Category Archives: Uncategorized

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FASB proposes simplifying accounting for income taxes

FASB issued a proposal that is intended to make accounting for income taxes less costly and complex.
Source: JOA News
Read More here – FASB proposes simplifying accounting for income taxes


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AICPA committee requests delay in private company lease accounting effective date

Private companies are experiencing overload as they implement complex new accounting standards, according to the AICPA Private Companies Practice Section’s Technical Issues Committee.
Source: JOA News
Read More here – AICPA committee requests delay in private company lease accounting effective date


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Distribution by former S corporation is part dividend

The IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution.
Source: Tax News
Read More here – Distribution by former S corporation is part dividend


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Distribution by former S corporation is part dividend

The IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution.
Source: JOA News
Read More here – Distribution by former S corporation is part dividend


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SEC addresses ICFR attestation for smaller companies

The SEC voted to propose reducing the number of public companies required to obtain an attestation of their internal control over financial reporting from an independent auditor.
Source: JOA News
Read More here – SEC addresses ICFR attestation for smaller companies


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IRS changes maximum-vehicle-value rule

The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
Source: Tax News
Read More here – IRS changes maximum-vehicle-value rule


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IRS changes maximum-vehicle-value rule

The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
Source: JOA News
Read More here – IRS changes maximum-vehicle-value rule


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Wolters Kluwer takes services offline after malware attack

Following a malware attack, cloud tax and accounting services provider Wolters Kluwer took a number of its platforms and applications offline this week.
Source: JOA News
Read More here – Wolters Kluwer takes services offline after malware attack


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Proposed rules would govern withholding on transfers of partnership interests

The IRS issued proposed regulations on the operation of new Sec. 1446(f), which requires withholding on the transfer of a partnership interest described in Sec. 864(c)(8) (gain or loss of foreign persons from the sale or exchange of certain partnership interests).
Source: Tax News
Read More here – Proposed rules would govern withholding on transfers of partnership interests


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ASB enhances communication in auditors’ reports

The AICPA Auditing Standards Board issued standards that are designed to improve auditors’ ability to communicate in auditors’ reports and align generally accepted auditing standards with those of other standard-setting bodies.
Source: JOA News
Read More here – ASB enhances communication in auditors’ reports