Monthly Archives: August 2018

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IRS provides initial guidance on new Sec. 162(m)

The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
Source: Tax News
Read More here – IRS provides initial guidance on new Sec. 162(m)


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IRS provides initial guidance on new Sec. 162(m)

The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
Source: JOA News
Read More here – IRS provides initial guidance on new Sec. 162(m)


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Proposal would withdraw inter-entity cost guidance

A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.
Source: JOA News
Read More here – Proposal would withdraw inter-entity cost guidance


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Wright reappointed as PCC chair

Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.
Source: JOA News
Read More here – Wright reappointed as PCC chair


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3 areas of top concern in broker-dealer audits

Independence issues identified in the PCAOB’s 2017 staff inspections fell compared with the previous year, according to a report the board.
Source: JOA News
Read More here – 3 areas of top concern in broker-dealer audits


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FASB addresses credit loss standard concerns

A proposal issued by FASB would amend the transition requirements and scope of the board’s new standard for accounting for credit losses.
Source: JOA News
Read More here – FASB addresses credit loss standard concerns


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Quarterly earnings reports at center of debate

Some say focusing too intently on quarterly reports causes companies to neglect the long-term goals that should be more of an emphasis.
Source: JOA News
Read More here – Quarterly earnings reports at center of debate


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D.C. Circuit upholds IRS unenrolled tax preparer program

The Court of Appeals for the D.C. Circuit held that the AICPA had standing to challenge the IRS’s Annual Filing Season Program for unenrolled tax preparers but further held that the program did not violate the Administrative Procedure Act.
Source: Tax News
Read More here – D.C. Circuit upholds IRS unenrolled tax preparer program


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D.C. Circuit upholds IRS unenrolled tax preparer program

The Court of Appeals for the D.C. Circuit held that the AICPA had standing to challenge the IRS’s Annual Filing Season Program for unenrolled tax preparers but further held that the program did not violate the Administrative Procedure Act.
Source: JOA News
Read More here – D.C. Circuit upholds IRS unenrolled tax preparer program


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FASB changes accounting for long-duration insurance contracts

Companies that sell products such as life insurance, disability income insurance, long-term-care insurance and annuities will change their accounting under new rules issued by FASB.
Source: JOA News
Read More here – FASB changes accounting for long-duration insurance contracts