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Ahh, National Boss’s Day. Every October 16, workers across America take time out of their busy day to say thanks to their fearless leaders. What do you think your staff would say about you if they’re honest? What would you say about you? Successful people are notorious for “managing to the horizon” — i.e., looking […]
The Financial Accounting Standards Board voted Wednesday to approve proposals to delay the effective dates of its leases, credit losses, hedging and long-duration insurance contract standards. FASB issued proposals in August to defer the effective dates of those standards, particularly for private companies, nonprofits and small public companies, to give them more time to implement […]
While many countries view taxation of digital service providers as an untapped revenue resource, there are several approaches to implementing such a tax. The Organization for Economic Cooperation and Development has been working at building a consensus framework for a global approach. However, several countries, including the U.K. and France, have gone ahead and enacted […]
The IRS has selected nine new members for its Electronic Tax Administration Advisory Committee. The committee’s aim is to prevent identity theft and refund fraud in support of paperless filing of tax and information returns. ETAAC members work closely with the Security Summit, a joint effort of the IRS, state tax administrators and the tax […]
Passport revocation; lease accounting deadlines; re-routed refund; and other highlights from our favorite tax bloggers. Cryptic questions Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com/): A federal holiday can mean many things to many people. How holidays also can affect taxes when they coincide with a deadline, with a nod toward the Uniform Monday Holiday Act. Tax Girl […]
This position doesn’t yet exist and this column is the first official announcement of the CAO position in accounting firms: Chief Accountability Officer. Nobody likes to be told what to do, especially partners in accounting firms. Until now, the bad person was the managing partner, but many firms, even very small ones, have set up […]
The International Federation of Accountants issued a report Monday indicating strong support for international accounting and auditing standards, particularly in areas where IFAC member organizations are involved in the process from beginning to end. The report includes data from more than 170 professional accountancy organizations that make up IFAC’s membership. TheInternational Standards: 2019 Global Status […]
As we head into the final frantic quarter of 2019, I’m sure many of your clients are asking about aggressive tax saving opportunities. Sometimes I feel like I’m going back in time. I still hear plenty of Fleetwood Mac, the Beatles, the Grateful Dead, and Crosby Stills and Nash on the radio. The Yankees and […]
The Georgia Society of CPAs donates more than 774,000 meals via its sixth annual “Food Fight” drive; EY hold its annual Connect Day; and Saltmarsh, Cleaveland Gund staff members volunteer their time across Florida.
Section 1031 exchanges involving related parties present some of the most complex problems in Section 1031 tax law. This is partly because related-party exchanges have an additional set of rules that must be followed. What’s more, some of the additional complexity is because related-party exchanges may be scrutinized to determine their underlying purpose. The legislative […]
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