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IRS explains disallowance of qualified transportation fringe benefits for parking

In Notice 2018-99 , the IRS, responding to questions from taxpayers, provided guidance about how to determine the amount of parking expenses that is nondeductible when employers provide parking for their employees. Under Sec. 274(a)(4), expenses...

FASB tweaks leases standard with new update

FASB on Monday issued an Accounting Standards Update (ASU) that clarifies how to apply the new leases standard when accounting for sales taxes, certain lessor costs, and certain requirements related to variable payments in contracts.  ASU No....

Gelman, Rosenberg & Freedman CPAs Adds New Principals to Growing Practices

December 10, 2018 Bethesda, MD:  Gelman, Rosenberg & Freedman CPAs (GRF) announced today that the firm has added two new principals to supplement rapidly growing practice areas.   Melissa Musser, CPA, CITP, CISA   has joined the firm as a...

Employee benefit plan auditing rules to change

Reporting and performance requirements for practitioners auditing employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) will change under a new standard that the AICPA Auditing Standards Board (ASB) has...

Accounting method change procedures for book-tax conformity rule

The IRS has provided procedures ( Rev. Proc. 2018-60 ) under which a taxpayer may obtain automatic consent to change a method of accounting to comply with Sec. 451(b), as amended by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. The...

IRS issues guidance on withholding for 2019

The IRS on Tuesday said that the withholding rules in effect for 2018 will remain in effect for 2019. In September, the IRS announced that the 2019 version of Form W-4, Employee’s Withholding Allowance Certificate , will be similar to the...

Inflation adjustments and tax tables issued for 2019

The IRS on Thursday issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts ( Rev. Proc. 2018-57 ). These adjusted amounts will be used to prepare tax year...

Social Security wage base set for 2019

The Social Security Administration (SSA) announced that the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax will increase to $132,900 for 2019. The OASDI tax rate is 6.2%, so an employee with wages...

Tax preparer due diligence rules are finalized

The IRS on Tuesday finalized proposed regulations under Sec. 6695(g) imposing a penalty on tax return preparers who do not follow certain due-diligence requirements when preparing to file returns for taxpayers who are claiming head-of-household...

FASB clarifies collaborative arrangement accounting rules

FASB issued a new standard Monday that provides guidance on how to assess whether certain transactions between participants in collaborative arrangements should be accounted for within the board’s revenue recognition standard. The guidance...

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