FASB Publishes Year Delay on Leases, Revenue Accounting Standards
By Denise Lugo The FASB on June 3, 2020, published a new accounting standard that grants a one-year delay on …
Thomson Reuters Tax & Accounting News
Temporary Relief from Physical Rule for Retirement Plan Participant Elections
The IRS has provided participants, beneficiaries, and administrators of qualified retirement plans and other tax-favored retirement arrangements with temporary relief …
Relax, Investors; There is No ‘EBITDAC’ Pandemic
By Soyoung Ho Is “EBITDAC”—short for earnings before interest, taxes, depreciation, amortization, and coronavirus—a thing that investors now have to …
IRS provides information regarding certain pre-approved defined contribution plans
In an Announcement (Ann. 2020-7, 2020-2 IRB), IRS has provided information regarding the issuance of opinion letters, a plan adoption …
State Securities Regulators Ask Congress for Private Market Reforms, SEC Rulemaking Pause
By Bill Flook The president of the North American Securities Administrators Association (NASAA) on May 26, 2020, urged lawmakers to …
AICPA Board Votes to Finalize Standards on Audit Evidence and Auditing Estimates
By Soyoung Ho The AICPA’s Auditing Standards Board (ASB) voted to finalize two proposed auditing standards on audit evidence and …
Final Rules Update Information Reporting Requirement for Tax Exempt Organizations
The IRS has released final rules updating the information reporting requirements for tax-exempt organizations. These final rules adopt the proposed …
GOP Bill Seeks New Disclosure for U.S.-Listed Chinese Companies
By Bill Flook Rep. Ann Wagner, a Missouri Republican, on May 22, 2020, introduced legislation that would impose a host …
IRS Taking Steps to Increase Operations
On the IRS website, the IRS Commissioner has explained that the IRS anticipates bringing more people back into its campuses …
FASB to Publish Delays on Revenue, Lease Accounting for Private Companies Early June
By Denise Lugo The FASB on May 20, 2020, voted to extend a proposed year delay for revenue rules beyond …
Divided SEC Scales Back Disclosure for Business Combination
By Soyoung Ho The SEC on May 21, 2020, said it has voted to scale back corporate disclosure requirements in …
2021 Inflation Adjusted Amounts for Health Savings Accounts
In a Revenue Procedure, the IRS has released the 2021 inflation adjusted amounts for Health Savings Accounts (HSAs). Background. A …
New Economic Impact Payment FAQs Include Answer About Prepaid Debit Cards
IRS has provided additional information, in the form of FAQs, about economic impact payments under the CARES Act. One FAQ …
Dem Relief Package Would Require SEC IG to Report on Rulemaking, Oversight
By Bill Flook The HEROES Act, a $3 trillion coronavirus relief package proposed this week by House Democrats, contains a …
Banks, Other Large Public Companies Already Adopted Credit Loss Rules, FASB Chairman Says
By Denise Lugo FASB Chairman Russell Golden told the board’s trustees that a majority of large public companies, including banks, …
Trump ‘Looking at’ Forcing U.S.-Listed Chinese Companies to Follow Audit Requirements
By Bill Flook President Donald Trump, in a May 14, 2020, interview on Fox Business, said his administration is “looking at” …
IRS Finalizes Corporation Related Party Debt Regs
IRS has finalized, without substantive change, 2016 proposed regs that treat certain indebtedness as stock that is issued by a corporation …
Challenges in Pandemic: Assessing Corporate Solvency
By Soyoung Ho With unprecedented economic challenges in modern American history because of the COVID-19 pandemic, corporate accountants and auditors …