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The Governmental Accounting Standards Board released a pair of implementation guides with questions and answers explaining several GASB standards. Implementation Guide No. 2017-1, Implementation Guidance Update—2017, discusses a broad range of issues, including the standards on pensions, cash flow statements, financial reporting entities, investments, fund balances, external investment pools, and tax abatements. The guide also […]
The Institute of Internal Auditors has published a new guide to help auditors deal with the challenges of “big data,” the huge volumes of structured and unstructured information that’s being generated at a fast pace by today’s systems. The IIA’S Global Technology Audit Guide: Understanding and Auditing Big Data discusses how the internal audit function […]
(Bloomberg) President Donald Trump’s economic team says it won’t be satisfied until Americans workers earn more—and aggressive tax cuts are essential for those fatter paychecks. But with unemployment at its lowest rate since before the financial crisis, the world’s biggest economy may already be nearing top speed. That means a big fiscal boost resulting from […]
After the crush of busy season is over, it’s the perfect time to get out and have meaningful discussions with your clients. Discussions that go beyond the technical, or the project that you’ve recently working on with them. Questions that probe wants, fears, pains and builds rapport on a personal level. Get an update on […]
The omnibus appropriations bill passed Thursday by Congress includes a number of priorities and directives for the Internal Revenue Service. The spending bill, which funds the government through the end of September, includes $11.2 billion for the IRS, including money for the Tax Counseling for the Elderly Program, Low-Income Taxpayer Clinics, Volunteer Income Tax Assistance […]
On May 4, the House of Representatives, by a vote of 217 to 213, passed the American Health Care Act, the Republican plan to repeal and replace the Affordable Care Act, as amended. The bill now heads to the Senate for its consideration. This article examines the AHCA’s many tax provisions. The AHCA, in its […]
The National Conference of CPA Practitioners and the Texas Association of CPAs announced a strategic alliance at TACPA’s spring meeting on Friday. The alliance will give TACPA access to NCCPAP’s resources and national reach, while giving the latter a major base in a state it had not been very active in recently. Both groups focus […]
Taxpayers were required to file disclosures of so-called “micro-captive transactions” with the Internal Revenue Service by the beginning of this month, and many of them found it wasn’t so easy. The IRS issued a notice last November about the use of such transactions, warning they could be seen as potentially abusive tax avoidance schemes (see […]
On May 6, we at the Institute of Management Accountants celebrate International Management Accounting Day to show appreciation for the accountants and financial professionals who do their part to enable ethically sound, value-driven organizations benefitting the public interest. Management accountants – or accountants who primarily work in business, industry and government – are vital to […]
A French firm that claimed the Arthur Andersen name has lost a legal ruling in India against Andersen Tax, a few weeks after another setback in the U.S. Andersen Tax, which has been suing the French firm over the rights to the Andersen name, announced Wednesday that the High Court of Judicature in Bombay, India […]
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