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Every year a number of small and mid-sized CPA firms either die on the vine, break up, or merge up if a well-run firm is willing to take them on. Why do so many firms continue to spiral into a slow death? It’s because they are aware of the danger signals, but little, if anything, […]
The Internal Revenue Service issued a revenue ruling explaining what happens when a distribution check from a qualified retirement plan isn’t cashed by the recipient and found that even when the check isn’t cashed, it still counts as taxable income. In Revenue Ruling 2019-19, which the IRS released last week, the IRS gave the example […]
Moody’s Investors Service is objecting to a proposal from the Financial Accounting Standards Board to delay the effective dates of its leases, hedging and credit loss standards for private companies and small public companies, saying it would reduce the comparability of financial statements of public and private companies for investor and delay IPOs and mergers. […]
The Public Company Accounting Oversight Board issued four documents Thursday providing guidance from its staff on the new requirements for auditing accounting estimates and the auditor’s use of a specialist. The new requirements will be taking effect for audits of financial statements for fiscal years ending on or after Dec. 15, 2020, and the PCAOB […]
The Internal Revenue Service and the Treasury Department issued a notice Thursday saying they intend to issue regulations that will permit a domestic partnership or an S corporation that is a U.S. shareholder of a controlled foreign corporation to apply some proposed rules for determining the amount of the global intangible low-taxed income, or GILTI, […]
As the U.S. prepares retaliatory measures against European and Indian digital service tax plans, it has found an unexpected ally: China. While the two nations ratchet up their tariff and currency confrontations, they have found common ground in checking a big-tech tax grab by the rest of the world. So far, China has let the […]
The American Institute of CPAs released a discussion paper Wednesday explaining some of the challenges of determining materiality in an attestation engagement when the subject matter can’t be measured quantitatively. The paper, developed by a working group of the AICPA’s Assurance Services Executive Committee, talks about some of the challenges encountered by accountants when they […]
The Federal Accounting Standards Advisory Board has issued an interpretation of some recent standards involving cost provisions among multiple entities and who is liable for the cleanup costs. Interpretation 9, “Cleanup Cost Liabilities Involving Multiple Component Reporting Entities: An Interpretation of SFFAS 5 SFFAS 6,” comes in response to the issuance of Statement of Federal […]
Most CPAs are familiar with the tax benefit of using an interest charge – domestic international sales corporation, or IC-DISC. What many do not realize is the additional benefit that can be generated by paying particular attention to the method of calculation. Oftentimes IC-DISC commissions are calculated using either the 4 percent qualified export receipts […]
The Financial Accounting Foundation’s board of trustees has tapped Michael Morrow, a director at the chemical company Cabot Corp., as the new chair of the Financial Accounting Standards Advisory Council, effective Jan. 1, 2020, and named some new members of the Private Company Council. FASAC advises the Financial Accounting Standards Board, which the Financial Accounting […]
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