guidance on cybersecurity risks has drawn heavy criticism for issues around the definition of materiality.
Bitcoin Rising
Trades and transactions in cryptocurrencies like bitcoin can be taxable events and need to be properly reported to the IRS.
Omnibus Bill Has Two Business Financing Provisions
Business development companies saw their fund leverage level increase from the current 1-1 to 2-1 in a 2018 omnibus bill.
Mutual Funds Could Avoid Fed Stress Tests
The Alleviating Stress Test Burdens to Help Investors Act passed the House in March 2018 and now goes before the Senate.
Charitable Giving with the Increased Standard Deduction
There are still a number of planning opportunities to help taxpayers take advantage of charitable giving.
SEC Cybersecurity Risk Reporting Guidance
The guidance published in February 2018 addressed 10-K and 10-Q disclosures about cybersecurity risks.
Changes to Dodd-Frank Derivatives Provisions?
The House Financial Services Committee is considering 11 separate bills addressing the derivatives provisions.
Will the U.S. Supreme Court Overturn Quill?
The issues of sales tax and nexus for e-commerce may be revisited in a new case that has made its way to the Supreme Court.
Congress Delays Cadillac Tax on Employer Health Plans
The January 2018 continuing resolution included a delay of the 40% “Cadillac tax” on employer-sponsored healthcare coverage.
House Begins to Reverse “Floating” NAVs
A bill to restore “stable NAV” for prime money market funds has been passed by the House Financial Services Committee.
Individual Taxpayers and the Tax Cuts and Jobs Act
The new tax law makes a number of significant changes, including lowering tax rates and increasing the standard deduction.
New COSO Appointment
COSO has named Georgia-Pacific’s Paul Sobel as its chairman for a three-year term beginning February 1, 2018.
Exemption from Earliest-year MD&A Reporting
Clarifying the Management’s Discussion and Analysis requirements receives support from business groups.
SEC Staff Bulletin for New Tax Law
The SEC provides guidance to financial statement preparers on questions regarding ASC 740 and the Tax Cuts and Jobs Act.
Taxes: Health Reimbursement Arrangements in Small Businesses
Small businesses that offer HRAs to their employees need to keep in compliance with relevant legislation and regulations.
Opposition to Proposed Changes to Lead Auditor Standards
The PCAOB has drawn criticism for the proposed adjustments to its 2016 proposal regarding lead auditors’ responsibilities.
Proposed ASU for Leases Standard
A proposed Accounting Standard Update (ASU) from the FASB aims to simplify implementation of the Leases standard.
Auditor Attestation Exemption Advances
The House Financial Services Committee passed a bill exempting more EGCs from SOX auditor attestation requirements.
When Equipment Repairs Are Ordinary and Necessary
New IRS regulations help distinguish when repairs and improvements can be expensed or when they must be capitalized.
SEC Finally Proposes Changes to Regulation S-K
The changes impact financial reporting disclosures and include items such as Management’s Discussion and Analysis.
Congress Sets Aside CFPB Rule
A rule banning financial companies from using mandatory arbitration clauses was set aside by Congress.
2017 Tax-Year Filing Issues
A helpful review for tax preparers looks at some of the expired provisions and other issues related to the 2017 tax year.
“Pass-through” Companies Tax Reform
The Senate and House of Representatives are taking different approaches to tax reform for pass-through companies.
SBA Opposes Proposed CFPB Rule
The U.S. Small Business Administration seeks to halt a new rule that could prove costly for small banks.
Form 1098-T Tuition Statement
Form 1098-T contains important info for educational credits or deductions, but it sometimes contains mistakes or isn’t sent.
SEC Split on FASB Definition of “Materiality”
The SEC had suggested support of the FASB’s definition, but the Investor Advocate has recently indicated otherwise.
SEC Approves PCAOB Standard
The new standard to enhance auditor’s reports includes rules and requirements on communicating critical audit matters (CAMs).
SEC Expands Access to Nonpublic Review of Offerings
The SEC has extended a provision of the JOBS Act to broaden which companies can submit registration statements relating to an IPO.
Congress Considers SOX Internal Controls Changes
According to Rep. Bill Huizenga (R.-Mich.), more changes are due for select provisions of the Sarbanes-Oxley Act of 2002.
When to Report Gifts
Giving gifts can involve a tax imposed on the gift giver—and in certain cases, the IRS can also become a recipient.
Changes for Small and Medium Companies
The New Ventures and Economic Success Today (INVEST) Act introduces accounting changes for small and medium-size business.
PCAOB Requires Auditor Reporting of CAMs
The Public Company Accounting Oversight Board has introduced new requirements for critical audit matters.
How the Self-Employment Tax Is Miscalculated
Two laws on self-employment taxes result in underpayment of self-employment taxes and an overpayment of federal income taxes.
Inline XBRL Runs into Opposition
Critics of the SEC’s proposed requirement to use Inline XBRL note that many software vendors aren’t prepared for it.
Section 404 Changes Under the Radar
Despite opposition, two changes to the Sarbanes-Oxley Act, Section 404 were passed by the House of Representatives in June.
TAXES: FAILURE TO FILE ON TIME
Paying taxes is never fun, but not filing an extension or missing any deadlines will make it even worse.
New IRS Rules on Foreign Currency
Companies that do business overseas might need to update their accounting systems thanks to IRS rules effective next year.
Derivatives Are an Issue Again
As the Senate Banking Committee considers changes to Dodd-Frank, OTC derivatives are a concern once again.
UNCERTAIN TAX CONSEQUENCES WITH §1234A
There is a lot of confusion and uncertainty around the application of IRC §1234A. Be aware of some of the issues involved.
CLAYTON IS NEW SEC CHAIRMAN
John Clayton became the 32nd chairman of the SEC in May, replacing Acting Chairman Michael Piwowar.
Will Limit on Investors for Angel Funds Increase?
A bill increasing the limit on accredited investors passed in the House with very strong support and now moves to the Senate.
Encouraging Employee Ownership Act
The bill reduces the threshold that triggers financial disclosure obligations for companies issuing stock offerings to employees.
PRIVATE COLLECTION AGENCIES ARE BACK
The IRS plans to use private debt collectors to assist with collection of certain overdue tax debts beginning spring 2017.
SEC Wants to Require Inline XBRL
A proposed rule would require companies to use Inline XBRL for financial statement preparation which could reduce costs.
FAMILY-OWNED BUSINESS SUCCESSION PLANNING
Proposed regulations could affect the rules associated with intra-family transfers, changing decades of accepted tax practices.
Net Stable Funding Ratio Proposal Under Fire
Does the rule take into account its dramatic impacts on corporate end-users and discourages banks from investing in corporate debt?
SEC Rule on Prime Funds Target of Revision?
The SEC's rule to require Prime Institutional MMFs to use a floating net asset value may be a target of the new administration.
Software Credit for Increasing Research Activities
New regulations provide clarification for taxpayers trying to determine if they are eligible for the software credit.
Definition of a Business
The FASB’s new ASU provides a more robust framework for determining when a set of assets and activities is a business.
Border Adjustment Tax Controversy
Retail groups have opposed the controversial tax, while other groups think it will have little impact on prices.
IRS Proposals: Add 1, Cut 2?
What tax rules will get cut under President Trump’s order requiring two regulations being eliminated for each new one added?
Tax Reform Is Coming: Are You Ready?
No one knows what shape the tax reform efforts will take in the new administration, so be prepared for a number of possibilities.
THE EXPANDED PAID PREPARER’S DUE DILIGENCE CHECKLIST
With the checklist expanded to include four tax credits, tax preparers will need more information and documentation.
Will SIFI Oversight Threshold Be Eliminated?
Under the new administration, H.R. 6392, a bill meant to eliminate the asset threshold for bank oversight, may pass.
Changes to Employee Benefit Report
The Department of Labor, IRS, and PBGC have proposed major changes to the financial reporting aspects of Form 5500.
Reactions to Schedule UTP
How companies complete Schedule UTP provides the IRS with greater insight into the various uncertain tax positions being reported.
Self-certification for 60-day Rollover Rule
Taxpayers can now self-certify that they qualified for an exemption to the 60-day limit for an IRA rollover.
TREASURY EASES EARNINGS STRIPPING RULE
The final rule includes an exemption for select types of loans that don’t present a risk of earning stripping.
SEC “DISCLOSURE EFFECTIVENESS” INITIATIVE RAISES CONCERNS
The proposal to reduce corporate disclosure has met with heavy resistance from public interest, consumer, and other groups.
ENHANCED CHARITABLE DEDUCTION FOR FOOD INVENTORY
The Path Act increased the deduction limit for contributions of apparently wholesome food inventory.
Transparency of Accountant Discipline Actions at PCAOB
A bill that adds more transparency to the PCAOB’s enforcement actions against accountants again has trouble finding traction.
Congress Pressures the FASB on R&D Accounting
Members of the House want the FASB to change the treatment for R&D expenses included in the standard on intangible assets.
Executive Compensation Proposal Satisfies No One
The rule, jointly proposed by four federal agencies to address Dodd-Frank requirements, faces a number of criticisms.
FORM 990 AND SCHEDULE O
It’s easy to overlook the need to include Schedule O when filing a return for an organization exempt from income tax.
SEC Takes Next Step on S-K
The Commission continues its work in exploring potential changes in requirement disclosures under Regulation S-K.
GAIN FROM SALE OF PRINCIPAL RESIDENCE
A partial exclusion is available if the sale resulted from a change in place of employment or other safe harbor rules.
Three Agencies Want Pension Fund Reporting Reforms
The U.S. Department of Labor, IRS, and Pension Benefit Guaranty Corporation proposed changes to how companies report about pension plans.
REPORTING EXEMPTIONS FOR MORE SMALL COMPANIES
The SEC wants to raise the public float threshold to ease the reporting requirements for some smaller companies.
IN-PLAN ROTH ROLLOVER
The tax consequences for converting retirement assets to an in-plan Roth account differ from those of a Roth conversion.
SEC Initiative Challenged and H.R. 3868 Opposed
A Senate Committee questioned the SEC’s Disclosure Effectiveness Initiative, while the SEC Chair objected to H.R. 3868.
FASB: Not-For-Profit Reporting Change
An Accounting Standards Update from the FASB changes the presentation of financial statements for nonprofits.
DOL’s Revised Overtime Rules
The new changes can significantly impact which workers are exempt from overtime rules, and companies have only months to prepare.
The New Leasing Standard
FASB’s long-awaited update to the lease accounting standard makes some significant changes to leasing requirements.
H.R. 4139 Extends Exemption
The Fostering Innovation Act of 2015 (H.R. 4139) extends a reporting exemption for emerging growth companies for an additional 10 years.
Crowdfunding Portals Open
The new portals help small businesses to raise capital through eased securities regulations.
No More Hiding Lease Liability
With the new FASB standard, companies will no longer be able to hide lease liabilities off the balance sheet.
Inherited IRAs and State Income Tax
With IRA distributions, state income tax issues can create more challenges than federal tax law.
Are You Ready for Company Preparedness?
A poll explores company preparedness for the new FASB and IASB lease accounting standards. Surprisingly few respondents feel ready.
New Pocket Guide to IFRS
The IFRS Foundation has published the 2016 edition of the Pocket Guide to IFRS Standards.
FASB Tightens Credit Loss Reporting
The FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326).
Work Begins on Regulation S-K Revisions
The SEC begins the preliminary efforts for modernizing 30-year-old Regulation S-K.
Proposed Regulations for Reg D Financing
The Private Placement Improvement Act aims to stop a proposed SEC rule addressing Rule 506 offerings.
The AMT and the Minimum Tax Credit
Under certain conditions, the Minimum Tax Credit can create future tax benefits.
SEC’s Restrictive Derivatives Proposal
A new SEC rule for BDCs takes the opposite approach of pending Congressional legislation.
New ICFR Concerns
Internal control over financial reporting continues to be a focus for the SEC.
New Pension Plan Rule
The Treasury Department proposed a new rule for companies with a “closed” defined benefit pension plan.
GOP: Ease Restrictions on CLOs
A bill introduced in the House would create a qualifying CLO exemption to the Dodd-Frank risk retention rules.
IRS Updates the De Minimis Rule
The de minimis safe harbor threshold has been increased to $2,500 for taxpayers without an applicable financial statement.
Survey: Tax Compliance
A look at the challenges and difficulties of complying with tax laws.
REVENUE RECOGNITION UPDATE
The FASB issues guidance regarding principal vs. agent considerations with ASC 606.
Not-for-Profit Organizations and UBTI
Tax-exempt organizations should be careful to avoid the trap of unrelated business taxable income.
New Reporting for Resource Companies?
Companies involved in the commercial development of oil, natural gas, or minerals face a new reporting proposal from the SEC.
Taxes: Reporting Foreign Income
Foreign income and accounts held outside the U.S. involve additional reporting and disclosure rules and deadlines.
Key Business Tax Changes
The PATH Act of 2015 included two significant business tax provisions.
Congress Seeks Changes to Regulation S-K
Congress passed a bill that requires the SEC to make changes that improve and streamline corporate reporting.
SEC SUPERCHARGES WHISTLEBLOWER PROGRAM
As the SEC improves its whistleblower program, companies must do more to encourage reporting of unlawful conduct and to discourage retaliatory behaviors.
Federal Compliance Accounting
If you work for a company with government contracts, this primer will help keep you in compliance with the appropriate rules and regulations.
Recognizing Software Revenue
The new revenue recognition standard could lead to more aggressive revenue recognition for software companies.
Taxes: Residential Mortgage Interest & Co-ownership
A Ninth Circuit Court ruling could impact homeowners’ limits for qualified residence interest.
Will SEC Move to Inline XBRL?
Commissioner Piwowar believes the SEC should consider permitting inline XBRL to reduce errors.
Bill Clarifies Derivatives End-User Exemption
The House passed a bill that would clear up concerns about the exemption for centralized treasury units.
CAN CONTRARY OPINIONS ENSURE M&A SUCCESS?
An active board of directors that solicits independent contrary opinions can help avoid disastrous results.
Book Review: The FASB’s Process
Management accountants should have a deep understanding of and become more involved with the FASB.
Taxes: Extended Involuntary Conversion Relief
A recent IRS notice provides more relief for farmers forced to sell livestock due to extreme drought conditions.
IMPROVING FAIR VALUE DISCLOSURE
The FASB has issued a proposed Accounting Standards Update on the disclosure requirements for fair value measurement.
MOVE TO CANCEL EMPLOYER HEALTH INSURANCE TAX
Two bills have been introduced in the Senate to eliminate the tax on “Cadillac” health plans.
RED FLAGS ON AUDIT QUALITY
The PCAOB is concerned with the number and significance of audit deficiencies related to risk assessment.
TAXES: THE STANDARD DEDUCTION OR ITEMIZED?
Taking the larger of itemized or the standard deduction isn’t always the best choice.
BOOKS: THE SOFT SIDE OF BUILDING GREATNESS
The Soft Edge explains how companies can use their values to foster long-term innovation and growth.
UPDATING REGULATION S-X
The SEC is updating standards regarding financial reporting. Will your company be affected?
PBGC RULE RILES PENSION SPONSORS
New regulations will govern how pension sponsors use reportable events waivers.
Preparing for ASC 606
Get ready before implementation with a change management plan that includes an effective workforce strategy.
TAXES: THE ABLE ACT
The new legislation can help secure a better financial future for qualified disabled individuals.
MORE TIME TO PURSUE CIVIL PENALTIES
A new bill aims to extend the statute of limitations for securities law violations.
PUSHBACK ON CLAWBACK REPORTING PROPOSAL
Companies object to a proposed rule requiring them to disclose their clawback policy for incentive-based compensation.
The Crowdfunding Effect
Companies looking to take advantage of the SEC’s rules on crowdfunding will face a new set of challenges.
TAXES: KEEPING AN EYE ON LADY LUCK
Technology has made it easier to track gambling results. The IRS looks to take advantage of that with new rules.
SEC: PAY VS. PERFORMANCE
A proposed rule would require companies to provide a comparison of executive pay to total shareholder return.
GOVERNMENT NEWS: REDEFINING PENSION ADVICE
The Department of Labor’s proposal to redefine the term “fiduciary” is still creating controversy.
NEWS FOR WHISTLEBLOWERS
The SEC issued a new rule that clarifies the definition of a whistleblower.
SEC: Additional audit committee disclosure likely
The SEC is considering issuing additional requirements for external auditors on the level of detail their reports should have.
UPDATES TO IIA FRAMEWORK
The Institute of Internal Auditors updated its International Professional Practices Framework to clarify the auditor’s role and make the Framework more comprehensible.
Will Rules for EGCs be revised?
The U.S. House of Representatives and Senate are considering legislation to provide more flexibility to emerging growth companies.
INTEGRATING IFRS AND GAAP
SEC Chief Accountant James Schnurr will soon make a recommendation on the convergence of IFRS and U.S. GAAP.
Reporting Top Execs’ Pay
A proposed rule would require companies to disclose the pay of their top executives and measure total shareholder return.
INCREASING ATTENTION ON FRAUD
The proposed budget for the SEC will enable it to hire more staffers for its Division of Enforcement.
Proposed REVISION TO REVENUE RECOGNITION STANDARD
The FASB proposes a new update after receiving feedback about implementation challenges.
TAXES: THE SIMPLIFIED HOME OFFICE DEDUCTION
An optional method helps avoid issues connected to calculating the home office deduction and itemizing related deductions.
Disclosure Simplification on Senate Agenda
With Republicans now holding the majority in the Senate, attention will turn to passing financial reporting and Dodd-Frank reform bills.
Financing for Smaller Companies
New legislation allows only one registration approval for companies that want to raise up to $50 million in a year.
TAXES: LOCAL LODGING RULES
Certain local lodging expenses may now qualify as deductible business expenses if the right conditions are met.
REDEFINING “FIDUCIARY”
Business groups worry that a new definition will lead to restrictions on what they can tell investors.
SMALL BUSINESS BILL FACES VETO
The bill that makes permanent certain tax breaks for small businesses would add $79 billion to the budget deficit.
Stacked in Your Favor
COSO and ISO RM/IC frameworks can help manufacturers succeed.
GLOBAL FIGHT AGAINST TAX EVASION
Governments around the world have endorsed an initiative to increase transparency and improve tax compliance by sharing financial account information.
Corporate Tax Proposals
President Obama’s proposed 2016 fiscal budget includes several tax proposals that will affect small businesses.
SEC’s EXCEPTION PAYS BIG
For the first time, the SEC has awarded a whistleblower under an exception to a rule.
On the Hill: Well, Well, Well
Business groups push Congress for clearer guidance on the rules for corporate wellness programs.
GOVERNMENT: A Push for More PBM Cost Transparency
DOL officials are waiting for the final report from the ERISA Advisory Committee.
Government: Relief from Dodd-Frank Rules?
House passes Promoting Job Creation and Reducing Small Business Burdens Act, but Obama threatens to veto.
ETHICS: Oversight of Credit Raters Still Lacks Teeth
Regulators aren’t doing enough to penalize credit rating agencies and discourage unethical behavior.
TAXES: TAXPAYERS AND IDENTITY THEFT
If worrying about identity theft isn’t bad enough, you also need to consider your tax situation.
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