Monthly Archives: February 2020

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Accounting profession leaders call for action against climate change

Accounting body leaders from across the globe issued a call for action urging accounting professionals to put the fight against climate change at the forefront of their work.
Source: JOA News
Read More here – Accounting profession leaders call for action against climate change


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Proposed regs. issued on meal and entertainment expense deductions

The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
Source: Tax News
Read More here – Proposed regs. issued on meal and entertainment expense deductions


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Proposed regs. issued on meal and entertainment expense deductions

The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
Source: JOA News
Read More here – Proposed regs. issued on meal and entertainment expense deductions


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GASB proposes criteria for financial statement disclosures

GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.
Source: JOA News
Read More here – GASB proposes criteria for financial statement disclosures


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FASAB clarifies loss allowance for intragovernmental receivables

A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.
Source: JOA News
Read More here – FASAB clarifies loss allowance for intragovernmental receivables


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News quiz: What the IRS proposes on withholding

Recent news included the IRS’s latest proposed rules on withholding and results of a survey on professional licensing. See how much you know about the news (or catch up) with this short quiz.
Source: JOA News
Read More here – News quiz: What the IRS proposes on withholding


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AICPA requests clarity on Sec. 465 reporting relief

The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.
Source: JOA News
Read More here – AICPA requests clarity on Sec. 465 reporting relief


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No need to report some transactions in video game currency, IRS says

Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
Source: Tax News
Read More here – No need to report some transactions in video game currency, IRS says


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No need to report some transactions in video game currency, IRS says

Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
Source: JOA News
Read More here – No need to report some transactions in video game currency, IRS says


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Quiz: Auditor independence and FASB’s revenue recognition standard

Take this quiz to find out what kind of guidance auditors can provide without compromising their independence.
Source: JOA News
Read More here – Quiz: Auditor independence and FASB’s revenue recognition standard