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Draft 2019 Form W-4 and instructions posted

The IRS issued a draft version of the 2019 Form W-4,   Employee’s Withholding Allowance Certificate , and instructions for the form, in an attempt to further simplify the task of determining income tax withholding for individual taxpayers...

Planning ideas from Form 1040 (and beyond)

Form 1040,   U.S. Individual Income Tax Return , is one of the most important documents that CPAs who do tax work will encounter. In addition to providing a view of the current tax situation, the form also provides insights into planning...

Add value to audits with client-focused analytics

Accounting services are rapidly becoming commoditized, and when clients don’t perceive a clear difference between service providers, they may choose the least expensive option. This is especially true for audit services, where clients...

Inter-entity cost accounting rules amended for federal agencies

A new accounting standard issued Thursday amends accounting rules for recognition of U.S. federal agencies’ inter-entity costs. The Federal Accounting Standards Advisory Board (FASAB) issued Statement of Federal Financial Accounting...

U.S. companies keen on hiring, but they see fewer candidates

Two indicators of the nation’s economic strength are colliding: demand for employees at a time when the labor pool is almost dry. Buoyed by optimism in the broader economy — including expectations of increasing revenue, profits, and...

Standard mileage rates, depreciation amounts updated

The IRS on Friday provided information to taxpayers about changes in the use of standard mileage rates and increased depreciation limits for passenger automobiles as a result of P.L. 115-97, known as the Tax Cuts and Jobs Act, which made...

IRS warns tax practitioners of new phishing scam

On Thursday, the IRS warned tax practitioners not to fall for the latest phishing scheme, involving emails from scammers posing as state accounting and professional associations ( IR-2018-125 ). At the time of the IRS alert, practitioners in...

New compilation and review report requirements issued

The AICPA Accounting and Review Services Committee issued a new standard Wednesday containing revised compilation and review reporting requirements. The requirements are contained in Statement on Standards for Accounting and Review Services...

GASB issues implementation guidance

GASB issued implementation guidance Monday that is intended to clarify, explain, or elaborate on some of the board’s accounting standards for state and local governments. The guidance is included in Q&A format in   Implementation Guide No....

FASAB proposes new standards for accounting and reporting of government land

A new   proposal   would change accounting rules for federal government agencies with a goal of creating consistency in the accounting treatment and reporting for land holdings while considering user information needs. The Federal Accounting...