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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...

IRS regs on Sec. 199A look ‘taxpayer-favorable’

Long-awaited and highly anticipated proposed regulations for Code Section 199A, the new 20 percent deduction on “qualified business income” of pass-through entities, were released August 8 by the Treasury Department and the Internal...

FASB changes accounting for long-duration insurance contracts

Financial reporting for insurance companies that issue long-duration contracts will change under an accounting standard issued Wednesday by FASB. The targeted changes to the current reporting model affect accounting for companies that sell...

ESG Investing

Integrating values with investment decisions is a practice gaining incredible attention. Investors seek to have an impact on environmental, social and governance (ESG) issues by targeting investment in sustainable and socially responsible...

Independence interpretation on hosting services gets new effective date

The effective date of the new “Hosting Services” interpretation (ET §1.295.143) in the AICPA’s “Independence Rule” (ET §1.200.001) has been extended 10 months by the AICPA Professional Ethics Executive Committee...

FASB proposes lessor accounting amendments

ASB issued a   proposal   Monday that is designed to reduce costs and ease implementation of the new lease accounting standard for lessors Proposed Accounting Standards Update,   Leases (Topic 842): Narrow-Scope Improvements for Lessors , also...