Will SEC be Able to Finalize Climate Proposal By Year-End?
The SEC discusses an effective date of December 2022 as an example in its landmark proposal on corporate disclosure of …
Thomson Reuters Tax & Accounting News | Uncategorized
Chief Counsel Discusses Allocating Deferred Compensation Expense When Calculating FDII
In a Legal Advice, Chief Counsel discusses how to allocate and apportion deferred compensation expense relating to services provided before …
Industry Groups Seek Bank Exemption from SEC Guidance on Crypto Platform Accounting
The Securities Industry and Financial Markets Association (SIFMA) and Bank Policy Institute (BPI) on May 19, 2022, said regulated banks …
Crypto, Banking Reps Critical of OECD Proposals
New requirements under the Organization for Economic Co-operation and Development’s proposed amendments to its reporting regime and new crypto framework …
New Global Sustainability Rulemaker Says it’s on Track to Issue ESG Disclosure Rules by Year-End
Though it still only has two members, the International Sustainability Standards Board (ISSB) on May 18, 2022, said it is …
SEC Nominees Lizarraga, Uyeda Cruise Through Banking Panel Hearing
SEC nominees Jaime Lizárraga and Mark Uyeda emerged from a Senate Banking Committee hearing having said little of substance, but …
Planning Around Major Changes to the Foreign Tax Credit
By Patricia Brandstetter and Jonathan D. Grossberg Final regulations, issued December 28, 2021 (TD 9959), significantly change longstanding principles for …
Deloitte’s Controls Expert Shares Tips on Sarbanes-Oxley for New Public Companies
Last year, 2021, was a record year with about 1,030 companies doing initial public offering (IPO) transactions and special purpose …
IRS Again Extends Relief From Physical Presence Requirement for Participant Elections
The IRS has provided participants, beneficiaries, and administrators of qualified retirement plans and other tax-favored retirement arrangements with another six …
FASB Mulling Whether to Require Disclosure of Taxes Paid by Top Jurisdictions
The FASB on May 11, 2022, said it would research whether to require companies to disclose the top jurisdictions in …
Accounting Rules Will be Developed for Crypto Assets, FASB Says
The FASB on May 11, 2022, unanimously voted to add a project to its technical agenda to develop recognition, measurement, …
ABA Tax Section Hosts Key Meeting May 12-14
The American Bar Association’s Section of Taxation will host its annual May meeting in Washington, D.C., this week, and Checkpoint …
Mix of Old and New Members are Named to Reconstituted PCAOB Advisory Groups
The PCAOB on May 9, 2022, announced inaugural members of its reconstituted advisory groups. Some have served on the board’s …
Bowing to Pressure, SEC Extends Comment Period for Climate Change Rule Proposal
After intense pressure from numerous industry groups and dozens of lawmakers, including Democratic members, about the relatively short comment period …
House Republicans Seek Full SEC Hearing Amid ‘Scorched Earth’ Rulemaking Push
Top Republicans on the House Financial Services Committee on May 5, 2022, urged Chair Maxine Waters to immediately call a …
DC Bar Tax Conference: NTA Urges IRS to Fix COVID-19 Refund Claim, Suit Issues
The IRS should extend the window for taxpayers to claim refunds, as well as waive the time limit for filing …
During First Public Conference as PCAOB Chair, Williams Signal No Major Changes
New PCAOB Chair Erica Williams indicated that there will likely not be any major changes in terms of how the …
New PCAOB Leaders Set Ambitious Standard-Setting Priorities
Taking a sharp turn, the new PCAOB leadership has put back some projects on the standard-setting and research agendas that …