Monthly Archives: March 2023

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No basis step-up for grantor trust assets if not in grantor’s estate

Category:Uncategorized

In a revenue ruling issued Wednesday, the IRS confirms that the step-up in basis under Sec. 1014(a) does not apply to the assets held by an irrevocable grantor trust when the grantor dies if the grantor’s gross estate does not include the assets of the irrevocable trust.
Source: Tax News
Read More here – No basis step-up for grantor trust assets if not in grantor’s estate


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No basis step-up for grantor trust assets if not in grantor’s estate

Category:Uncategorized

In a revenue ruling issued Wednesday, the IRS confirms that the step-up in basis under Sec. 1014(a) does not apply to the assets held by an irrevocable grantor trust when the grantor dies if the grantor’s gross estate does not include the assets of the irrevocable trust.
Source: JOA News
Read More here – No basis step-up for grantor trust assets if not in grantor’s estate


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COSO releases internal control guidance for sustainability reporting

Category:Uncategorized

COSO has published supplemental guidance that can be used to apply its internal control framework to reporting on sustainability.
Source: JOA News
Read More here – COSO releases internal control guidance for sustainability reporting


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Proposal aims to ‘modernize’ public-company audit standards

Category:Uncategorized

The PCAOB is seeking feedback on a proposal focused on modernizing core auditing principles and responsibilities for public companies.
Source: JOA News
Read More here – Proposal aims to ‘modernize’ public-company audit standards


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Dirty (Half) Dozen: Watch for these red flags when choosing a tax preparer

Category:Uncategorized

The IRS reached the halfway point of its annual “Dirty Dozen” list of tax scams, advising that taxpayers be careful when choosing a preparer to handle their returns.
Source: Tax News
Read More here – Dirty (Half) Dozen: Watch for these red flags when choosing a tax preparer


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Dirty (Half) Dozen: Watch for these red flags when choosing a tax preparer

Category:Uncategorized

The IRS reached the halfway point of its annual “Dirty Dozen” list of tax scams, advising that taxpayers be careful when choosing a preparer to handle their returns.
Source: JOA News
Read More here – Dirty (Half) Dozen: Watch for these red flags when choosing a tax preparer


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FASB issues update to leases guidance

Category:Uncategorized

The amended Accounting Standards Update addresses concerns related to terms and conditions to be considered and accounting for leasehold improvements.
Source: JOA News
Read More here – FASB issues update to leases guidance


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FASB issues proposed changes to cryptoasset accounting, disclosure

Category:Uncategorized

FASB is seeking comments on a proposed Accounting Standards Update that is intended to improve the accounting for and disclosure of certain cryptoassets.
Source: JOA News
Read More here – FASB issues proposed changes to cryptoasset accounting, disclosure


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SEC moves toward requiring electronic filings

Category:Uncategorized

The commission proposed amendments that would require registrants to file a number of submissions electronically as it works to modernize the agency’s information collection and analysis methods.
Source: JOA News
Read More here – SEC moves toward requiring electronic filings


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NFTs as collectibles: IRS issues guidance and seeks comments

Category:Uncategorized

Pending further guidance that it intends to issue on the treatment of nonfungible tokens as collectibles, the IRS said that it will use a lookthrough analysis for determining if an NFT is a collectible.
Source: Tax News
Read More here – NFTs as collectibles: IRS issues guidance and seeks comments