2014 News Archive
 

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GWSCPA News

Recent Developments in Compensation and Benefits

As the Patient Protection and Affordable Care Act brought more changes this year, the IRS continued to issue guidance to help taxpayers comply with the new rules. This update examines, among other things, final regulations on the employer mandate...

Rules updated for transit fare smart cards and qualified transportation fringe benefits

In response to changes in the availability of electronic payment media on transit systems, the IRS announced that, beginning after Dec. 31, 2015, employers will no longer be permitted to provide qualified transportation fringe benefits in the...

Obama Threatens Veto of Emerging Tax Break Agreement in Congress

President Barack Obama would veto a tax-break agreement being negotiated in Congress by Senate Democrats and House Republicans. “The president would veto the proposed deal because it would provide permanent tax breaks to help well-connected...

PCAOB may soon require naming of engagement partner

New rules requiring identification of the engagement partner in U.S. public company audits may be imminent. PCAOB Chairman James Doty said Tuesday that he is hopeful that early next year the board will finalize a standard that will require...

Minimum essential coverage, other health care reform guidance issued

The IRS released a package of guidance on 2010’s health care reform legislation, finalizing proposed regulations on minimum essential coverage, identifying the hardship exemptions from the Sec. 5000A individual shared-responsibility penalty for...

Uncertain Future for Expired Tax Provisions and Limited Time Remaining for Lame Duck Action

With only a few days remaining on Congress's 2014 legislative calendar, there is still no clear answer for whether and how Congress will deal with the nearly 60 "extender" tax provisions—the temporary provisions that have been routinely extended...

Mutual Funds to Face New Rules as SEC Outlines Oversight Plan

U.S. regulators may limit how much mutual funds can invest in hard-to-sell assets and use derivatives to boost returns, as concerns mount over firms’ ability to unwind positions in times of financial stress. The U.S. Securities and Exchange...

FASB Decisions on the Conceptual Framework Project

At its November 24th meeting, the FASB discussed Conceptual Framework: Presentation . The Board discussed factors (for example, characteristics of an item and activity from which the recognized item resulted) to help the Board establish standards...

CFOs getting more requests for pay increases and promotions

CFOs have plenty to deal with these days as their strategic role in organisations grows and as business gets more complex. They’re also getting more requests from employees for promotions or more money. Forty-three per cent of CFOs said pay...

GASB gives preliminary views on leases, fiduciary responsibilities

Changes may be coming for state and local governments in financial reporting for leases and for the reporting of activities in which they have a fiduciary responsibility. GASB on Thursday issued separate “Preliminary Views” documents on the...