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The Internal Revenue Service’s initial guidance on the executive compensation deduction won’t settle all of the lingering questions. Last week, the IRS issued Notice 2018-68, offering early guidance on the application of section 162(m) of the tax code, as it was amended by last December’s tax overhaul in the Tax Cuts and Jobs Act (see […]
The Internal Revenue Service is making some adjustments to its Compliance Assurance Process, a program aimed at large corporate taxpayers that involves cooperating with the IRS before any audits. As part of the proposed changes, the IRS said Monday it will shift the start of the application period to Oct. 1, 2018. The period will […]
Bankers preparing for the Financial Accounting Standards Board’s new current expected credit loss model, or CECL, have many questions about implementation, including what to expect in the way of CECL scrutiny during 2018 visits from banking examiners. They got a glimpse of an answer in June when federal banking agencies hosted a webinar to respond […]
“That which does not kill us makes us stronger.” That popular quote, attributed to German philosopher Friedrich Nietzsche, has been sprinkled into countless motivational speeches by generals, coaches, business leaders and reality TV show survivors. But lately, I’ve been thinking there’s more to success than simply surviving difficult circumstances; it’s about learning how to embrace […]
Allen Weisselberg is an unassuming, soft-spoken guy who has spent decades avoiding the limelight, first in the 1970s as an accountant for President Donald Trump’s father, Fred, and then as the Trump Organization’s chief financial officer. Those days are over. The Wall Street Journal reported on Friday that Weisselberg — who has also watched over […]
Jackson Thornton, a firm based in Montgomery, Alabama, has acquired the Kansas City, Kansas-based CPA practice of Kevin S. Kelso, effective Sept. 1, 2018. Financial terms were not disclosed. Kelso is the sole shareholder at his practice, but he will be bringing five other staff members with him to Jackson Thornton when he joins the […]
Big Four firm Deloitte was recently named to Fortune magazine’s fourth annual “Change the World” list, which recognizes companies that try to solve larger societal problems through their own business doings. “The Change the World list recognizes companies that have had a positive social impact through activities that are part of their core business strategy,” […]
The Financial Accounting Standards Board’s proposed changes to the credit loss standard promise to help private banks and credit unions deal with the transition on a more comfortable timeline. FASB released a proposed accounting standards update this week to amend the transition requirements and scope of the credit losses standard (see FASB proposes to tweak […]
The Institute of Management Accounting has debuted a massive open online course, or MOOC, on sustainability reporting. The free course, “Improving Confidence in Sustainability Performance Data,” is being offered through openSAP. It fits into the trend of MOOCs, which have become popular in recent years through platforms such as Coursera and edX, which offer courses […]
The Internal Revenue Service could do more to strengthen its tax enforcement efforts by further leveraging the Return Review Program to catch fraudulent tax returns, according to a new report. The report, from the Government Accountability Office, noted that the IRS’s Return Review Program, or RRP, detects and selects potentially fraudulent returns to stop invalid […]
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