Author Archives: admin

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FASAB clarifies cleanup cost liabilities guidance

A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.
Source: JOA News
Read More here – FASAB clarifies cleanup cost liabilities guidance


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FASB proposes delay in long-term insurance standard effective date

The effective date of a new accounting standard for long-term insurance contracts would be delayed under a proposal issued FASB.
Source: JOA News
Read More here – FASB proposes delay in long-term insurance standard effective date


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Determining materiality for nonquantitative subject matters

Emerging engagements such as sustainability attestation services and System and Organization Controls reports require auditors to consider materiality for subject matters that can’t be quantitatively measured.
Source: JOA News
Read More here – Determining materiality for nonquantitative subject matters


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GASB issues lease accounting implementation guide

State and local governments received implementation guidance for the Governmental Accounting Standards Board’s lease accounting standard.
Source: JOA News
Read More here – GASB issues lease accounting implementation guide


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Underpayment penalty relief now automatic for eligible filers

Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.
Source: Tax News
Read More here – Underpayment penalty relief now automatic for eligible filers


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Underpayment penalty relief now automatic for eligible filers

Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.
Source: JOA News
Read More here – Underpayment penalty relief now automatic for eligible filers


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FASB proposes delays in 3 key effective dates

Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.
Source: JOA News
Read More here – FASB proposes delays in 3 key effective dates


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FinREC issues credit loss standard working drafts

Working drafts of accounting issues related to the Financial Accounting Standards Board’s new credit losses standard were issued by the AICPA Financial Reporting Executive Committee.
Source: JOA News
Read More here – FinREC issues credit loss standard working drafts


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Alimony tax gap swells to $3.2 billion, TIGTA finds

Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
Source: Tax News
Read More here – Alimony tax gap swells to .2 billion, TIGTA finds


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Alimony tax gap swells to $3.2 billion, TIGTA finds

Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
Source: JOA News
Read More here – Alimony tax gap swells to .2 billion, TIGTA finds