FASB Rejects Two Agenda Request from Big Four Accounting Firms, Citing Lack of Pervasiveness
The FASB on March 3, 2021, voted against adding projects to its technical agenda to clarify rules related to common …
Thomson Reuters Tax & Accounting News
IRS Provides Guidance for Employers Claiming the Employee Retention Credit for 2020
In a Notice, IRS has provided guidance for employers claiming the Employee Retention Credit (ERC) for 2020. The Notice includes …
At Senate Hearing, SEC Nominee Gensler Signals Support for Climate Risk, Political Spending Disclosure Rules
Gary Gensler, President Joe Biden’s pick for SEC chairman, signaled support for launching disclosure rulemakings on corporate political spending and …
House Passes COVID-19 Relief Package
The House of Representatives has passed, by a vote of 219-212, the American Rescue Plan Act of 2021, a bill …
SEC Increases Focus on Climate Change Disclosures, Plans to Update Guidance
Public companies better step up in providing useful disclosures related to climate change. This is because the SEC’s Division of …
Rep. Sherman Calls for ‘Numerical’ ESG Standards
Rep. Brad Sherman, chair of the House Financial Services Committee’s influential Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, on …
IRS Commissioner: No Plans to Extend Tax Season Beyond April 15
In February 23 testimony before the House Appropriations Committee Financial Services Subcommittee, IRS Commissioner Charles Rettig said that IRS is …
Global Rulemaker to Propose Revisions to Management Commentary in April
The IASB plans to issue a proposal in April to revise the management commentary practice statement, a guide for how …
IRS Announces Tax Relief for Texas Severe Winter Storm Victims
Texas victims of winter storms that began February 11, 2021, now have until June 15, 2021, to file various individual …
SEC Separates Waivers From Enforcement Settlement Offers
In a policy shift, SEC Acting Chair Allison Herren Lee said the enforcement division will no longer recommend to the …
Companies Might be Confused About Conceptual Framework, Rulemakers Say
Some accounting practitioners might be confused about what the FASB’s conceptual framework is actually used for, according to February 17, …
IRS Revises Effective Date Language in Application for Tax-Exempt Status
On its website, the IRS has said that it is making two changes to the 2020 Instructions to Form 1023, …
Senate Democrats Call for Tougher 10b5-1 Trading Plan Restrictions
Three Senate Democrats are calling on the SEC to tighten requirements to the Rule 10b5-1 safe harbor to prevent executives from reaping …
Out with Trump’s SEC, In with Biden’s SEC
Just as President Joseph Biden has already reversed many of former President Donald Trump’s executive actions, will SEC chair nominee …
Proposal on Goodwill Triggering Events Will Be Finalized With Broader Scope, Accounting Rulemaker Says
The FASB on February 10, 2021, voted 6 to 1 to finalize its December 2020 proposal on private companies’ assessment …
IRS, Partners Issue Urgent Electronic Filing Identification Number Scam Alert
In a News Release, the IRS, together with its Security Summit partners, have urgently warned tax professionals of a new …
SEC Approval of PCAOB’s Auditor Independence Rule Reflects High-Speed Rulemaking Under Clayton
When the SEC a couple of weeks ago approved the PCAOB’s streamlined auditor independence rules that were criticized by investor …
IRS Updates “Eligible Employer” FAQs for Sick and Family Leave Credits
On its website, the IRS has updated its answers to frequently asked questions (FAQs) to reflect the changes made to …