FASB to Extend Research on Proposed Income Tax Disclosure Changes
By Denise Lugo The FASB will hold a workshop during the second quarter this year to gain more insight about …
Thomson Reuters Tax & Accounting News
Dismissal of Whistleblower Claim Regarding Violation of German Tax Laws Upheld
A district court had held that the IRS’s Whistleblower Office did not abuse its discretion when it dismissed a whistleblower …
SEC Commissioner Peirce Unveils Her ‘Safe Harbor’ Plans for Certain Digital Assets
By Soyoung Ho In a speech last week, SEC Commissioner Hester Peirce unveiled her own proposal that would create a three-year “safe …
IRS Properly Withheld Employee Names, Cellphone Numbers Under FOIA
A federal district court determined that the IRS properly withheld the names and work cellphone numbers of IRS employees from …
AICPA Speaks out for Independent FASB Following GOP Bill
By Bill Flook When Rep. Blaine Luetkemeyer, one of the loudest critics of the FASB in Congress, last year proposed …
Warren Bill Would Mandate Sweeping Corporate Governance, Political Spending Reforms
By Bill Flook Sen. Elizabeth Warren has reintroduced a measure that would put in place sweeping reforms to how large …
IRS Updates Energy Credit Form, Instructions to Reflect Extender Legislation
The IRS has updated Form 8835, Renewable Electricity, Refined Coal, and Indian Coal Production Credit, and its instructions to reflect …
SEC Proposes to Streamline MD&A, Financial Data
By Soyoung Ho The SEC on January 30, 2020, issued a proposal that is largely intended to streamline some of …
IRS Launches New Website to Prevent Tax-Related Identity Theft
In an Information Release, IRS has announced that it has launched a new website, Identity Theft Central, designed to improve …
FASB Votes to Finalize Seven Proposed Fixes to Financial Instruments Rules
By Denise Lugo The FASB plans to issue in early March amendments to financial instruments accounting rules on seven narrow …
SEC, Sierra Club ‘Working in Good Faith’ to Resolve FOIA Lawsuit
By Bill Flook The SEC and Sierra Club indicated they are “working in good faith” to resolve the claims and …
Investor Advisory Committee Says SEC’s Planned Rules on Proxy Voting Advice Lack Merit, Recommends Redo of Proposals
By Soyoung Ho The SEC’s Investor Advisory Committee (IAC) on January 24, 2020, voted to recommend that the commission go …
FASB to Propose Amendments in June to Concepts that Guide Creation of GAAP
By Denise Lugo U.S. accounting rulemakers plan to issue a proposal early June that revises the concepts for elements of …
Investor Group Chides FASB for Anchoring Goodwill Debate on Private Company Rules
By Denise Lugo A FASB July 2019 discussion paper on whether and how to change goodwill accounting rules for public …
Proposed Penalty Assessment is not “Initial Determination”
The Tax Court has held that a Form 5701, Notice of Proposed Assessment, (NOPA) was not an “initial determination” of …
SEC Commissioner Jackson Says Rule Change on Non-GAAP Measures for CEO Pay Should be Considered
By Soyoung Ho An investor advocate group last year petitioned the SEC to write a rule requiring public companies to …
IRS to Return Sequestered AMT Credit Amounts to Corporations
In an Information Release, the IRS has announced it will return sequestered funds to corporations claiming refundable AMT credits. Background—AMT …
Golden, Lawmakers Spar Over CECL Implementation
By Bill Flook FASB Chairman Russell Golden on January 15, 2020, sparred with lawmakers on a House Financial Services subcommittee …