Accounting
IRS issues final rules on FDII and GILTI deductions
The Internal Revenue Service has released final regulations on deductions for two of the international tax regimes introduced under the Tax Cuts and Jobs Act of 2017: foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) for U.S.-based multinational corporations. Original Article Posted at : https://www.accountingtoday.com/news/irs-issues-final-rules-on-fdii-and-gilti-deductions
Read MoreAICPA modernizes audit evidence standard for technology use
The American Institute of CPAs’ Auditing Standards Board has released a new standard for audit evidence for private companies, updating the existing standards in recognition of the increasing role that technology plays in audit procedures. Original Article Posted at : https://www.accountingtoday.com/news/aicpa-modernizes-audit-evidence-standard-for-technology-use
Read MorePPP forgiveness promises ‘a busy fall’ for accountants
Meanwhile, the AICPA is working to come up with a uniform approach for the applications. Original Article Posted at : https://www.accountingtoday.com/news/ppp-forgiveness-promises-a-busy-fall-for-accountants
Read MoreTrump taxes likely going to Manhattan D.A., but maybe few others
Manhattan District Attorney Cyrus Vance could soon get his hands on President Donald Trump’s tax returns, but that doesn’t mean the public will see them. Original Article Posted at : https://www.accountingtoday.com/articles/trump-taxes-likely-going-to-manhattan-d-a-but-maybe-few-others
Read MoreState gov’ts should offer tax credits to businesses rehiring employees
By incentivizing businesses to rehire employees laid off or furloughed due to COVID-19, states will generate a faster economic recovery and provide valuable assistance for companies to get back on their feet. Original Article Posted at : https://www.accountingtoday.com/opinion/state-governments-should-offer-tax-credits-to-businesses-rehiring-employees
Read MoreIRS offers guidance on reporting sick and family leave wages for coronavirus tax relief
The Internal Revenue Service and the Treasury Department provided guidance to employers requiring them to report the amount of qualified sick and family leave wages they have paid to their employees under the Families First Coronavirus Response Act on Form W-2. Original Article Posted at : https://www.accountingtoday.com/news/irs-offers-guidance-on-reporting-sick-and-family-leave-wages-for-coronavirus-tax-relief
Read MoreNational Taxpayer Advocate’s Report Is a Road Map to Simpler Pandemic Relief Provisions
Last week, National Taxpayer Advocate Erin M. Collins released her first report to Congress on the challenges taxpayers have faced related to the coronavirus pandemic, including the tax changes made through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The National Taxpayer Advocate’s findings show that policymakers should prioritize simplicity in the next round…
Read MoreFASB proposes to delay insurance standard in response to coronavirus, but ease early adoption
The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard. Original Article Posted at : https://www.accountingtoday.com/news/fasb-proposes-to-delay-insurance-standard-in-response-to-coronavirus-but-ease-early-adoption
Read MoreSupreme Court grants N.Y. access to Trump taxes, blocks House
The U.S. Supreme Court cleared a New York grand jury to get President Donald Trump’s financial records while blocking for now House subpoenas that might have led to their public release before the election. Original Article Posted at : https://www.accountingtoday.com/articles/supreme-court-grants-n-y-access-to-trump-taxes-blocks-house
Read More