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Changes to the District of Columbia Motor Fuel Tax Filing Requirements

The District of Columbia Office of Tax and Revenue (OTR) is making changes to its Motor Fuel tax filing process. Effective   October 29, 2018,   all importers who engage in selling motor fuel in the District, and/or bring fuel for use for...

Rules issued on paid family and medical leave credit

The IRS on Monday issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to their...

IRS gives taxpayers a break on employee moving expenses

The Internal Revenue Service is allowing people to continue to deduct employer payments or reimbursements for employee moving expenses, as long as they happened before this year, although the Tax Cuts and Jobs Act will change that for this year...

Investors trust auditors, but confidence in U.S. markets drops

Public company auditors remain the group investors trust most to protect their interests, but investors’ confidence in U.S. capital markets and U.S. public companies has dropped in the past year, according to a Center for Audit Quality...

IRS issues proposed regs. for GILTI inclusions

The IRS proposed new rules under the global intangible low-taxed income (GILTI) provision (Sec. 951A) added by P.L. 115-97, the law known as the Tax Cuts and Jobs Act ( REG-104390-18 ). Sec. 951A requires U.S. shareholders of controlled foreign...

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...