News
 

< Return to List

News

States sue over state and local tax deduction cap

The states of New York, Connecticut, Maryland, and New Jersey have sued the U.S. government in federal court, seeking declaratory and injunctive relief to invalidate the $10,000 limit on state and local tax deductions that was enacted as part of...

SEC Announces EDGAR System Upgrade: 2016 GAAP Taxonomy No Longer Supported

On July 9, 2018, the Securities and Exchange Commission (SEC) announced that the EDGAR system was upgraded to Release 18.2 and no longer supports the 2016 US GAAP Financial Reporting Taxonomy, 2013 and 2009 Document and Entity Information...

Proposed SSAE would increase flexibility for practitioners in performing attestation engagements

A standard proposed Wednesday by the AICPA Auditing Standards Board would change the terminology for what has been known as a “review engagement” in addition to making other significant changes. Read more on the Journal of Accountancy .

Cryptocurrency, S Corporations Make List Of New IRS Compliance Campaigns

The Large Business and International (LB&I) of the Internal Revenue Service (IRS) has   announced  five additional compliance campaigns. The campaigns target AMT credits carryforwards, S corporation distributions, virtual...

9 requests from your future leaders

In my work, I have the privilege of coaching, teaching, and speaking every day with bright future leaders in our profession. These people tend to be passionate, smart, efficient, and ready to learn. Most, though, aren't completely sold on a...

IRS clarifies identity theft procedures

With the issuance of Fact Sheet FS-2018-6 in April, the IRS clarified procedures that apply to taxpayer identity theft. Taxpayers who attempt to e-file a tax return that the IRS rejects because a return bearing the taxpayer's Social Security...

Cryptic currencies

In the four years since the Internal Revenue Service issued Notice 2014-21, the mining and use of cryptocurrency tokens — and, to some extent, their value — has risen to record levels. In Notice 2014-21, the IRS said that...

SEC adopts, proposes several new rules

The U.S. Securities and Exchange Commission voted Thursday to adopt and propose several new rules, including changes to the SEC’s whistleblower program and a requirement to use Inline XBRL in certain filings. The amendments to the...

Margaret DeBoe Leadership Program Class Graduation

Form 1040 to be shorter but with more schedules

The IRS is working on a draft version of the 2018 Form 1040,  U.S. Individual Income Tax Return , that reduces the size of the form to two half-pages in length and eliminates more than 50 lines, compared to the 2017 version of the form. The draft...