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The Internal Revenue Service has issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA).
View MoreThe IRS has issued the 2018–2019 special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
View MoreEmployer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes, the Internal Revenue Service recently announced.
View MoreThe Internal Revenue Service and its Security Summit partners want to remind tax professionals that they should report data theft immediately and follow an established process for helping the IRS protect their clients.
View MoreThe Governmental Accounting Standards Board (GASB) has issued guidance clarifying the accounting and financial reporting requirements for a state or local government’s majority equity interest in an organization that remains legally separate after acquisition.
View MoreThe Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) that reduces complexity for the accounting for costs of implementing a cloud computing service arrangement. The ASU is based on a consensus of the FASB’s Emerging Issues Task Force (EITF) (Issue No. 17-A).
View MoreThe Financial Accounting Standards Board (FASB) has issued two changes to the FASB’s conceptual framework and two Accounting Standards Updates (ASUs) that improve the effectiveness of disclosures in notes to financial statements.
View MoreInternal Revenue Service officials have announced changes to the Compliance Assurance Process (CAP) program for 2019. CAP is a cooperative pre-filing program for some of the largest taxpayers. To give affected taxpayers more time to assess the proposed changes, the IRS will shift the start of the application period to Oct. 1, 2018 and it will close on November 30, 2018.
View MoreCertain U.S. citizens or resident aliens, specifically contractors or employees of contractors supporting the U.S. Armed Forces in designated combat zones, may now qualify for the foreign earned income exclusion.
View MoreThe Educational & Memorial Foundation of TSCPA has awarded $250,000 in scholarships to 88 students in Tennessee. The TSCPA Scholarship Program, among the largest professional scholarship programs in the state, recognizes students with a major or concentration in accounting. The awards are granted to Tennessee college students majoring in accounting.
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