The IRS provided guidance to determine refunded amounts to include in income given limitations on SALT itemized deductions.
Social media communication demonstrates that we’re all connected and have more in common with each other than we might think.
House Democrats want the SEC to establish rules and metrics for corporate reporting on ESG categories.
Organizations find it difficult to adequately invest to prepare for risks and protect the continuity of their operations.
The SEC proposed relief for some small public companies that need to get an auditor attestation of their management controls.
Non-U.S. investors who bought real estate property in the U.S. need to know the applicable tax and filing requirements.
The House proposed prohibiting U.S. public companies from retaining a non-U.S. auditor that the PCAOB can’t inspect.
The SEC changed auditor independence rules related to auditors’ lending relationship with certain client shareholders.
The FASB proposed improving guidance for financial instruments with the characteristics of liabilities and equity.
Some taxpayers can’t make a nondeductible contribution to a Roth IRA based on their income. The answer: a backdoor Roth IRA.
The House is proposing an expansion of corporate financial reporting requirements to include data on human resources issues.
The SEC wants to reduce the number of small reporting companies that must have independent audits of their internal controls.
The SEC is proposing new regulations that would enable more U.S. employees to earn overtime benefits.
The CII is pressing the SEC to make a rule change for disclosures on the use of non-GAAP financial measures.
Organizations find it difficult to adequately invest to prepare for risks and protect the continuity of their operations.
The International Accounting Standards Board proposes amendments to four of its standards as part of its annual maintenance.
The SEC is likely to let the PCAOB revise standards to ratchet up oversight of specialists employed by accounting firms.
While clawbacks are designed with ethicality in mind, several complicating provisions require close consideration.
Trump’s 2020 budget plans could effectively shut down the Small Business Administration’s Loan Guarantee program.
The SEC has issued a change to financial reporting rules to increase flexibility around MD&A periods.
The IRS has provided guidance regarding the TCJA’s changes to the deductibility of business meals and entertainment expenses.
Under the new revenue recognition standard, taxable revenue may being recognized sooner than before.
The U.S. Chamber of Commerce believes proposed tailoring rules could be modified to better help regional and midsized banks.
The Treasury issued regulations on the 20% income tax bracket for small business owners created by the Tax Cuts and Jobs Act.
When deducting business expenses associated with a vehicle, certain rules can lead to unwanted tax consequences.
The SEC’s proposed changes to Rules 3-10 and 3-16 are receiving support from companies in a variety of industries.
Senators plan to reintroduce a bill to protect small businesses from misuse of confessions of judgment when obtaining a loan.
Companies need to change the way they interact with the investing community and what information they report.
The new tax law for determining the disallowed expense for qualified parking raises some complex planning issues.
In a Senate hearing, SEC Chairman Clayton discussed the financial disclosures system and ongoing concern over corporate debt.
A key consideration in the taxes owed on any profit from the sale of a house lies in the principal residence requirements.
In-Ki Joo has been named president of the International Federation of Accountants for a two-year term.
The SEC has issued a report alerting public companies to the importance of cybersecurity when implementing internal controls.
The new PCAOB draft plan asks for opinions from affected sectors before proposing plans for audit services improvement.
The new rules require more estimates and greater judgment. Are you up to speed on the changes and their potential impact?
The Tax Cuts and Jobs Act of 2017 increased and expanded the IRC §179 deduction and bonus depreciation deduction.
The limitations on state and local property tax deductions introduced by the TCJA continue to be a point of contention.
CFO Ryohei Yanagi examines corporate governance in Japan and looks for ways Japanese companies can create greater value.
A Deloitte survey of business professionals looks at companies’ plans to implement the new, optional hedge accounting standard.
The SEC issued a final rule on disclosure simplification that includes changes to Regulations S-X and S-K.
An executive order aims to expand sponsorship and adoption of multiple-employer plans for small and mid-size businesses.
The 2017 TCJA simplifies the kiddie tax calculation by allowing a child’s net unearned income to be calculated independently.
The new chair for the International Auditing and Assurance Standards Board will begin a three-year term in January 2019.
The JOBS and Investor Confidence Act would help start-up companies attract investments to grow and create jobs.
A House bill allowing companies to offer federal options for paid medical leave is gaining momentum and criticism.
Management accountants have the skills and expertise to help weather and influence the transformations in public pensions.
A recent Supreme Court ruling could have a significant impact on states’ ability to collect sales tax for online purchases.
More small reporting companies will be eligible to provide scaled-down disclosures under Regulations S-K and S-X.
The SEC has developed a phased transition plan for organizations to submit financial information using Inline XBRL.
The Tax Cuts and Jobs Act offers incentives for taxpayers to reinvest capital in economically distressed communities.
The Economic Growth, Regulatory Relief, and Consumer Protection Act eases some of the regulatory burden for community banks.
The Retirement Security for American Workers Act could make it easier for smaller businesses to join together to offer pensions.
The Tax Cuts and Jobs Acts of 2017 may have increased the complexity of hobby gross income and expenses reporting.
The March 2018 SEC guidance on cybersecurity risks has drawn heavy criticism for issues around the definition of materiality.
Trades and transactions in cryptocurrencies like bitcoin can be taxable events and need to be properly reported to the IRS.
Business development companies saw their fund leverage level increase from the current 1-1 to 2-1 in a 2018 omnibus bill.
The Alleviating Stress Test Burdens to Help Investors Act passed the House in March 2018 and now goes before the Senate.
There are still a number of planning opportunities to help taxpayers take advantage of charitable giving.
The guidance published in February 2018 addressed 10-K and 10-Q disclosures about cybersecurity risks.
The House Financial Services Committee is considering 11 separate bills addressing the derivatives provisions.
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.
The January 2018 continuing resolution included a delay of the 40% “Cadillac tax” on employer-sponsored healthcare coverage.
A bill to restore “stable NAV” for prime money market funds has been passed by the House Financial Services Committee.
The new tax law makes a number of significant changes, including lowering tax rates and increasing the standard deduction.
COSO has named Georgia-Pacific’s Paul Sobel as its chairman for a three-year term beginning February 1, 2018.
Clarifying the Management’s Discussion and Analysis requirements receives support from business groups.
The SEC provides guidance to financial statement preparers on questions regarding ASC 740 and the Tax Cuts and Jobs Act.
Small businesses that offer HRAs to their employees need to keep in compliance with relevant legislation and regulations.
The PCAOB has drawn criticism for the proposed adjustments to its 2016 proposal regarding lead auditors’ responsibilities.
A proposed Accounting Standard Update (ASU) from the FASB aims to simplify implementation of the Leases standard.
The House Financial Services Committee passed a bill exempting more EGCs from SOX auditor attestation requirements.
New IRS regulations help distinguish when repairs and improvements can be expensed or when they must be capitalized.
The changes impact financial reporting disclosures and include items such as Management’s Discussion and Analysis.
A rule banning financial companies from using mandatory arbitration clauses was set aside by Congress.
A helpful review for tax preparers looks at some of the expired provisions and other issues related to the 2017 tax year.
The Senate and House of Representatives are taking different approaches to tax reform for pass-through companies.
The U.S. Small Business Administration seeks to halt a new rule that could prove costly for small banks.
Form 1098-T contains important info for educational credits or deductions, but it sometimes contains mistakes or isn’t sent.
The SEC had suggested support of the FASB’s definition, but the Investor Advocate has recently indicated otherwise.
The new standard to enhance auditor’s reports includes rules and requirements on communicating critical audit matters (CAMs).
The SEC has extended a provision of the JOBS Act to broaden which companies can submit registration statements relating to an IPO.
According to Rep. Bill Huizenga (R.-Mich.), more changes are due for select provisions of the Sarbanes-Oxley Act of 2002.
Giving gifts can involve a tax imposed on the gift giver—and in certain cases, the IRS can also become a recipient.
The New Ventures and Economic Success Today (INVEST) Act introduces accounting changes for small and medium-size business.
The Public Company Accounting Oversight Board has introduced new requirements for critical audit matters.
Two laws on self-employment taxes result in underpayment of self-employment taxes and an overpayment of federal income taxes.
Critics of the SEC’s proposed requirement to use Inline XBRL note that many software vendors aren’t prepared for it.
Despite opposition, two changes to the Sarbanes-Oxley Act, Section 404 were passed by the House of Representatives in June.
Paying taxes is never fun, but not filing an extension or missing any deadlines will make it even worse.
Companies that do business overseas might need to update their accounting systems thanks to IRS rules effective next year.
As the Senate Banking Committee considers changes to Dodd-Frank, OTC derivatives are a concern once again.
There is a lot of confusion and uncertainty around the application of IRC §1234A. Be aware of some of the issues involved.
John Clayton became the 32nd chairman of the SEC in May, replacing Acting Chairman Michael Piwowar.
A bill increasing the limit on accredited investors passed in the House with very strong support and now moves to the Senate.
The bill reduces the threshold that triggers financial disclosure obligations for companies issuing stock offerings to employees.
The IRS plans to use private debt collectors to assist with collection of certain overdue tax debts beginning spring 2017.
A proposed rule would require companies to use Inline XBRL for financial statement preparation which could reduce costs.
Proposed regulations could affect the rules associated with intra-family transfers, changing decades of accepted tax practices.
Does the rule take into account its dramatic impacts on corporate end-users and discourages banks from investing in corporate debt?
The SEC's rule to require Prime Institutional MMFs to use a floating net asset value may be a target of the new administration.
New regulations provide clarification for taxpayers trying to determine if they are eligible for the software credit.
The FASB’s new ASU provides a more robust framework for determining when a set of assets and activities is a business.
Retail groups have opposed the controversial tax, while other groups think it will have little impact on prices.
What tax rules will get cut under President Trump’s order requiring two regulations being eliminated for each new one added?
No one knows what shape the tax reform efforts will take in the new administration, so be prepared for a number of possibilities.
With the checklist expanded to include four tax credits, tax preparers will need more information and documentation.
Under the new administration, H.R. 6392, a bill meant to eliminate the asset threshold for bank oversight, may pass.
The Department of Labor, IRS, and PBGC have proposed major changes to the financial reporting aspects of Form 5500.
How companies complete Schedule UTP provides the IRS with greater insight into the various uncertain tax positions being reported.
Taxpayers can now self-certify that they qualified for an exemption to the 60-day limit for an IRA rollover.
The final rule includes an exemption for select types of loans that don’t present a risk of earning stripping.
The proposal to reduce corporate disclosure has met with heavy resistance from public interest, consumer, and other groups.
The Path Act increased the deduction limit for contributions of apparently wholesome food inventory.
A bill that adds more transparency to the PCAOB’s enforcement actions against accountants again has trouble finding traction.
Members of the House want the FASB to change the treatment for R&D expenses included in the standard on intangible assets.
The rule, jointly proposed by four federal agencies to address Dodd-Frank requirements, faces a number of criticisms.
It’s easy to overlook the need to include Schedule O when filing a return for an organization exempt from income tax.
The Commission continues its work in exploring potential changes in requirement disclosures under Regulation S-K.
A partial exclusion is available if the sale resulted from a change in place of employment or other safe harbor rules.
The U.S. Department of Labor, IRS, and Pension Benefit Guaranty Corporation proposed changes to how companies report about pension plans.
The SEC wants to raise the public float threshold to ease the reporting requirements for some smaller companies.
The tax consequences for converting retirement assets to an in-plan Roth account differ from those of a Roth conversion.
A Senate Committee questioned the SEC’s Disclosure Effectiveness Initiative, while the SEC Chair objected to H.R. 3868.
An Accounting Standards Update from the FASB changes the presentation of financial statements for nonprofits.
The new changes can significantly impact which workers are exempt from overtime rules, and companies have only months to prepare.
FASB’s long-awaited update to the lease accounting standard makes some significant changes to leasing requirements.
The Fostering Innovation Act of 2015 (H.R. 4139) extends a reporting exemption for emerging growth companies for an additional 10 years.
The new portals help small businesses to raise capital through eased securities regulations.
With the new FASB standard, companies will no longer be able to hide lease liabilities off the balance sheet.
With IRA distributions, state income tax issues can create more challenges than federal tax law.
A poll explores company preparedness for the new FASB and IASB lease accounting standards. Surprisingly few respondents feel ready.
The IFRS Foundation has published the 2016 edition of the Pocket Guide to IFRS Standards.
The FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326).
The SEC begins the preliminary efforts for modernizing 30-year-old Regulation S-K.
The Private Placement Improvement Act aims to stop a proposed SEC rule addressing Rule 506 offerings.
Under certain conditions, the Minimum Tax Credit can create future tax benefits.
A new SEC rule for BDCs takes the opposite approach of pending Congressional legislation.
Internal control over financial reporting continues to be a focus for the SEC.
The Treasury Department proposed a new rule for companies with a “closed” defined benefit pension plan.
A bill introduced in the House would create a qualifying CLO exemption to the Dodd-Frank risk retention rules.
The de minimis safe harbor threshold has been increased to $2,500 for taxpayers without an applicable financial statement.
A look at the challenges and difficulties of complying with tax laws.
The FASB issues guidance regarding principal vs. agent considerations with ASC 606.
Tax-exempt organizations should be careful to avoid the trap of unrelated business taxable income.
Companies involved in the commercial development of oil, natural gas, or minerals face a new reporting proposal from the SEC.
Foreign income and accounts held outside the U.S. involve additional reporting and disclosure rules and deadlines.
The PATH Act of 2015 included two significant business tax provisions.
Congress passed a bill that requires the SEC to make changes that improve and streamline corporate reporting.
As the SEC improves its whistleblower program, companies must do more to encourage reporting of unlawful conduct and to discourage retaliatory behaviors.
If you work for a company with government contracts, this primer will help keep you in compliance with the appropriate rules and regulations.
The new revenue recognition standard could lead to more aggressive revenue recognition for software companies.
A Ninth Circuit Court ruling could impact homeowners’ limits for qualified residence interest.
Commissioner Piwowar believes the SEC should consider permitting inline XBRL to reduce errors.
The House passed a bill that would clear up concerns about the exemption for centralized treasury units.
An active board of directors that solicits independent contrary opinions can help avoid disastrous results.
Management accountants should have a deep understanding of and become more involved with the FASB.
A recent IRS notice provides more relief for farmers forced to sell livestock due to extreme drought conditions.
The FASB has issued a proposed Accounting Standards Update on the disclosure requirements for fair value measurement.
Two bills have been introduced in the Senate to eliminate the tax on “Cadillac” health plans.
The PCAOB is concerned with the number and significance of audit deficiencies related to risk assessment.
Taking the larger of itemized or the standard deduction isn’t always the best choice.
The Soft Edge explains how companies can use their values to foster long-term innovation and growth.
The SEC is updating standards regarding financial reporting. Will your company be affected?
New regulations will govern how pension sponsors use reportable events waivers.
Get ready before implementation with a change management plan that includes an effective workforce strategy.
The new legislation can help secure a better financial future for qualified disabled individuals.
A new bill aims to extend the statute of limitations for securities law violations.
Companies object to a proposed rule requiring them to disclose their clawback policy for incentive-based compensation.
Companies looking to take advantage of the SEC’s rules on crowdfunding will face a new set of challenges.
Technology has made it easier to track gambling results. The IRS looks to take advantage of that with new rules.
A proposed rule would require companies to provide a comparison of executive pay to total shareholder return.
The Department of Labor’s proposal to redefine the term “fiduciary” is still creating controversy.
The SEC issued a new rule that clarifies the definition of a whistleblower.
The SEC is considering issuing additional requirements for external auditors on the level of detail their reports should have.
The Institute of Internal Auditors updated its International Professional Practices Framework to clarify the auditor’s role and make the Framework more comprehensible.
The U.S. House of Representatives and Senate are considering legislation to provide more flexibility to emerging growth companies.
SEC Chief Accountant James Schnurr will soon make a recommendation on the convergence of IFRS and U.S. GAAP.
A proposed rule would require companies to disclose the pay of their top executives and measure total shareholder return.
The proposed budget for the SEC will enable it to hire more staffers for its Division of Enforcement.
The FASB proposes a new update after receiving feedback about implementation challenges.
An optional method helps avoid issues connected to calculating the home office deduction and itemizing related deductions.
With Republicans now holding the majority in the Senate, attention will turn to passing financial reporting and Dodd-Frank reform bills.
New legislation allows only one registration approval for companies that want to raise up to $50 million in a year.
Certain local lodging expenses may now qualify as deductible business expenses if the right conditions are met.
Business groups worry that a new definition will lead to restrictions on what they can tell investors.
The bill that makes permanent certain tax breaks for small businesses would add $79 billion to the budget deficit.
COSO and ISO RM/IC frameworks can help manufacturers succeed.
Governments around the world have endorsed an initiative to increase transparency and improve tax compliance by sharing financial account information.
President Obama’s proposed 2016 fiscal budget includes several tax proposals that will affect small businesses.
For the first time, the SEC has awarded a whistleblower under an exception to a rule.
Business groups push Congress for clearer guidance on the rules for corporate wellness programs.
DOL officials are waiting for the final report from the ERISA Advisory Committee.
House passes Promoting Job Creation and Reducing Small Business Burdens Act, but Obama threatens to veto.
Regulators aren’t doing enough to penalize credit rating agencies and discourage unethical behavior.
If worrying about identity theft isn’t bad enough, you also need to consider your tax situation.