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New leaders have been named for both the Financial Accounting Standards Board and the Financial Accounting Foundation, which oversees the board. Richard Jones, a partner and chief accountant at Big Four firm Ernst Young, has been selected as the next FASB chair by the trustees of the FAF, while former Securities and Exchange Commission Commissioner […]
Investors looking to reap big tax breaks for putting money into low-income areas are getting clarity on what they can and can’t do as the U.S. Treasury Department finalizes rules governing so-called opportunity zones. The regulations released by Treasury on Thursday lay out what property and businesses will qualify for the tax breaks as well […]
Pelicon; far more than half; instant, speedy and guilty; and other highlights of recent tax cases. Mesa, Arizona: Preparer David Steven Rubin, 51, has pleaded guilty to one count of aiding and assisting in the preparation and presentation of a false return. Rubin operated JR Accounting Enterprises and has some 25 years of experience preparing […]
The Financial Accounting Standards Board has released a new Accounting Standards Update aimed at reducing the cost and complexity of accounting for income taxes. Part of the board’s simplification initiative, ASU 2019-12 removes certain exceptions to the general principles in Topic 740 – “Income Taxes in GAAP,” and means organizations don’t need to determine whether […]
The IRS is looking for nominees to its Electronic Tax Administration Advisory Committee. ETAAC provides a public forum for the discussion of such e-tax administration issues as ID theft and refund fraud. Members also work with the Security Summit, a joint effort of the IRS, state tax administrators and the tax industry to fight electronic […]
A subsidiary of Vitol Group, the biggest independent oil trader, is demanding that the U.S. government return more than $52 million in fuel taxes the Rotterdam-based company says was improperly collected. The Internal Revenue Service failed to refund federal excise taxes paid by Vitol Inc., which is principally operated out of Houston, from 2014 through […]
The Public Company Accounting Oversight Board announced that Patrick Bryan has been named director of its Division of Enforcement and Investigations, while Kenneth Lench is due to join the audit overseer as general counsel. Bryan, who is expected to join the board in January 2020, is currently assistant general counsel for enforcement for the Board […]
A new online “assistant” from the IRS helps employers determine the right amount of federal income tax to withhold from workers’ pay. The spreadsheet-based “Income Tax Withholding Assistant for Employers” helps navigate the redesigned withholding system (no longer based on withholding allowances) that goes into effect Jan. 1 for employees who fill out the redesigned […]
The House passed two giant spending bills Tuesday providing $1.4 trillion to fund the U.S. government through September and avoid a government shutdown after current funding runs out Friday. The bill to fund defense-related departments passed on a 280-138 vote. The other, to fund non-defense agencies and extend a number of expiring tax breaks, passed […]
CPAs often ask me how long their new client onboarding process should take. My reply: As long as it takes to answer three key questions that I introduced in my last article: 1. Where are you now?2. Where do you want to go?3. How do you know if you are on track to get where […]
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