SEC Relaxes Auditor Independence Rules
By Soyoung Ho SEC Commissioners Allison Herren Lee and Caroline Crenshaw said in a joint statement that they voted against …
Thomson Reuters Tax & Accounting News
CA 11 Affirms: Couple’s Multimillion-Dollar Tax Liability Nondischargeable
The Eleventh Circuit Court of Appeals, affirming a district court, has held that a married couple could not discharge in …
Chamber, Others Say SEC ‘Seeking to Barricade the Courthouse Doors’ in Supreme Court Filing
By Bill Flook The U.S. Chamber of Commerce, Cato Institute, and Competitive Enterprise Institute together asked the Supreme Court to …
PCAOB Member Brown Calls Revised Agenda ‘a Tragic Mistake’
By Soyoung Ho PCAOB member Jay Brown said he does not support the board’s recently revised standard-setting and research agendas …
Social Security wage base increases to $142,800 for 2021
The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax (OASDI) in 2021 …
IFRS Foundation Pushing for Governance Role in Globalizing Sustainability Reporting
By Denise Lugo The IFRS Foundation is pressing the point that its proposed new Sustainability Standards Board (SSB) would not …
Rev Proc Provides Guidance on Tax Effects of Interbank Offered Rates Phaseout
In a Revenue Procedure (Rev Proc 2020-44, 2020-45 IRB), the IRS has provided that certain modifications to a contract with …
Sen. Toomey Maps out Plans as Next Senate Banking Chair, Should GOP Keep Senate
By Bill Flook Sen. Pat Toomey on October 5, 2020, told reporters he is “cautiously optimistic” Republicans will keep control …
Dec. 31 Deadline for Natural Disaster Victims to File FBAR
The Financial Crimes Enforcement Network (FinCEN) has provided that victims of recent natural disasters have until December 31, 2020 to …
Pandemic May be Leading More People to Get Professional Certifications
By Soyoung Ho The COVID-19 pandemic may be spurring more people to try to get professional certifications even as business …
Draft 2020 Instructions for Form 940; USVI Only Potential Credit Reduction State
On its website, the IRS has posted draft instructions for the 2020 Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax …
House Passes Forced Labor Disclosure Bill
By Bill Flook The House on September 30, 2020, passed a bill that would require public companies to disclose supply …
FASB Votes to Finalize Proposed Year Delay on Life Insurance and Annuities Accounting Rules
By Denise Lugo The FASB on September 30, 2020, voted 6 to 1 to finalize a July proposal to delay …
Final REGs Cover Hybrid Deduction Accounts, Foreign Tax Credits
IRS has issued final regs that cover reductions of hybrid deduction accounts under Code Sec. 245A(e) and calculation of taxable income for …
Should SEC Point to Sustainability Accounting Standards Board for ESG Reporting?
By Soyoung Ho Investor demand for sustainability information from companies has been exponentially increasing recently, but the SEC has left …
Final REGs on Income Tax Withholding on Certain Periodic Retirement and Annuity Payments
The IRS has issued final regs updating the federal income tax withholding rules for certain periodic retirement and annuity payments …
House Passes to Set up Joint SEC-CFPB Fraud Group
By Bill Flook The House on September 21, 2020, passed legislation that would set up a joint working group between …
Divided SEC Makes it More Difficult for Shareholders to Bring Proposals for Vote at Annual Meetings
By Soyoung Ho Despite strong opposition from investor groups, a divided SEC on September 23, 2020, decided to finalize a …