FASB Votes to Delay Effective Dates for Major Standards
FASB recently voted unanimously to delay effective dates for private companies and certain other entities for standards on accounting for leases, credit losses and hedging.
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All Featured (49) For the Public (148) Tax News (467) Accounting & Auditing (227) Business & Industry News (133) Regulatory News (112) Legislative News (50) Chapter News (36) Young CPAs (76) Students (98) TSCPA Press Releases (75)Showing : 121–130 of 133
A Simple Tool That Revolutionizes Workplace Communications: SBAR
So you need to communicate a recommendation quickly to another coworker. Or you need to communicate something complex to your boss. In most cases, you will simply start talking and the person on the receiving end of the message will have to sort through your conversation to get to the core recommendation.
View MoreFASB Looking at Delaying Standards for Private Companies and Nonprofits for Two Years
FASB is considering giving accountants at privately held companies and nonprofit organizations an extra two years to implement standards, instead of the one year it sometimes extends them.
View MoreIRS Modifies and Supersedes Revenue Procedure 2018-52
The IRS recently announced Revenue Procedure 2019-19 will modify and supersede Rev. Proc. 2018-52, 2018-42 I.R.B. 611, which sets forth the Employee Plans Compliance Resolution System (EPCRS).
View MoreIRS Issues Guidance Providing Safe Harbor for Professional Sports Teams’ Trades
The IRS recently issued guidance that provides a safe harbor allowing professional sports teams to treat certain player and staff member contracts and draft picks as having a zero value for determining gain or loss to be recognized on the trade of a player or staff member contract or draft pick.
View MoreFASB Proposes Transition Relief for Credit Losses Standard
FASB recently proposed a standard that is designed to ease the transition to its new credit losses standard by providing an option to measure certain types of assets at fair value.
View MoreTNTAP Business and F&E Updates
The Department of Revenue has important updates about business tax and franchise and excise tax. This includes information about new account numbers, consolidation and other filing tips.
View MoreIRS Provides Guidance on Parking Fringe Expenses and Unrelated Business Taxable Income, Penalty Relief to Tax-Exempt Organizations
The Internal Revenue Service recently issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules assist taxpayers in determining the amount of parking expenses that are no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income.
View MoreIRS Provides Guidance on Stock Options and Restricted Stock Units Tax Benefit for Private Corporations’ Employees
The Internal Revenue Service recently issued Notice 2018-97, offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax for up to five years on the value of qualified stock options and restricted stock units granted to them by their employers.
View MoreLease Accounting: Simplifying the Discount Rate Debacle
Discount rates are one of the new data points that need to be captured when implementing the new lease accounting standard. The guidance for non-public companies is more lenient than that for public companies, but it will require significant consideration as the adoption date quickly approaches.
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