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IRS warns tax practitioners of new phishing scam

On Thursday, the IRS warned tax practitioners not to fall for the latest phishing scheme, involving emails from scammers posing as state accounting and professional associations ( IR-2018-125 ). At the time of the IRS alert, practitioners in...

New compilation and review report requirements issued

The AICPA Accounting and Review Services Committee issued a new standard Wednesday containing revised compilation and review reporting requirements. The requirements are contained in Statement on Standards for Accounting and Review Services...

GASB issues implementation guidance

GASB issued implementation guidance Monday that is intended to clarify, explain, or elaborate on some of the board’s accounting standards for state and local governments. The guidance is included in Q&A format in   Implementation Guide No....

FASAB proposes new standards for accounting and reporting of government land

A new   proposal   would change accounting rules for federal government agencies with a goal of creating consistency in the accounting treatment and reporting for land holdings while considering user information needs. The Federal Accounting...

Federal Tax Cuts Leave States in a Bind

The federal tax overhaul cut taxes for millions of American families and businesses. But the law also had an unintended effect: raising the state-tax bite in nearly every state that has an income tax. Now, governors and state legislators are...

IRS issues HSA contribution limits for 2019

The IRS issued the calendar year 2019 inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans (...

How GDPR Will Impact U.S.-Based Firms

If you pay attention to overseas regulations, the term GDPR has probably entered your consciousness. But what is it exactly? More importantly, can it potentially impact U.S.-based accounting firms? The EU Parliament approved the General Data...

FASB supersedes outdated guidance related to Circular 202

FASB issued amendments to accounting rules Monday to supersede outdated guidance related to the Office of the Comptroller of the Currency’s Banking Circular 202,   Accounting for Net Deferred Tax Charges . Circular 202 has been rescinded...

IRS expands access to info on tax-exempt groups

The Internal Revenue Service unveiled an online tool Monday to provide easier access to public information about tax-exempt organizations. The new  Tax Exempt Organization Search  is actually a replacement for EO Select Check, a tool that’s...

The generational transition affects clients, too

Much has been written about firm succession issues and the effect of impending Baby Boomer retirements on the accounting profession as it relates to firm leadership and the financial sustainability of the practice. We’ve seen many firms...