IRS Reform Bill Approved by Congress
Congress recently voted to approve an IRS reform bill, the Taxpayer First Act.
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All Featured (92) For the Public (68) Business & Industry News (3) Chapter News (1) Legislative News (5) Regulatory News (30) Tax News (49) Young CPAs (2) Accounting & Auditing (1)Showing : 11–20 of 92
IRS and Treasury Department Issue Global Intangible Low-Taxed Income Guidance
The Treasury Department and IRS recently issued final and proposed regulations concerning global intangible low-taxed income.
View MoreGASB Establishes Guidance to Assist with Implementation and Application of Various Pronouncements
The Governmental Accounting Standards Board recently issued guidance intended to clarify, explain, or elaborate on the implementation and application of certain GASB Statements.
View MoreState Legislature Votes to Repeal Professional Privilege Tax for CPAs effective May 31, 2020
The Tennessee General Assembly unanimously approved a state budget that will eliminate the professional privilege tax for CPAs after May 31, 2020. The budget will now go to the Governor for his signature, and TSCPA believes that it will be approved by Governor Lee.
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 MoreAuditing Standards Board Takes a Closer Look at Materiality
In May, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) will meet in Nashville to vote on amending its definition of the term “materiality.”
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 MoreProcedure for Obtaining EINs to Change May 13
As part of its efforts to provide greater security to the employer identification number (EIN) application process, the IRS recently announced that starting May 13 only individual taxpayers with either a Social Security or individual taxpayer identification number will be able to obtain EINs as the “responsible party” on the application.
View MorePlug-In Electric Vehicle Tax Credit for Eligible Consumers Begins Phaseout April 1
General Motors has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the fourth quarter of 2018, triggering a phaseout of the tax credit available for purchasers of the vehicles.
View MoreFASB Proposes Revised Improvements to Income Tax Disclosure Requirements
The Financial Accounting Standards Board recently issued a revised proposed Accounting Standards Update intended to improve the relevance of current income tax disclosure requirements to financial statement users.
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