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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...

FISC Appoints New Committee Chair and Responds To Exposure Draft

The FISC reviews and evaluates proposed new Federal accounting and auditing standards; monitors and evaluates proposed legislation affecting the profession; addresses issues related to Federal agency financial statements and audits; and serves as...

Symposium Session Preview: Enhancing Fiscal and Financial Sustainability

“The Long-Term Financial Health of Your Organization Depends on It”   By:  A. Michael Gellman, CPA, CGMA   Financially, nonprofit organizations so often only focus on recurring monthly reporting of budget compared to actual...

FASB Notice of Open Meetings

Meetings of the FASB, roundtable meetings, and meetings of other FASB groups and committees normally are open to public observation. Unless otherwise announced, all meetings are held in the Board room at the FASB offices in Norwalk, CT and are...

Learn How to File a Personal Property Tax Return at MyTax.DC.gov

Effective   October 29 , all individuals, corporations, partnerships, executors, administrators, guardians, receivers, and trustees that own or hold personal property in trust are now required to file and submit their annual tax returns and...

FASB expands private company consolidation relief

FASB addressed an area of accounting that has long been a concern for private companies Wednesday with the issuance of a standard designed to improve consolidation accounting for private companies. The standard-setting board also amended for all...

IASB clarifies definition of ‘material’

In an effort to make it easier for companies to make materiality judgments, the International Accounting Standards Board (IASB) on Wednesday issued a clarified definition of “material.” The definition of materiality is a crucial...

Proposed rules would exempt corporate US shareholders from Sec. 956

The IRS issued proposed regulations ( REG-114540-18 ) on Wednesday providing that Sec. 956, which requires an income inclusion by U.S. shareholders of controlled foreign corporations (CFCs) that invest in U.S. property, should not apply to...

Meet Our GWSCPA Fall Intern

My name is Jason Javier and I am a current senior at American University majoring in BS Accounting, looking to finish up my last year and going to get my CPA before starting with EY’s audit practice in Berlin, Germany next fall. I’m...