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2018 tax software survey

While professionals in all walks of life are prone to swap views on the relative merits of their tools of the trade, among CPA tax preparers, tax return preparation software generates often extensive and ardent discussion. Return preparers depend...

Launch of CPA Exam in Europe provides convenience for candidates

Beginning next month, CPA candidates in Europe will no longer have to undertake intercontinental travel to sit for the CPA Exam. Nine Prometric test center locations in Europe will begin offering the CPA Exam on Oct. 1, the AICPA, the National...

District of Columbia Tax Rates Changes Take Effect Monday, October 1

The District of Columbia Office of Tax and Revenue (OTR) reminds tax professionals, software providers, businesses, and others about tax rate changes that will take effect on Monday, October 1, 2018. The changes will apply as required by the...

FASB simplifies accounting for cloud computing service costs

FASB issued a   new standard   Wednesday that is designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement. The guidance is published in   Accounting Standards Update No. 2018-15 ,  ...

GASB clarifies majority equity interest reporting rules

The definition of an acquisition is the dividing line in state and local governments’ accounting for the majority equity interest in an organization that remains legally separate after acquisition, according to clarifying guidance issued...

Deemed personal exemption amount introduced for various tax benefits

The IRS on Tuesday announced that it plans to issue regulations providing that the reduction in the personal exemption amount to zero for tax years 2018 through 2025 will not be taken into account in determining whether a person is a qualifying...

Proposed rules would curb avoidance of SALT deduction limit

nder proposed regulations issued by the IRS on Thursday, transfers to a state agency or charitable organization in lieu of paying state and local taxes would be deductible as a charitable contribution only to the extent that the taxpayer making...

D.C. Circuit upholds IRS unenrolled tax preparer program

The Court of Appeals for the D.C. Circuit held in   American Institute of Certified Public Accountants v. Internal Revenue Service , No. 16-5256 (D.C. Cir. 8/14/18), that the AICPA had standing to challenge the IRS’s voluntary Annual Filing...

FASB addresses credit loss standard concerns

A proposal issued by FASB on Monday would amend the transition requirements and scope of the board’s new standard for accounting for credit losses. Proposed Accounting Standards Update (ASU),   Codification Improvements to Topic 326,...

CPAs continue fight against opening ABV credential to non-CPAs

A group of CPAs is stepping up its efforts to force the American Institute of CPAs to change its decision about opening the Accredited in Business Valuation credential to non-CPAs. The AICPA Council voted in May to allow non-CPAs to qualify for...