SEC Commissioner Criticizes New Nomination Process for Investor Advisory Committee
By Soyoung Ho SEC Commissioner Allison Herren Lee, a staunch investor protection advocate, voted against the commission’s new way of …
Thomson Reuters Tax & Accounting News
Leave Deposited in Leave-Sharing Plan due to COVID-19 not Included in Income, Wages
On its website, the IRS has said that employers may set up a leave-sharing plan that permits employees to deposit …
House, with Budget Passage, Looks to Trip up Jay Clayton’s Agenda
By Bill Flook The House on July 31, 2020, passed a budget bill funding the SEC and other regulators that …
IRS Recording of Power of Attorney Appointments Delayed Due to COVID-19
On its website, the IRS has said that recording information about third parties appointed under a power of attorney into …
FASB Agrees to Propose More Amendments to Lease Accounting Rules
By Denise Lugo The FASB on July 29, 2020, voted to issue a proposal in September that amends lease accounting …
Final Regs under Sec. 163(j) Address Key Definitions and Calculations
IRS has issued final regs on the Code Sec 163(j) business interest expense deduction that reflect changes made by the Tax Cuts …
Moody’s Warns Companies Not to Fudge Financial Results With Creative Metrics
By Soyoung Ho Analysts with credit rating agency Moody’s Investor Service warned companies not to get too creative and fudge …
Industry Groups Urge Senate Banking Committee to Pass Board Diversity Disclosure Bills
By Bill Flook A coalition of industry groups that includes the American Bankers Association and U.S. Chamber of Commerce on …
IRS Issues Temp Regs on Erroneous Refund of COVID-19 Credits
The IRS has issued temporary regs for reconciling advance payments of refundable employment tax credits provided under the Families First …
FASB to Live-Stream Virtual Lease Accounting Roundtables on September 18
By Denise Lugo The FASB plans to hold two lease accounting roundtables on September 18, 2020, virtually – a historic …
FASB Agrees by Narrow Majority to Propose Alternative for Reporting Initial Franchise Fees
By Denise Lugo The FASB on July 22, 2020, voted 4 to 3 to propose an industry-specific alternative for how …
Reminder: July 31 Deadline for IVES Electronic Signature/Account Update Certification
Reminder: This June, IRS announced that all Income Verification Express Service (IVES) participants must review and complete an electronic signature and …
On Dodd-Frank Anniversary, SEC Nominee Crenshaw Stresses Unfinished Compensation Rules
By Bill Flook On the 10-year anniversary of the signing of the Dodd-Frank Act, SEC nominee Caroline Crenshaw told the …
Final Regs on Income Subject to a High Rate of Foreign Tax
The IRS has issued final regs under the global intangible low-taxed income (GILTI) and subpart F income provisions of the …
ESG Reporting is All the Rage, but Companies are Unsure About Which Reporting Standards to Use
By Soyoung Ho Investors in the past several years have been asking for companies to provide more information on environmental, …
House Appropriations Committe Backs $100 million SEC Budget Boost, Rulemaking Restrictions
By Bill Flook The House Appropriations Committee on July 15, 2020, advanced a budget bill for financial regulators and other …
Final Reg Reduces Preparer Tax Identification Number (PTIN) user fee
The IRS has issued a final reg, adopting a proposed reg without change, that reduces the fee for applying for …
Asset Manager Asks SEC to Require Companies to Disclose Locations of Facilities in Light of Climate Change Risk
By Soyoung Ho An asset manager petitioned the SEC to write a rule requiring public companies to identify the specific …