This past week, the FASB issued two new ASUs, bringing the total of Updates issued in the first two months of the year up to six, compared to two Updates issued by this time last year. Read more for an overview of each of these recent Updates.
Displaying: Industry News
AICPA Seeks a New Tax Form to Improve S-Corp Shareholder Compliance With Basis Rules
The AICPA is seeking a new tax form to improve S-corp shareholder compliance with basis rules, but will it resolve the nightmare of reconstructing basis? Tony Nitti weighs in.
Relief From QSEHRA Notice/Penalty Requirements Indefinitely Extended
It’s the season of healthcare limbo, but sometimes limbo can be good. On February 27, in Notice 2017-20, the IRS indefinitely suspended notice (and associated penalty) requirements for small employers who use Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs).
10 Items to Consider As You Adopt the New Lease Accounting Standard
ASU No. 2016-02, Leases (Topic 842), the new lease accounting standard, is here. In this post, we highlight 10 items for consideration as you plan to adopt this standard.
Now is the Time to Brush Up on Your Knowledge of SSAE No. 18 and SSARs No. 23
With the effective date of both SSAE No. 18 and SSARS No. 23 just around the corner, now is the time to get up to speed on attestation engagements and the changes brought about by these new standards.
President Trump Orders Review of DOL Fiduciary Regulations
President Trump issued a memorandum on February 3, 2017 directing the acting Secretary of Labor to review the DOL fiduciary regulations scheduled to take effect in April 2017, ordering an economic and legal analysis of the impact of these regulations. The President’s memo is not the first time Republications have sought to repeal the DOL fiduciary regulations.
Surprise, Surprise for C Corporation Extensions
On January 17, the IRS published draft Form 7004 Instructions, extending the due date for C corporation returns to October 15, 2017.
FASB Makes It Easier to Test for Goodwill Impairment while the SEC Cracks the Whip on SAB 74 Disclosures
The Financial Accounting Standards Board (FASB) has been very active in early 2017, having issued three Accounting Standard Codification (ASC) Updates this past week. Here’s a quick summary of the new Updates.
Trump’s 1 For 2 Order Cuts Down Regulations
President Trump signed the Reducing Regulation and Controlling Regulatory Costs Executive Order on January 30, 2017 with the intent to scale back federal regulations. It contains a provision requiring agencies to cut two existing regulations for each new regulation put forth.
IRS Guidance Permits Same-Sex Couples to Recalculate Tax Treatment on Prior Gifts or Bequests
The IRS posted guidance (2017-15) permitting same-sex married couples to recalculate the prior transfer tax treatment of gifts and bequests made before the U.S. Supreme Court deemed Defense of Marriage Act (DOMA) unconstitutional.