The Financial Accounting Standards Board released a proposed accounting standards update Wednesday with the goal of improving the discount rate guidance for lessees that are not public businesses, such as private companies, not-for-profits and employee benefit plans. The proposed update aims to reduce the expected cost of implementing the leases
Implications of a big leak; taxing multinationals; better current than new clients; and other highlights from our favorite tax bloggers. Money troubles The Tax Times (https://www.thetaxtimes.com): A look at recent reports that private wealth clients, hedge fund managers, cryptocurrency traders and other well-heeled heels are skipping out to Puerto Rico
The Institute of Management Accountants is objecting to the possible elimination of management accounting from the future courses required for students pursuing a career in accounting. The American Institute of CPAs and the National Association of State Boards of Accountancy are set to unveil the model accounting curriculum they have
Congress introduced bipartisan legislation Friday to recognize accounting as part of the STEM programs in schools, as part of the science, technology, engineering and mathematics curricula. Rep. Victoria Spartz, R-Indiana, and Haley Stevens, D-Michigan, introduced the Accounting STEM Pursuit Act, which would amend the Student Support and Academic Enrichment Grant
The Governmental Accounting Standards Board released updated implementation guidance for its leases standard, which is going into effect soon, along with other accounting standards for state and local governments. The updated guidance, posted by GASB last week, provides information in the form of questions and answers on various topics, including
Leadership and management consulting firm ConvergenceCoaching has announced its 2020-21 Spring Transformational Leadership Program graduating class. The annual program hosts high-potential candidates from CPA firms who have completed ConvergenceCoaching’s one-year program that helps “future leaders honestly identify their strengths and areas for improvement…and prepare to take on meaningful roles in
Republican and Democratic senators said Thursday they’re open to considering the first change in the national gasoline tax since 1993 to help fund a bipartisan infrastructure spending package they plan to propose to President Joe Biden. Indexing the gasoline tax — currently 18.4 cents per gallon — to a measure
The senior Republican on the House Financial Services Committee said he’s opening an investigation into the firing of the leader of the U.S.’s audit watchdog. In letters sent Tuesday, Rep. Patrick McHenry dismissed the move by the Securities and Exchange Commission as “partisan” and an “unprecedented attempt to politicize” the
Capital gains at death; ounces of prevention; extremely dark money; and other highlights from our favorite tax bloggers. The fine print Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): In United States v. Kronowitz, the court sustained the government’s assertion of the FBAR civil willful penalty. “The facts were bad” for Kronowitz, an accountant
The Internal Revenue Service is sending letters to over 36 million families about how they may be able to qualify for monthly Child Tax Credit payments, beginning in July. The American Rescue Plan Act that Congress passed in March expanded the Child Tax Credit to provide families with up to
