2014 News Archive
 

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GWSCPA News

Final regs. allow deduction for local lodging expenses

Regulations issued on Tuesday finalize rules the IRS put into effect in 2012 allowing employees to deduct certain expenses paid or incurred for local lodging as business expenses ( T.D. 9696 ). Normally, lodging expenses a taxpayer incurs while...

Report: Fraud and Retaliation on the Rise

A new compliance benchmark report reveals some alarming findings for compliance and ethics officers: fraud and instances of retaliation against those who report it continue to rise. According to the 2014 Corporate Governance and Compliance...

FASB Revisits the Cash Flow Statement

With the Financial Accounting Standards Board and the International Accounting Standards Board parting ways from their convergence projects , FASB is taking a fresh look at a number of standards that may have fallen by the wayside in the pursuit...

IRS signals PPACA compliance issues for 2015

This month, the IRS made several updates to the Internal Revenue Manual (IRM) that provide insight on the notices and enforcement methods the Service will use next tax season to ensure taxpayers comply with the Patient Protection and Affordable...

Fair Value Audit Deficiencies Remain High at Firms

Over 40 percent of all audits inspected by the Public Accounting Oversight Board in 2012 had deficiencies, and the number of fair value measurement audit deficiencies made up approximately one-fourth of all audit deficiencies, according to a new...

Vision, dental, and long term care benefits qualify as limited excepted benefits under new IRS rules

Dental, vision, and long-term-care benefits will qualify as excepted benefits under final regulations issued by the IRS ( T.D. 9697 ). Excepted benefits are not subject to certain health reform requirements enacted as part of the Health Insurance...

ACA Updates Tax Preparers Should Know About

As we make our way towards 2015, the Affordable Care Act and how it will affect the upcoming tax season seems to be clearer, according to Chuck McCabe, president of Peoples Income Tax and The Income Tax School. “While there are still some...

AICPA identifies problems with IRS's electronic signature rule

Jeffrey Porter, chair of the AICPA’s Tax Executive Committee, sent a letter to IRS Commissioner John Koskinen on Wednesday raising concerns about the IRS’s recently issued guidance on electronic signatures. The letter addresses the electronic...

September 23, 2014 FASB Meeting Summary

The Board discussed the summary of feedback received on the hedge accounting portion of the May 2010 proposed Accounting Standards Update, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging...

IRS and Treasury Issue New Tax Rules for Inversions

The Treasury Department’s new steps to curb the tide of corporate inversion deals and the Organization of Economic Cooperation and Development’s recently released recommendations aimed at combating tax base erosion and profit shifting signal...