FASB 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.
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IRS Provides Advice for Taxpayers and Tax Professionals as Operations Resume
IRS employees returned to work Jan. 28 following the government shutdown and are working hard to resume normal operations to help taxpayers as much as possible.
View MoreIRS Issues Final Regulations on Section 199A Pass-Through Deduction and Walter Nunnallee to Present on Updates
The Treasury Department and IRS recently issued final regulations and three related pieces of guidance implementing the new qualified business income deduction, also known as the Section 199A pass-through deduction, of the Tax Cuts and Jobs Act.
View MoreIRS Waives 2018 Tax Penalty for Many Taxpayers
The IRS announced recently that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
View MoreIRS Confirms Tax Filing Season to Begin Jan. 28
The IRS has confirmed it will process tax returns beginning Jan. 28, 2019 and provide refunds to taxpayers as scheduled.
View MoreIRS Offers Tips to Reduce CAF Number Errors and Better Protect Data
The Internal Revenue Service recently outlined common errors that may delay processing of Centralized Authorization File numbers as well as reminded tax professionals of steps they should take annually to help protect their number from misuse.
View MoreSteps for Tax Professionals to Obtain Wage and Income Transcripts for Tax Preparation
The Internal Revenue Service, in partnership with the tax preparation community, has devised a new process that will allow tax practitioners to access employer information needed for return preparation and electronic filing while also protecting taxpayer data.
View MoreReverse Mentoring: Coaching the Boss?
It is undeniable that times have changed. As a way to create value and to bridge the generational gaps within an organization, the idea of spinning the conventional mentor-mentee roles just makes sense.
View MoreIRS Issues Guidance on Changes to Excess Business and Net Operating Losses
The IRS has issued guidance on excess business loss limitations and net operating losses post-reform.
View MoreIRS Warns About Fake Payroll Direct Deposit, Wire Transfer and W-2 Scam Emails
The IRS is warning tax professionals about an uptick in phishing emails involving payroll direct deposit, wire transfer and W-2 scams.
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