News



Working Group Considers Changes to CPA Licensing Requirements
 

Working Group Considers Changes to CPA Licensing Requirements

Posted: November 29, 2018
Leaders of the CPA profession, the regulatory community and representatives from critical stakeholder groups are joining together to explore possible changes to the CPA licensure model that embrace the need for expanded skillsets of professionals.



IRS Extends Transition Relief for Unclaimed Property
 

IRS Extends Transition Relief for Unclaimed Property

Posted: November 21, 2018
IRS has extended the transition relief in Rev. Rul. 2018-17 (Withholding and Reporting With Respect to Payments from IRAs to State Unclaimed Property Funds) so that a person will not be treated as failing to comply with the withholding and reporting requirements with respect to payments made before the earlier of Jan. 1, 2020, or the date it becomes reasonably practicable for the person to comply with those requirements.

Making Large Gifts Now Won’t Harm Estates After 2025
 

Making Large Gifts Now Won’t Harm Estates After 2025

Posted: November 21, 2018
The IRS has announced that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.

IRS Warns of Tax Transcript Email Scam
 

IRS Warns of Tax Transcript Email Scam

Posted: November 20, 2018
The IRS and Security Summit partners are warning the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware.

FASB Improves Accounting for Collaborative Arrangements
 

FASB Improves Accounting for Collaborative Arrangements

Posted: November 6, 2018
The Financial Accounting Standards Board has issued an Accounting Standards Update that clarifies the interaction between the guidance for certain collaborative arrangements and the Revenue Recognition financial accounting and reporting standard.

FASB Provides Guidance on Revenue Recognition for Franchisors
 

FASB Provides Guidance on Revenue Recognition for Franchisors

Posted: November 5, 2018
The Financial Accounting Standards Board has released an educational staff paper that provides implementation examples to help private company franchisors preparing to implement the revenue recognition standard in 2019.