2014 News Archive
 

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GWSCPA News

More Hints on Putting New COSO to Work

At the annual national conference of the American Institute of Certified Public Accountants, SEC Deputy Chief Accountant Nili Shah definitively said that SEC staff will not give companies grief in 2015 if they don’t use the updated COSO Internal...

Congress passes tax extender legislation

The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on Dec. 3, and it now goes to President Barack Obama...

Obamacare Tax Problems to Watch Out For

Affordable Care Act-related tax issues await CPAs and those who prepare their own returns this upcoming tax season, according to the National Conference of CPA Practitioners. There has been very little clarity about many ACA policies, leaving...

Asset managers could face tighter supervision under new plan: SEC

The top U.S. securities regulator laid out a plan on Thursday to tighten supervision of large asset managers, saying more must be done to identify the risks the firms could pose and to protect markets in the event of a major crisis. Securities...

Final rules govern reporting of specified foreign financial assets

Individuals who are required to report interests in foreign financial assets to the IRS got guidance on the process in the form of final regulations on Thursday (T.D. 9706). The regulations finalize temporary regulations (T.D. 9567) issued in...

FASB Meeting Tentative Decisions: December 10, 2014

At its December 10 th meeting, the FASB discussed its projects on (1)  Consolidation—Principal versus Agent Analysis and (2)  Employee Share - Based Payment Accounting Improvements . Read more at  FA SB.org .

Last Minute Year End 2014 Tax Saving Moves for Corporations

As year-end approaches, it would be worthwhile for practitioners to consider whether corporate clients could benefit from the following “last minute” tax-saving moves, including adjustments to income to preserve favorable estimated tax rules for...

Standard mileage rates will change slightly in 2015

Optional standard mileage rates for use of a vehicle will change a little for 2015, the IRS announced on Wednesday, with the business use rate going up and the medical and moving rate going down (Notice 2014-79). Taxpayers can use the optional...

Congress Slashes IRS Budget Another 3 Percent

Congress has cut the Internal Revenue Service’s budget once again, reducing the tax agency’s fiscal year 2015 budget by 3 percent compared to this year’s funding level. The $10.9 billion in funding for the IRS was included in an omnibus spending...

Keep pushing forward on revenue recognition implementation, experts say

Companies need to keep pushing forward in their revenue recognition implementation despite the potential that FASB could defer the effective date of the new standard, experts said Wednesday. FASB Chairman Russell Golden said Tuesday that the...