SEC Plans to Propose Simplifying Auditor Independence Rule in Coming Months
By Soyoung Ho The staff in the SEC’s Office of the Chief Accountant (OCA) is working on a proposal that …
Thomson Reuters Tax & Accounting News
Cash Reimbursement for Transit fare wasn’t Qualified Transportation Fringe Benefit
In a Chief Counsel Advice, the IRS said that an employer’s cash reimbursement of an employee’s purchase of transit fare …
House Passes Insider Trading Ban
By Bill Flook The House of Representatives on December 5, 2019, voted 410 to 13 to pass a bipartisan bill …
AICPA Isues Standards for Agreed-Upon Procedures Engagements
By Soyoung Ho The AICPA on December 5, 2019, published revised attestation standards that are intended to give accountants more …
Liabilities and Equity, LIBOR, Companies’ Implementation Efforts top FASB’S for First Half of 2020
By Denise Lugo FASB Chairman Russell Golden said the board plans to wrap up work on most major standard-setting projects …
IRS Updates Adequate Disclosure Rules for Reducing or Avoiding Certain Penalties
IRS has updated its adequate disclosure procedure. The procedure identifies when disclosure of an item or position is adequate for …
SEC Fires Back in Sierra Club Lawsuit over Information Request
By Bill Flook The SEC on November 27, 2019, asked a federal judge to dismiss a lawsuit by the Sierra …
IRS Releases Final REGS Implementing the Base-Erosion and Anti-Abuse Tax
IRS has released final regs implementing the base-erosion and anti-abuse tax (BEAT) and providing reporting requirements related to the BEAT. …
Development of International Accounting Rules for Cryptoassets Stifled by Lack of Stability, Readiness
By Denise Lugo The IASB said there is insufficient use, stability and regulation of cryptoassets worldwide and therefore the board …
FASB Tweaks Credit Loss Rules to Smooth Implementation Hurdles
By Denise Lugo The FASB on November 26, 2019, issued narrowly drawn amendments to clarify five issues accountants flagged under …
Final Regs Under Sec. 2010 Protect Gifts made Before 2026
The IRS has released final regs that adopt the special rule provided in the proposed regs issued in November 2018 …
SEC Chairman Clayton to Testify Before Banking Panel
By Bill Flook SEC Chairman Jay Clayton is slated to testify on December 10, 2019, before the Senate Banking Committee, …
SEC Plans to Finalize by April 2020 rule that Would Exempt more Companies from Auditor Attestation of Financial Controls
By Soyoung Ho The SEC is full steam ahead on its controversial plans to exempt more categories of companies from …
Disaster Victims in South Dakota Qualify for Tax Relief
IRS has announced on its website that victims of severe storms, tornadoes, and flooding in parts of South Dakota that …
Supreme Court Disgorgement Case Looms Over SEC Enforcement
By Bill Flook Two years ago, the Supreme Court told the SEC that its practice of recouping ill-gotten gains on …
Draft Instructions Issued for form 8978, Partner’s Audit Liability Under Section 6226
The IRS has issued draft instructions for Form 8978, Partner’s Audit Liability Under Section 6226 and Schedule A (Form 8978), …
THOMSON REUTERS WINS BRONZE STEVIE® AWARD IN 2019 STEVIE AWARDS FOR WOMEN IN BUSINESS
November 16, 2019 – Thomson Reuters has been named the winner of Bronze Stevie® Awards in the Most Innovative Woman …
Subset of Companies Get Deferral on New FASB Rules for Credit Losses, Hedging, Lease, Insurance Rules
By Denise Lugo As expected, the FASB on November 15, 2019, issued two new accounting standards with a set of …