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
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
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.
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
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
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
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
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
Source: Tax News
Read More here – Safe harbor allows QBI deduction for rental real estate businesses
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
Source: JOA News
Read More here – Safe harbor allows QBI deduction for rental real estate businesses
New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.
Source: JOA News
Read More here – New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits
