GASB Advances Talks to Eliminate Offensive Slur from Acronym for Comprehensive Annual Financial Report
By Denise Lugo The GASB on January 12, 2021, agreed to draw up a proposal to change the name Comprehensive …
Thomson Reuters Tax & Accounting News
Draft Form 1040 Instructions Updated for CAA, 2021, Virtual Currency
The IRS has released a new draft of the instructions for Form 1040 and Form 1040-SR, U.S. Tax Return for …
PCAOB Member Brown to Leave
By Soyoung Ho PCAOB member Jay Brown, who has been a strong investor advocate at the audit regulatory board, will …
IRS Releases Final REGs on Exempt-Organization Executive Compensation
The IRS has released final regs under Code Sec. 4960, which imposes an excise tax on compensation in excess of …
Accounting Firms Urge SEC to Approve PCAOB’s Auditor Independence Rule Changes Opposed by Investors
By Soyoung Ho The SEC will soon decide whether to approve the PCAOB’s revised auditor independence rules. As part of …
Annual Rev Proc Lists Issues Associate Chief Counsel (International) Won’t Rule On
The IRS has issued the annual revenue procedure that provides a list of issues for which the Associate Chief Counsel …
FASB’s Private Company Council Sets Town Halls for April, June
By Denise Lugo The Private Company Council (PCC), the body that advises the FASB on private company accounting matters, will …
IRS Updates “Get My Payment” Tool FAQs to Reflect Second Economic Payment
On December 31, 2020, the IRS updated its “Get My Payment” Frequently Asked Questions (FAQs) webpage to include information about …
Elad Roisman Named Acting SEC Chairman
By Bill Flook President Donald Trump on December 28, 2020, named Commissioner Elad Roisman as acting chairman of the SEC …
Racial Slur Propels GASB to Mull Renaming Comprehensive Annual Financial Report
By Denise Lugo The GASB added a project this month to its agenda to consider renaming the Comprehensive Annual Financial …
IRS Online EIN Application Website Closed for Annual Maintenance
IRS has announced, on its employer identification number (EIN) online application website, that its online EIN application service will be …
SEC Chairman Jay Clayton Resigns
By Soyoung Ho Chairman Jay Clayton resigned from the SEC on December 23, 2020, ending a tenure that was praised …
Final REGs Issued on Small Business Tax Accounting & Long-Term Contracts
IRS has issued final regs that implement legislative changes to Code Sec. 263A, Code Sec. 448, Code Sec. 460, and Code Sec. 471 that simplify …
SEC Staff: Companies Should Disclose Long-Term Impact of COVID-19
By Soyoung Ho Public companies’ disclosures related to the impact of COVID-19 in the past three quarters have been by …
COVID Relief Bill Contains Numerous Tax, Payroll and Pension Provisions
On Monday, December 21, Congress released official text language for the massive, 5,593 page, Consolidated Appropriations Act, 2021 (CAA, 2021). …
Bipartisan COVID-19 Relief Bill Introduced in Congress
After months of negotiations, Congress reached a bipartisan agreement on additional COVID-19 relief, government appropriations, and tax extenders. The Consolidated …
FASB Votes to Issue Proposal With Narrow Revisions to Interim Disclosure Rules
By Denise Lugo The FASB on December 16, 2020, unanimously voted to issue a proposal next year to revise interim …
FASB to Reintroduce Amortization of Goodwill for Public Companies
By Denise Lugo The FASB on December 16, 2020, tentatively said it would require public companies to amortize goodwill over …