2018, 2019 Partnership Forms 1065S may be Amended to Reflect CARES Act
In a Revenue Procedure, IRS has allowed partnerships that are subject to the Bipartisan Budget Act of 2015 (BBA)’s centralized …
Thomson Reuters Tax & Accounting News
Accountants in Healthcare Sector Say Coronavirus Came at a Pivotal Reporting Period
By Denise Lugo The biggest accounting concern for the healthcare sector and companies in general these days is that the …
IRS Division Relaxes Information Document Request Timelines
In a memo, the IRS Tax Exempt and Government Entities (TEGE) Division has relaxed rigid timelines, through July 15, 2020, …
House Bill Would Mandate Pandemic Risk Disclosure
By Bill Flook Rep. Brad Sherman, a California Democrat who heads the House Financial Services Committee’s Capital Markets subcommittee, has …
With COVID-19 Challenges, Will Regulators Provide Delay for Companies Implementing New Rules?
By Soyoung Ho With unprecedented challenges presented by efforts to contain the COVID-19 pandemic, the SEC in a series of …
Companies Expect FASB, SEC to Straighten out Accounting Uncertainty Sparked by CARES Act
By Denise Lugo The economic stimulus package recently passed by U.S. legislators that allows large banks to suspend applying current …
IRS Division Suspends some Information Document Request Enforcement
In a memorandum, the IRS Large Business and International (LB&I) Division has temporarily suspended, through July 15, 2020, information document …
Democrats’ Disclosure, Governance Priorities Thwarted in Coronavirus Relief Package,
By Bill Flook House Financial Services Committee Chair Maxine Waters on March 27, 2020, called for a fourth COVID-19 relief …
FASB’s Schroeder: Credit Loss Rules Not Trying to Drive a Particular Outcome
By Denise Lugo A day after U.S. legislators moved on an economic stimulus package that includes a provision that enables …
AICPA-Led Coalition Expands Support for Small Business Funding
More than a dozen new members have joined an American Institute of CPAs-led group advocating the use of payroll processors …
IRS Suspends Certain Compliance Programs Due to COVID-19
In an Information Release, the IRS has announced that beginning April 1, it will provide relief to taxpayers that ranges …
House COVID-19 Package Would Expand Disclosures
By Bill Flook The legislative stimulus package rolled out on March 23, 2020, by the House Financial Services Committee in …
IRS Issues 2020 Cumulative Amendment List for Qualified Retirement Plans
In a Notice, IRS has issued the 2020 Cumulative Amendment (CA) list for individually designed retirement plans. The CA list …
Tax Relief Offered by States and Localities in Response to COVID-19
Tax relief provided by state and local tax and revenue departments in response to the novel coronavirus (COVID-19) is discussed …
IRS Issues Official Guidance on Filing and Payment Deadline Postponements
In Notice 2020-18, IRS has made official the earlier announcement by Treasury Secretary Mnuchin that the filing and payment deadline …
FASB Assessing Impact of Accounting Rules Amid Looming COVID-19 Credit Crunch
By Soyoung Ho The FASB is assessing the impact of certain accounting rules in light of the coronavirus pandemic, which …
Sen. Brown, Rep. Waters Seek Non-COVID-19 Rulemaking Freeze at SEC
By Bill Flook House Financial Services Committee Chair Maxine Waters and Sen. Sherrod Brown, the top Democrat on the Senate …
IRS Provides Extension for Federal Income Tax Payments Due April 15
The IRS has provided tax payment relief for any person with a federal income tax payment due April 15. Background. …