SEC Rolls Back Requirements on MD&A, Financial Data
By Bill Flook The SEC on November 19, 2020, issued final rules to streamline requirements in management’s discussion and analysis …
Thomson Reuters Tax & Accounting News
SEC Proposes to Update, Expand Equity Compensation Exemption
By Bill Flook The SEC on November 24, 2020, proposed to update the exemption allowing private companies to offer equity …
Big Banks Didn’t See Benefit of Deferring Adoption of Credit Loss Accounting Rules
By Denise Lugo The nation’s largest banks adopted the FASB’s current expected credit loss (CECL) standard this year, as opposed …
SPACs are Hot but Difficult to Pull Off
By Soyoung Ho SPACs are hot. Once regarded as somewhat shady as blank check companies, they have become the darling …
Draft 2021 Instructions for Forms 1099-MISC and 1099-NEC Released
The IRS has released draft 2021 instructions for Form 1099-MISC, Miscellaneous Information, and Form 1099-NEC, Nonemployee Compensation. Among the changes …
Senate Democrats Have Harsh Words for Departing SEC Chairman
By Bill Flook The top Democrat on the Senate Banking Committee lambasted outgoing SEC Chairman Jay Clayton for implementing “one …
More Disaster Victims in Louisiana Qualify for Tax Relief
Victims of Hurricane Laura that took place in parishes of Louisiana have more time to make tax payments and file …
No Conceptual Basis for Other Comprehensive Income, FASB Says
By Denise Lugo The FASB on November 11, 2020, affirmed there is no conceptual basis for other comprehensive income (OCI), …
SEC Unlikely to Issue Interpretive Guidance on Human Capital Management Disclosure
By Soyoung Ho When the SEC in August adopted a new rule for public companies to provide information to investors …
Chief Counsel Memo Discusses Fees for Income Verification
In a redacted Program Manager Technical Advice (PMTA) memo, IRS Chief Counsel has addressed the fees for income verification required …
FASB to Require Chief Decision-Maker View for Disclosing Segment Expense
By Denise Lugo The FASB’s project to revise disclosure rules for operating segments of a company continues to be of …
Tax Policy Outlook Uncertain as Key Senate Races Head to Runoff
By Melissa A. Oaks, J.D., LL.M. …
Senate Banking Committee Makeup to Shift with McSally, Jones Defeats
By Bill Flook One Republican and one Democrat on the Senate Banking Committee have lost their reelection bids, leaving two …
FASB Chair Stresses Importance of Making a Case for Change Prior to Tinkering with Rules
By Denise Lugo FASB Chairman Richard Jones on November 4, 2020, signaled the board would focus on first making a …
Taxpayer Beneficial Change in Draft Instructions to 2020 Qualified Business Income Form
The draft instructions for 2020 Form 8995, Qualified Business Income Deduction Simplified Computation, contain a change that indicates that IRS …
SEC Asks Court to Toss Out Institutional Shareholder Services Lawsuit
By Bill Flook The SEC on October 30, 2020, asked a U.S. District Court judge to toss out a lawsuit …
IRS Makes it Easier to Set Up Tax Payment Arrangements
In a News Release, IRS has announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily …
Group Says Accounting Standard-Setter is Ignoring Investor Views
By Soyoung Ho A group of investment analysts who are well-versed in accounting told the SEC that they are concerned …