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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...

AICPA wants IRS to clarify S corp issues from new tax law

The American Institute of CPAs requested immediate guidance Monday from the Internal Revenue Service and the Treasury Department on various provisions of the Tax Cuts and Jobs Act related to S corporations. AICPA Tax Executive Committee chair...

Qualified business income deduction regs. proposed

The IRS issued proposed regulations on Wednesday regarding the qualified trade or business income deduction under Sec. 199A, which was enacted by P.L. 115-97, the law known as the Tax Cuts and Jobs Act (TCJA) ( REG-107892-18 ). At the same time,...

FinREC issues working drafts on credit loss accounting issues

The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses. Accounting Standards Update No. 2016-13,  ...

Final regs. govern who can be a partnership representative

The IRS on Tuesday finalized proposed regulations under Sec. 6223 ( REG-136118-15 ) on the procedures for designating a partnership representative and the authority of the partnership representative under the centralized partnership audit regime...

Ninth Circuit withdraws Altera opinion

The Ninth Circuit on Tuesday announced that it is withdrawing its July 24 opinion in the   Altera Corp . case ( Altera Corp. , No. 16-70496 (9th Cir. 8/7/18) (opinion withdrawn)). The order announcing the withdrawal says it is being done...

30th Annual GWSCPA Nonprofit Finance & Accounting Symposium

30th Annual GWSCPA Nonprofit Finance & Accounting Symposium November 27-28, 2018 Walter E. Washington Convention Center | Washington, DC  The GWSCPA Nonprofit Symposium is developed by the expert Nonprofit Member Section of the Greater Washington...

New Tax Break? Trump Administration Considers Indexing Capital Gains For Inflation

Think we’re finished with tax breaks in 2018? Not so fast. Hot on the heels of tax cuts from the Tax Jobs and Cuts Act (TJCA), Congress is already looking at another round of changes that they’re calling Tax Reform 2.0. But, like a...

IRS offers guidance on recent 529 education savings plan changes

IR-2018-156, July 30, 2018 WASHINGTON — The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular   529 education savings plans . Notice...

FASB attempts to make lease accounting implementation easier

FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers. Accounting Standards Update (ASU)   No. 2018-11 ,   Leases (Topic 842):...