Senate’s SEC Budget Removes Political Spending Rule Block
The Senate Appropriations Committee on October 18, 2021, released a current-year budget for financial regulators that would fund the SEC …
Thomson Reuters Tax & Accounting News
Independent Joint Ventures Getting Specific Disclosure Rules, FASB Says
The FASB on October 13, 2021, continued to hammer out a proposal for joint venture formations, voting on disclosures stand-alone …
FASB to Require Same Segment Expense Disclosures for Single and Multiple Segment Companies
The FASB on October 13, 2021, continued to build a proposal for segment disclosures, discussing follow-on issues related a principle …
SSA Announces 5.9% Benefits Increase for 2022
On October 13, 2021, the Social Security Administration (SSA) announced that in 2022 benefits will increase by 5.9%. In addition, …
AICPA Issues New Audit Standards on Risk Assessment
The AICPA’s Auditing Standards Board (ASB) on October 12, 2021, issued revised audit standards that enhance the requirements and guidance …
Tax Court Issues Health and Safety Protocols for In-Person Proceedings at DC Courthouse
In a Press Release and Administrative Order, the Tax Court has provided health and safety protocols for in-person proceedings at …
House Bill Would Create New ‘Micro-Offering’ Exemption
The top Republican on the House Financial Services Committee on September 30, 2021, introduced legislation to create a new “micro-offering” …
SEC Official: We hear You on Requests for FASB Accounting Standard-Setting on Crypto
When the FASB put out an agenda request in the summer, hundreds have asked the accounting standard-setter to tackle accounting …
TC: Partner Taxed on Distributive Share, Whether or Constructively Received
The Tax Court has held that a partner was liable for tax on her distributive share of income from the …
House Republican Accuses SEC of Ignoring GOP Request for Materials on Duhnke Firing
A senior Republican on the House Financial Services Committee on October 5, 2021, accused the SEC of ignoring a GOP …
‘Big Increase’ in Consultation Request Following Auditor Independence Rule Changes, Senior SEC Official Says
When the SEC led by then-Chairman Jay Clayton proposed and adopted revisions to its auditor independence rule in Rule 2-01 of Regulation S-X, …
FASB Advisers: Be More Specific in Investor Outreach
The FASB’s main advisers on September 30, 2021, said the board should be more specific in its investor outreach, citing …
House Panel To Discuss Speedier Delisting for U.S.-Listed Chinese Companies
A House Financial Services subcommittee in October will discuss a draft bill to hasten a delisting deadline for public companies …
SEC Proposes Increased Proxy Vote Reporting by Investment Mangers
The SEC on September 29, 2021, voted 4 to 1 to issue a proposal that would increase the reporting of …
SEC Approves PCAOB Supplemental Budget for Unexpected Outside Counsel Expenses
The SEC said that it has approved a supplemental budget for the Public Company Accounting Oversight Board (PCAOB) for expenses …
Reminder: Filing Deadline for Individuals with Extensions is October 15
In an information release, the IRS reminds individual taxpayers with filing extensions for their 2020 income tax returns that the …
House Passes Defense Bill, with SEC-CFTC Crypto Group Mandate
The House on September 23, 2021, narrowly passed a Defense authorization bill that includes a provision directing the SEC and …
IRS Proposes to Raise Fee for Taking Enrolled Agent’s Exam
The IRS has released proposed regs that would increase the current $81 per part fee for taking the enrolled agent’s …