Accounting
SEC and FASB post 2021 financial reporting taxonomy
The Financial Accounting Standards Board said Tuesday the Securities and Exchange Commission has accepted the latest updates to the GAAP Taxonomy for filing financial statements with the SEC. ]] Original Article Posted at : https://www.accountingtoday.com/news/sec-and-fasb-post-2021-financial-reporting-taxonomy
Read MoreCongress Must Redesign the Charitable Deduction: How to Do It Well
In 2017 and again in 2020, Congress made deficient—but temporary—changes to the federal income tax deduction for charitable giving. By significantly increasing the standard deduction,…
Read MoreLawmakers complain of delays in stimulus payments for Social Security recipients
A group of House Democrats is sounding the alarm about delays in Economic Impact Payments going out to beneficiaries of Social Security and other safety net programs. ]] Original Article Posted at : https://www.accountingtoday.com/news/lawmakers-complain-of-delays-in-stimulus-payments-for-social-security-recipients
Read MoreIn the blogs: Roll the credits!
When everybody wants returns; future CPAs; the lure of Tinseltown; and other highlights from our favorite tax bloggers. ]] Original Article Posted at : https://www.accountingtoday.com/opinion/in-the-blogs-roll-the-credits
Read MoreMarch Madness will produce winning wager surprises
Changing rules on taxation of gambling winnings may produce some unexpected upsets. ]] Original Article Posted at : https://www.accountingtoday.com/news/march-madness-will-produce-winning-wager-tax-surprises
Read MoreCFOs accelerate financial transformation during pandemic
Over the last year CFOs and their teams have been forced to adapt and transform their business practices because of disruptions brought on by the pandemic. ]] Original Article Posted at : https://www.accountingtoday.com/opinion/cfos-accelerate-financial-transformation-during-pandemic
Read MoreAre The American Rescue Plan’s Tax Cliffs Really Such A Big Deal?
Are American Rescue Plan’s Tax Cliffs Really Such A Big Deal? Economists hate cliffs. But the tax cliffs in the ARP may not be so bad.
Read MorePandemic tax season just got worse. Here’s what to expect now
Yet another IRS change to tax rules amid the COVID pandemic is complicating tax-planning opportunities for financial advisors this filing season. ]] Original Article Posted at : https://www.accountingtoday.com/news/pandemic-tax-season-just-got-worse-heres-what-to-expect-now
Read MoreA Neutral Tax Code Counts Unemployment Compensation as Taxable Income
During the pandemic, implementation issues in some states resulted in underwithholding income tax due on enhanced unemployment benefits, and surprise tax bills, for many jobless workers. For instance, in California, when workers opted to withhold 10 percent of their unemployment compensation for taxes, that only applied to state benefits and not enhanced federal benefits. The…
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