IRS Moves for Stay of PTIN Fee Injunction Posted: July 27, 2017 The IRS has moved for a stay of the injunction that prohibits it from charging a fee for preparer tax identification numbers. If granted, the stay will allow the IRS to charge the fee while it decides whether to appeal the District Court decision that strikes down the fee and, if it does appeal, during the appeal.
Calculating the Credit for Taxes Paid to Philadelphia Posted: July 25, 2017 A common problem in calculating a credit for Philadelphia is that taxpayers often include income that was not taxed by both New Jersey and Philadelphia., such as 401(k) contributions.
IRS Office of Appeals Pilots Virtual Service Posted: July 24, 2017 The Internal Revenue Service Office of Appeals will soon pilot a new web-based virtual conference option for taxpayers and their representatives. This virtual face-to-face option will provide an additional option for taxpayer conferences.
Status of New Jersey Homestead Benefit Payments Posted: July 14, 2017 New Jersey Homestead Benefit payments have been issued as credits on May 2017 property tax bill or mailed as checks on July 7.
GASB Issues Exposure Draft on Certain Disclosures Related to Debt Posted: July 14, 2017 The Governmental Accounting Standards Board has issued an Exposure Draft, Certain Disclosures Related to Debt including Direct Borrowings and Direct Placements, which is an amendment of GASB Statements No. 34 and No. 38.
Revised Senate Health Bill Would Retain Taxes on Higher-Income Individuals Posted: July 14, 2017 Senate Republicans on Thursday released a revised version of their Better Care Reconciliation Act of 2017; the new version, if enacted, would retain several taxes first imposed as part of the Patient Protection and Affordable Care Act.
FASB Simplifies Accounting for Certain Financial Instruments with Characteristics of Liabilities and Equity Posted: July 13, 2017 The Financial Accounting Standards Board has issued an Accounting Standard Update that simplifies the accounting for certain financial instruments with down round features — a provision in an equity-linked financial instrument that provides a downward adjustment of the current exercise price based on the price of future equity offerings.
Private Company Council Meeting Recap for July Posted: July 12, 2017 The Private Company Council met on July 11 to share stakeholder input from the private company Town Hall meeting in June. FASB staff delivered updates and the PCC gave input on various projects.
AICPA Seeking Comment on Framework for Valuation of Financial Instruments Posted: July 10, 2017 The proposed framework seeks to bring clarity, consistency and transparency to the valuation of financial instruments.
AICPA Drafts More Revenue Recognition Guidance Posted: July 6, 2017 The AICPA has released several more working drafts of industry-specific guidance related to various implementation issues involving the revenue recognition standard and is asking for feedback on them.