IRS Warns Tax Pros About Scams, Urges Additional Security Steps to Protect Taxpayer Data
In an Information release, the IRS has warned tax professionals of an upswing in data thefts related to the delivery …
Was Congress Right to Delay New Credit Loss Accounting Rule Implementation Amid Pandemic?
By Soyoung Ho The CARES Act gave big banks the option to delay the adoption of the U.S. accounting standard-setter’s …
IRS Provides CARES Act Safe Harbors to REMICs
In a Revenue Procedure, the IRS has provided safe harbors under which modifications to certain mortgage loans, in connection with …
FASB to Defer Rules on Revenue for Franchisors, Lease Accounting
By Denise Lugo The FASB on April 8, 2020, voted to propose one-year deferrals on revenue recognition and lease accounting …
Sales and Use Tax Relief Provided in Response to COVID-19
As the battle against the coronavirus (COVID-19) pandemic continues, states and localities are providing taxpayers with some tax relief. The …
SEC’s Top Accountant Warns Public Companies About Importance of Financial Reporting During Pandemic
By Soyoung Ho The SEC’s top accountant warned public companies not to skimp on their efforts to provide accurate and …
2018, 2019 Partnership Forms 1065S may be Amended to Reflect CARES Act
In a Revenue Procedure, IRS has allowed partnerships that are subject to the Bipartisan Budget Act of 2015 (BBA)’s centralized …
Accountants in Healthcare Sector Say Coronavirus Came at a Pivotal Reporting Period
By Denise Lugo The biggest accounting concern for the healthcare sector and companies in general these days is that the …
IRS Division Relaxes Information Document Request Timelines
In a memo, the IRS Tax Exempt and Government Entities (TEGE) Division has relaxed rigid timelines, through July 15, 2020, …
House Bill Would Mandate Pandemic Risk Disclosure
By Bill Flook Rep. Brad Sherman, a California Democrat who heads the House Financial Services Committee’s Capital Markets subcommittee, has …