News
 

< Return to List

News

FASB proposals address retirement benefit reporting

FASB issued two proposals Tuesday that are designed to address financial reporting issues related to retirement benefits. Proposed Accounting Standards Update (ASU), Compensation—Retirement Benefits (Topic 715): Improving the Presentation...

IRS to Revamp Fraud Detection System for New Identity Theft Techniques

The Internal Revenue Service needs to do more work to refine its latest fraud detection system to catch the new schemes that its older system managed to detect, according to a government report. The report, from the Treasury Inspector General for...

Federal reporting entities get alternative method for opening balance valuations -

New guidance for federal government reporting entities issued Wednesday is designed to assist with valuation for opening balances for inventory, operating materials and supplies, and stockpile materials. The Federal Accounting Standards Advisory...

Revenue recognition, lease standards challenge preparers

Important new standards for revenue recognition and leases are causing difficulty for corporate financial statement preparers, a new survey shows. Just 29% of corporate preparers said their companies have a clear plan to implement the new revenue...

Less Than One Week Left To File W-2s and 1099s

There is a silver lining to the chaos that is tax reporting season this year: filers get an extra day to provide W-2 and 1099-MISC forms. Businesses with employees or anyone who has contracted for more than $600 in work to a freelancer or...

How Firms Can Optimize Staff Productivity During Tax Season

Based upon your firm’s resources you have an idea of how many returns you can prepare during tax season. To process more, the firm must extend staff hours or file extensions. Adding staff hours during busy season is problematic for the firm...

Newly-Permanent Research Tax Credit Opens Opportunities for Businesses of All Sizes

2015 was a great year for the federal Research Tax Credit (RTC): in January 2015, proposed regulations significantly broadened the range of software-development expenditures eligible for the RTC; and in December 2015 the Protecting Americans from...

IRS Shifting Priorities for Advisory Panel

The Internal Revenue Service (IRS) is downsizing and revising the focus of its Advisory Committee on Tax Exempt and Government Entities (ACT), according to an agency report issued Jan. 19. ACT members provide observations and recommendations to...

IRS Kicks Off Tax Season

The Internal Revenue Service launched the tax-filing season Tuesday, promising better taxpayer and practitioner service, although a labor union official representing IRS employees warned there could still be problems. After five straight years of...

Notice postpones Sec. 501(c)(4) social welfare organization requirements

An organization that wishes to operate as a social welfare organization under Sec. 501(c)(4) must notify the IRS within 60 days after the organization is established of its intent to operate as a Sec. 501(c)(4) organization under tax legislation...