The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
Source: JOA News
Read More here – Use of standard mileage rate, other rules are updated for TCJA
FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.
Source: JOA News
Read More here – FASB officially delays 4 major standards
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible IRS restructuring, more-targeted enforcement efforts and IRS use of data analytics.
Source: Tax News
Read More here – IRS commissioner seeks to enhance taxpayer contacts, target enforcement
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.
Source: JOA News
Read More here – IRS commissioner seeks to enhance taxpayer contacts, target enforcement
FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.
Source: JOA News
Read More here – FASB approves guidance to assist in reference rate transition
Increases in outsourcing and cloud computing have led to clients’ need for CPA assurance on systems and controls.
Source: JOA News
Read More here – New opportunities for firms in SOC reporting
FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.
Source: JOA News
Read More here – FASB proposes clarifying hedge accounting standard
Seventy percent of companies participating in a survey by The Conference Board that obtain assurance on their sustainability information said the need for such assurance will increase over the next five years.
Source: JOA News
Read More here – Demand for sustainability assurance is growing
Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.
Source: JOA News
Read More here – FASB addresses share-based payments to customers
The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.
Source: JOA News
Read More here – Automatic accounting method change procedures updated
