Concerns Bubbling Up Over Implications of Financial Data Transparency Act for GASB
The GASB is monitoring the process of the Financial Data Transparency Act of 2022 that was floated by Congress earlier …
Thomson Reuters Tax & Accounting News
Must Pass Legislation May Bump Pension Bill From Lame Duck Consideration
Funding the government to avert a shutdown before the end of the calendar year is must-pass legislation for Congress as …
House Bill Would Subject FASB to New Procedural Requirements, Mandate Chair Testimony
Two House republicans on Nov. 16, 2022, introduced legislation that would subject the FASB to new procedural checks and require …
FTX Collapse: Expect Loss Deductions, But Not Soon
This article is a collaboration with Ledgible. Taxpayers anticipating investment loss deductions from a crypto giant’s bankruptcy will need to …
Regulator Proposes Sweeping Reforms to Quality Control Standards for Audit Firms
The Public Company Accounting Oversight Board (PCAOB) on Nov. 18, 2022, voted unanimously to issue a proposal that would impose …
Republican House Control Sets up New Headaches for SEC
Republicans clinched a narrow House majority this week, lining up Representative Patrick McHenry as the presumptive next chair of the …
PBGC Releases FY 2022 Annual Report, Biden Names Advisory Committee Members
The Pension Benefit Guaranty Corporation (PBGC) on November 15 released its Fiscal Year 2022 Annual Report. (PBGC Press Release No. …
Companies Already Have Implementation Questions on SEC’s New Pay vs. Performance Rule
The Securities and Exchange Commission’s Division of Corporation Finance (CorpFin) staff has already been getting implementation inquiries about the commission’s …
Republican Members Vie for Spot on House Ways and Means Committee
There are at least 10 Republicans vying for eight possible seats on the powerful House Ways and Means Committee in …
FASB to Become More Diverse with New Board Appointment, Plus New Trustee Chair Named
The Financial Accounting Foundation (FAF) on Nov. 15, 2022, said Joyce Joseph was appointed to the FASB to succeed current …
Wyden Eyes Business Tax Breaks in Exchange for Moving Child Tax Credit
The Senate’s senior democratic tax writer said tax break discussions will be part of the Congressional agenda for the upcoming …
IRS to Hire New Wave of Customer Service Reps
The IRS is set to begin using its new funding from the Inflation Reduction Act (PL 117-169) to onboard hundreds …
New Yorks’s Proposed Corporate Tax Reform Regulations: Selected Topics, Part 1 – Separate Accounting Elections.
By: Nicholas Montorio and Samantha Dragotto The New York Department of Taxation and Finance (the Department) is expected to soon …
Latest Crypto Exchange Bankruptcy Spurs Tax Confusion
As another major cryptocurrency trading platform succumbs to market instability and files for bankruptcy in what has been a cataclysmic …
Don’t Drop Efforts on Accounting Rules for Government Grants, Small Public Filers tell FASB
The FASB’s current research on accounting for government grants should be advanced to its rulemaking agenda – and as a …
Biden Announces IRS Commissioner Nominee
President Biden, on November 10, 2022, announced that he intends to nominate Daniel Werfel to succeed Charles Rettig as IRS …
Staff Accounting Bulletin on Crypto Safeguarding Obligations is Not SEC Rule, Senior Official Says
During a financial reporting conference, the SEC’s top accounting official emphasized that Staff Accounting Bulletin (SAB) No. 121 related to safeguarding obligations …
Payroll on the Ballot: November 8 Elections
Voters at the polls on Election Day not only had the opportunity to cast their ballot for candidates for various …