SEC Will Not Extend Extra Time Granted to File Financial Reports
By Soyoung Ho The SEC said it will not extend the additional time given to public companies to file various …
Thomson Reuters Tax & Accounting News
IRS Provides Relief and Clarifies 401(K), 401(M) Mid-Year Amendments Requirements
In a Notice, the IRS has provided temporary relief, in connection with the ongoing COVID-19 pandemic, from certain requirements that …
House Democrats Pelt SEC Chairman Clayton with Questions Over U.S. Attorney Job
By Bill Flook House Democrats on June 25, 2020, launched a barrage of questions at SEC Chairman Jay Clayton over …
FASB’s Main Advisors Caution Board Against Developing Major New Accounting Changes This Year
By Denise Lugo Senior executives from the FASB’s main advisory council cautioned the board against issuing major new accounting changes …
Interest on Individual Refunds to run from April 15
On its website, the IRS says overpayment interest, on individual 2019 refunds with respect to returns filed by July 15, …
Trump’s Nomination of SEC Chairman Clayton For US Attorney Raises Many Questions With Few Answers
By Soyoung Ho With the abrupt ouster of U.S. Attorney for the Southern District of New York (SDNY) Geoffrey Berman, …
Proposed Reliance REGs on Disallowed Transportation and Commuting Expenses
IRS has issued proposed reliance regs that reflect the 2017 Tax Cut and Jobs Act (P.L. 115-97, TCJA) rules that eliminate …
Unions, Activist Groups Call for Greater COVID-19 Disclosures
By Bill Flook In a June 16, 2020, letter to the SEC, a coalition of unions, activist groups, academics, and …
Economic impact payment FAQs updated to address post-issuance problems
IRS has added to FAQs regarding the “Get My Payment” website, which provides information about economic impact payments (EIPs) made …
Accounting Firms Ask Regulators for Clarification on Auditors’ Role in Proposal About Q4 Data
By Soyoung Ho Large accounting firms in comment letters asked the SEC to work with the PCAOB on what the …
Appeals Court Tosses SEC’s Maker-Taker Pilot
By Bill Flook The SEC acted outside of its authority in implementing a pilot program testing the effects of restricting …
QI/WP/WT FACTA Periodic Certification and Waiver Due Date Extended to Dec. 15
On its website, the IRS has announced that, for a Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign …
Golden’s Departure as FASB Chair Ends Era
By Denise Lugo FASB Chairman Russell Golden bowed out of his post last week after 16 years at the organization, …
FASB to Publish Simpler New Rules on Convertible Instruments This Summer
By Denise Lugo The FASB on June 10, 2020, voted to issue new rules this summer that simplify the accounting …
FAQs for Aliens Claiming Medical Condition Exceptions or Travel Exceptions to Substantial Presence Test
IRS has issued FAQs for nonresident aliens who wish to avail themselves of the Medical Condition Exception or the Medical …
Determine Your Eligibility for the Employee Retention Credit
You can use this new tool to help determine if you qualify for the Employee Retention Credit. The coronavirus …
As Deadline Looms, Sen. Brown Demands Tough ‘Best Interest’ Enforcement
By Bill Flook Sen. Sherrod Brown, in a June 1, 2020, letter to the SEC, asked the commission to undertake …
Proposed REGs on Excise Tax on Excess Tax-Exempt Organization Compensation
The IRS has proposed regs regarding the tax on excessive compensation paid to tax-exempt organization executives. Background. Under Code Sec. 4960(a), …