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FASB proposes more clarifications to revenue standard

FASB proposed another round of technical corrections and changes to its new revenue recognition standard Wednesday that would include clarifications to guidance on contract costs, and on preproduction costs related to long-term supply...

IRS Finalizes Rules on Roth IRA Disbursements

The Internal Revenue Service has released final regulations for disbursements from Roth individual retirement accounts, removing the allocation rule for disbursements from designated Roth accounts to multiple destinations. The final regulations...

IRS future state is not a one size fits all

Two letters and four months—that’s how long it took for a practitioner to resolve an IRS notice for a client. While there was no error on the return, the IRS needed additional information to verify the capital gains income was...

Succession issues likely to fuel urgency around retention of women CPAs

The urgency around advocating for women has increased in the accounting profession, Melissa Hooley, CPA, CGMA, said Tuesday at the AICPA spring Council meeting in New Orleans. Many CPA leaders from the Baby Boomer generation will be retiring over...

House Passes Bill to Help Victims of ID Theft Tax Fraud

The House passed bipartisan legislation Monday to prevent taxpayer identity theft and help victims whose tax refunds have been stolen by identity thieves. The bill was co-sponsored by a CPA turned lawmaker whose own identity was stolen last tax...

Watch for These Errors on Intangible Assets

Auditors face numerous challenges when it comes to helping clients understand financial reporting issues related to accounting for intangible assets acquired in a business combination. Some challenges are a function of management’s attempts...

DOL Releases Final Rule Outlining Updates to Overtime Rule

On Tuesday, the Department of Labor released their final rule “ Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees ” which outlines updates to the...

Take the 2016 AICPA PCPS CPA.com National MAP Survey!

How does your firm stack up against others in the profession? Curious about the latest technology trends in firms around the country? How are you and others leveraging staff in the current economy? Find out by taking part in the CPA...

PCAOB Tries Again to Change Audit Report Format

The Public Company Accounting Oversight Board is taking another stab at overhauling the auditor’s reporting model. The PCAOB first proposed changes in audit reports in 2013 and heard extensive feedback on the proposals. On Wednesday the...

Filing Deadline Approaches for Tax-Exempts

Many tax-exempt organizations have a filing deadline for Form 990-series information returns on May 16 -- and the IRS cautioned these groups not to include Social Security numbers or other unneeded personal information in their filings....