Author Archives: admin

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CFC downward attributions get safe harbors

U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC.
Source: Tax News
Read More here – CFC downward attributions get safe harbors


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CFC downward attributions get safe harbors

U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC.
Source: JOA News
Read More here – CFC downward attributions get safe harbors


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Children’s average allowance in 2019: $120 a month

An overwhelming 92% of American parents say it is very important that children understand how to effectively manage their money, according to a new poll conducted for the AICPA by The Harris Poll.
Source: JOA News
Read More here – Children’s average allowance in 2019: 0 a month


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FASAB addresses multiple issues in omnibus amendments

A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.
Source: JOA News
Read More here – FASAB addresses multiple issues in omnibus amendments


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IASB, GASB address interbank-offered rate phaseout

The International Accounting Standards Board and the Governmental Accounting Standards Board on Thursday acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.
Source: JOA News
Read More here – IASB, GASB address interbank-offered rate phaseout


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AICPA seeks guidance on adjustments for conversions from S corp. to C corp.

In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
Source: JOA News
Read More here – AICPA seeks guidance on adjustments for conversions from S corp. to C corp.


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SEC addresses IPOs, ETFs, and retail investor protections

The SEC issued new rules for testing the waters on IPOs and modernizing regulation of ETFs. It also proposed amendments to enhance protections for investors.
Source: JOA News
Read More here – SEC addresses IPOs, ETFs, and retail investor protections


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News quiz: Scanning the economy and CPA hiring

Reports on surveys gauged finance professionals’ thinking on the economy and the hiring and supply of accounting graduates. See how much you know (or catch up on the latest news) with this short quiz.
Source: JOA News
Read More here – News quiz: Scanning the economy and CPA hiring


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IRS issues 2019 to 2020 per-diem rates for traveling away from home

The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
Source: Tax News
Read More here – IRS issues 2019 to 2020 per-diem rates for traveling away from home


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IRS issues 2019 to 2020 per-diem rates for traveling away from home

The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
Source: JOA News
Read More here – IRS issues 2019 to 2020 per-diem rates for traveling away from home