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The Securities and Exchange Commission voted to add amendments to its rules and forms to improve financial information about acquired or disposed businesses for investors, and decrease the complexity and costs of preparing such disclosures. The amendments aim to help companies make more meaningful decisions about whether a subsidiary or an acquired or disposed business […]
The COVID-19 pandemic is forcing corporate tax departments to reconsider their top priorities for this year, according to a new survey. Bloomberg Tax Accounting polled a group of corporate tax professionals before and after the outbreak of the novel coronavirus disease in the U.S. about staffing, mandates, challenges and concerns. The survey found differences in […]
With the coronavirus pandemic impacting the entire country, the IRS is moving its Nationwide Tax Forums to a virtual format this summer, with a series of live-streamed webinars beginning this July. The forums were scheduled to take place in six cities around the country; those in-person events are canceled. Initial registration for the in-person 2020 […]
There is not a person in business today who thinks we will come out of this COVID-19 crisis as we were before. We all recognize that as we slowly bring our economy back it will be through a “new normal,” and whether that “new normal” is a bridge to the “old normal” or a pathway […]
American Institute of CPAs executive vice president of firm services Mark Koziel announced that he is leaving after almost a decade-and-a-half with the institute to take the helm at international accounting association Allinial Global. Koziel will become president and CEO of the association on August 1, following the retirement of current chief Terry Snyder. He […]
Yacht happening; going, going, gone; grey and bootleg; and other highlights of recent tax cases. Lake Worth, Florida: Businessman Dusko Bruer has pleaded guilty to tax evasion and willful failure to file a FBAR. Bruer owned and operated a company that bought U.S.-made agricultural machinery and parts and sold them globally. Beginning in 2003, the […]
The Internal Revenue Service issued its annual inflation adjustment Wednesday for health savings accounts for 2021, at a time when many taxpayers are worried about their health in the midst of the novel coronavirus pandemic. In Revenue Procedure 2020-32, the IRS said for calendar year 2021, the annual limitation on deductions for an individual with […]
The Financial Accounting Standards Board voted Wednesday to give private companies and not-for-profit organizations an extra year to comply with the revenue recognition and leases standards, giving them some more time as organizations struggle to adjust to the novel coronavirus pandemic. FASB issued a proposal last month to defer the effective date of the revenue […]
“That’s not RD” is a common phrase we hear from engineers at companies engaged in product development and improvements. Engineers typically don’t view a large part of their day-to-day activities as worthy of the lofty moniker of research and development. It’s this exacting nature and detailed focus that makes an engineer good at his or […]
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