2014 News Archive
 

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GWSCPA News

Expatriate group warns on offshore tax law

An advocate for American expatriates has released a warning on what it sees as the dangers of a U.S. law aimed at cracking down on offshore tax evasion. The group, American Citizens Abroad, said in a new Web video that it understood the U.S....

COSO Plans Update to Enterprise Risk Management Framework

The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, is planning a project to review and update its decade-old Enterprise Risk Management–Integrated Framework. The framework, which was originally published in...

FASB Meeting Tentative Decisions: October 22, 2014

At its October 22 meeting, the FASB discussed: (1) Financial Instruments—Classification and Measurement, and (2) Accounting for Income Taxes—Intra-entity Asset Transfers and Balance Sheet Classification of Deferred Taxes. Read more at FASB.org .

Taxpayers Can Invest up to $18,000 in 401(k) Plans in 2015

The Internal Revenue Service posted the annual cost-of-living adjustments for pension plans and other retirement plans for 2015, allowing taxpayers to contribute up to $18,000 in their 401(k) plans in 2015. Many of the pension plan limitations...

IRS Warned about Protecting Taxpayer Information on Health Exchanges

The Internal Revenue Service needs to go to greater lengths to safeguard taxpayer information on health insurance exchanges, according to a new government report. The report , from the Treasury Inspector General for Tax Administration, noted that...

Social Security Administration announces 2015 wage base

On Wednesday, the Social Security Administration (SSA) announced that the wage base above which taxes for old age, survivors, and disability insurance (OASDI) are not due will increase from $117,000 to $118,500 in 2015. The new rate means...

Tax Refund Size Increased This Year

The average tax refund in 2014 was $2,696, up 1.5 percent from the average refund of $2,656 in 2013, according to a new report on how well the Internal Revenue Service operated last tax season. The report , from the Treasury Inspector General for...

SEC Plans Early 2015 Concept Release on Audit Committee Upgrades

Perhaps in early 2015, the Securities and Exchange Commission is expected to issue a concept release exploring possible avenues to elevating the work of public company audit committees, according to SEC Chair Mary Jo White. White In brief remarks...

Feds target accountants with new code of conduct

The Commodity Futures Trading Commission (CFTC) is trying to root out corrupt and incompetent accountants from the futures industry. The CFTC proposed Wednesday a new code of professional conduct for accountants that would include sanctions for...

Companies Try to Escape Health Law's Penalties

With companies set to face fines next year for not complying with the new mandate to offer health insurance, some are pursuing strategies like enrolling employees in Medicaid to avoid penalties and hold down costs. The health law’s penalties,...