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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...

GWSCPA Celebrates their 95th Year!

The Greater Washington Society of CPAs celebrated their 95th year at the Annual Membership Meeting on June 7, 2018 at the Mayflower Hotel in Washington, DC. During the business part of the event, the Society took part in recognizing retiring...

Changes to DC’s Tax Filing Process for Gross Receipts Effective October 29, 2018

Effective  October 29, 2018 , the Office of Tax and Revenue (OTR) will require utility providers to file and pay their District of Columbia tax returns via OTR’s tax portal,  MyTax.DC.gov . The following information provides an overview of...

Are Grants Subject to Revenue Recognition?

The FASB clarifies longstanding question for nonprofits  Nonprofits have finally received long-awaited clarification on a key accounting question from the Financial Accounting Standards Board (FASB). The FASB released a final accounting standards...

U.S. Supreme Court Rules in Favor of South Dakota in Wayfair Sales Tax Case

The Supreme Court on Thursday standardized taxing rules for traditional retailers and online transactions, ruling that states and localities may collect sales taxes on all purchases over the internet. By a 5-4 vote, the justices that ruled that...

SEC unveils goals for next 4 years

Technology and data are top of mind for the SEC in the initial draft of its   strategic plan   for fiscal years 2018–2022. The SEC sets three goals in the document, which was released for comment on Tuesday, but the overarching theme is the...