PCAOB Likely to Take a Sharp Turn Under Gensler’s SEC Oversight
While it is difficult to say exactly what the PCAOB’s priorities will be with William Duhnke gone as its chair …
Thomson Reuters Tax & Accounting News
Reminder: Retirement Plan Returns, Termination Applications Have Upcoming Deadlines
Reminder: calendar year retirement, etc. plan returns are due on August 2, 2021. And July 31, 2021 is the deadline …
China Audit Inspection Impasse Looms Large in Big Four Lobbying
The PCAOB’s inability to inspect the audits of U.S.-listed Chinese companies loomed large in the most recent round of lobbying …
House Bill Would Shield Digital Assets from Securities Definition
A bipartisan House bill would help digital assets evade the definition of a security, a move to address long-standing uncertainty …
Senate Procedural Vote Halts Progress for $1 Trillion Infrastructure Bill
Senate lawmakers on July 21 defeated a procedural motion to take up a $1 trillion infrastructure spending measure, but lawmakers …
FASB Amends Lease Accounting Rules for Sales-Type Leases with Variable Payments
The FASB on July 19, 2021, issued an accounting rule that requires certain sales and direct financing leases with payments …
IRS Launches Tax Pro Account Website, Provides Instructions for Its Use
In a News Release and webpage, IRS has announced its launch of the Tax Pro Account website, which allows taxpayers …
Is SEC Making Audit Regulatory Board Too Political?
When SEC Chair Gary Gensler in early June 2021 abruptly fired embattled PCAOB Chairman William Duhnke and said all five …
Revisions to Credit Loss Accounting Rules Coming for TDRs, Loans Acquired in Business Combinations
The FASB on July 14, 2021, added projects to its technical agenda to eliminate the accounting for troubled debt restructuring …
Is EU’s Move to Set Sustainability Standards Ruining International Cooperation?
As the IFRS Foundation is working to establish the International Sustainability Standards Board (ISSB), many, including some SEC commissioners, expressed …
ESG, SPAC Among Fiscal 2021 Priorities for SEC Investor Advocate
Environmental, social, and governance (ESG) disclosure will be the top policy priority for SEC Investor Advocate Rick Fleming in fiscal …
IRS: Use SSN on Tax Return Even if the SSN Does Not Authorize Employment
On a webpage, the IRS says that you should use your Social Security number (SSN) to file your tax return …
GOP Bill Would Require Annual Review of Financial Regulatory Guidance
A House Republican has filed legislation that would require financial regulators to review, and possibly scrub, guidance with a significant …
Accounting Profession Says SEC ESG Rulemaking Should Leverage Work Done By Private Standard-Setters
Judging by comment letters filed with the SEC, the accounting profession seems to be coalescing around an environmental, social, and …
Accounting Rules for Measuring Profits Interest Might be Crafted, Panel Discussions Signal
The FASB’s Private Company Council (PCC) said there is sufficient use of profits interest as compensation to senior executives to …
Treasury Secretary Yellen: 130 Nations Have Agreed to Global Corporate Minimum Tax
Treasury Secretary Janet Yellen has announced that 130 nations have agreed to proposals by the Organization for Economic Cooperation and …
Top Financial Services Republican Seeks Documents from SEC, PCAOB on Duhnke Firing
Rep. Patrick McHenry of North Carolina, the top Republican on the House Financial Services Committee, on June 29, 2021, sought …
Election by Taxpayers with 2018-2020 Farming Losses to Disregard Cares Act NOL Rules
In a Revenue Procedure, IRS has set out how taxpayers that have a net operating loss (NOL) for any tax …