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Final rules govern adequate substantiation for charitable contributions

The IRS published final regulations that implement changes made by the American Jobs Creation Act of 2004, P.L. 108-357, and the Pension Protection Act of 2006, P.L. 109-280, to the substantiation and reporting rules for charitable contributions...

Tax Court: Keys to Deducting Home Office Storage

If your clients qualify, they can deduct home office expenses when they work from home, as well as claiming a deduction for certain storage expenses. However, in a new case, Najafpirv, TC Memo 2018-103, 7/3/18, a taxpayer who operated a...

GWSCPA Audit of Financial Statements RFP

LIVE EDIT ON         The Greater Washington Society of CPAs Request for Proposal   I. Summary a) Project Title: FY18-FY20 Audit of Financial Statements and IRS information returns b) Issuing Organization: The Greater Washington Society of...

FASB issues 16 minor amendments to lease accounting standard

FASB issued   16 minor amendments   to its new lease accounting standard Thursday, clarifying rules and correcting application of guidance that the board had not intended when it created the standard. The lease accounting standard (codified in...

Nonprofits Increasingly Turning to Social Media and Crowdsourcing

Social media, crowdfunding and online giving are creating new opportunities and new challenges for charities and nonprofits. From United Way of the Laurel Highland's $1.6 million budget to Somerset Therapeutic Association of Riding's $20,000...

GAO issues revised Yellow Book standards for government auditors

Revised standards issued Tuesday by the U.S. Government Accountability Office (GAO) are designed to provide a framework for high-quality governmental audits, which include audits of government entities and entities receiving government awards. In...

States sue over state and local tax deduction cap

The states of New York, Connecticut, Maryland, and New Jersey have sued the U.S. government in federal court, seeking declaratory and injunctive relief to invalidate the $10,000 limit on state and local tax deductions that was enacted as part of...

SEC Announces EDGAR System Upgrade: 2016 GAAP Taxonomy No Longer Supported

On July 9, 2018, the Securities and Exchange Commission (SEC) announced that the EDGAR system was upgraded to Release 18.2 and no longer supports the 2016 US GAAP Financial Reporting Taxonomy, 2013 and 2009 Document and Entity Information...

Proposed SSAE would increase flexibility for practitioners in performing attestation engagements

A standard proposed Wednesday by the AICPA Auditing Standards Board would change the terminology for what has been known as a “review engagement” in addition to making other significant changes. Read more on the Journal of Accountancy .

Cryptocurrency, S Corporations Make List Of New IRS Compliance Campaigns

The Large Business and International (LB&I) of the Internal Revenue Service (IRS) has   announced  five additional compliance campaigns. The campaigns target AMT credits carryforwards, S corporation distributions, virtual...