Global Rulemaker to Propose Revisions to Management Commentary in April
The IASB plans to issue a proposal in April to revise the management commentary practice statement, a guide for how …
Thomson Reuters Tax & Accounting News
IRS Announces Tax Relief for Texas Severe Winter Storm Victims
Texas victims of winter storms that began February 11, 2021, now have until June 15, 2021, to file various individual …
SEC Separates Waivers From Enforcement Settlement Offers
In a policy shift, SEC Acting Chair Allison Herren Lee said the enforcement division will no longer recommend to the …
Companies Might be Confused About Conceptual Framework, Rulemakers Say
Some accounting practitioners might be confused about what the FASB’s conceptual framework is actually used for, according to February 17, …
IRS Revises Effective Date Language in Application for Tax-Exempt Status
On its website, the IRS has said that it is making two changes to the 2020 Instructions to Form 1023, …
Senate Democrats Call for Tougher 10b5-1 Trading Plan Restrictions
Three Senate Democrats are calling on the SEC to tighten requirements to the Rule 10b5-1 safe harbor to prevent executives from reaping …
Out with Trump’s SEC, In with Biden’s SEC
Just as President Joseph Biden has already reversed many of former President Donald Trump’s executive actions, will SEC chair nominee …
Proposal on Goodwill Triggering Events Will Be Finalized With Broader Scope, Accounting Rulemaker Says
The FASB on February 10, 2021, voted 6 to 1 to finalize its December 2020 proposal on private companies’ assessment …
IRS, Partners Issue Urgent Electronic Filing Identification Number Scam Alert
In a News Release, the IRS, together with its Security Summit partners, have urgently warned tax professionals of a new …
SEC Approval of PCAOB’s Auditor Independence Rule Reflects High-Speed Rulemaking Under Clayton
When the SEC a couple of weeks ago approved the PCAOB’s streamlined auditor independence rules that were criticized by investor …
IRS Updates “Eligible Employer” FAQs for Sick and Family Leave Credits
On its website, the IRS has updated its answers to frequently asked questions (FAQs) to reflect the changes made to …
Senate Banking Committee Sees Five New Members as Sen. Brown Takes Gavel
The Senate Banking Committee has added five new members – two Democrats and three Republicans – as Sen. Sherrod Brown, …
FASB Hammers out Research Angles for Distinguishing Liabilities from Equity
Cash-strapped companies that issue complex financial instruments to raise funds will be able to more easily evaluate how to report …
IRS Releases final 2020 Form 1120-S and Draft Instructions
The IRS has issued the final Form 1120-S, U.S. Income Tax Return for an S Corporation, for use in tax …
SEC Signals ESG Initiatives with Two Picks for Senior Positions
In a signal that the SEC—at least for the time being—is intent to be very friendly to investor advocates, Acting …
IRS Releases Form, Instructions, for Calculating Sick Leave and Family Leave Credits
The IRS has released Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals, and that form’s …
SEC Asks Court to Toss out Industry Lawsuit Against Expired Muni Adviser Relief
A securities industry group cannot sue the SEC over its now-expired order granting regulatory relief to municipal advisers, the commission …
FASB Simplifies Private Company Accounting Rules for Franchise Fees
By Denise Lugo The FASB on January 28, 2021, published an accounting workaround to give privately-owned franchisors a simpler way …