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The generational transition affects clients, too

Much has been written about firm succession issues and the effect of impending Baby Boomer retirements on the accounting profession as it relates to firm leadership and the financial sustainability of the practice. We’ve seen many firms...

FASB addresses stranded income effects of tax law

FASB recently issued an Accounting Standards Update (ASU) that is designed to help organizations address certain stranded income tax effects in accumulated other comprehensive income resulting from P.L. 115-97, known as the Tax Cuts and Jobs Act....

IRS Addresses 'Tip Boxes'

In a recently released IRS Chief Counsel Memorandum, the IRS addressed cash amounts distributed from “tip boxes.” As the IRS described the facts, the taxpayer engaged individuals to perform services on its premises; the taxpayer...

FinREC issues 2 revenue recognition working drafts

Revenue recognition issues in the gaming and telecommunications industries were the focus of working drafts published Tuesday by the AICPA Financial Reporting Executive Committee (FinREC). The issues discuss considerations to be made when...

FASB proposes targeted changes to collaborative arrangements standard

FASB issued a proposal Thursday that would make targeted changes to its standard for collaborative arrangements. The proposed Accounting Standards Update (ASU) also would clarify the interaction between the collaborative arrangements standard and...

IRS gives taxpayers relief from erroneous HSA contributions

The IRS announced on Thursday that it is modifying the annual limitation on deductions for contributions to a health savings account (HSA) allowed for taxpayers with family coverage under a high-deductible health plan (HDHP) for calendar year...

Congressional staff aims to finish technical corrections to tax reform bil

Staffers on Congress’s Joint Committee on Taxation have been preparing a set of technical corrections to the tax reform bill and hope to have it in legislative form by the end of this congressional session, which ends this year. But that...

IRS, Security Summit Partners Warn of New Twist on Phone Scam

The Internal Revenue Service today warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax bills. The IRS and its Security...

Automation in finance: Get your team ready

Emerging technologies like artificial intelligence and blockchain will radically transform how companies view and perform finance and accounting functions in the very near future. Some global companies and large banks are already automating...

Businesses Still Not Ready for New Lease Accounting Standards

Just 21.2 percent of finance, accounting and other professionals say their companies are “extremely” or “very” prepared to comply with the Financial Accounting Standards Board’s (FASB) and International Accounting...