News


FASB Issues Narrow-Scope Improvements to Accounting for Lessors
 

FASB Issues Narrow-Scope Improvements to Accounting for Lessors

Posted: December 10, 2018
The Financial Accounting Standards Board has issued an Accounting Standards Update expected to reduce lessor’s implementation and ongoing costs associated with applying the new leases standard. The ASU also clarifies a specific lessor accounting requirement.



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.

New Jersey Provides Sales Tax Guidance to Marketplace Sellers
 

New Jersey Provides Sales Tax Guidance to Marketplace Sellers

Posted: November 1, 2018
Effective Nov. 1, online marketplace sellers and facilitators are required to collect and remit sales tax for sales and services delivered into New Jersey. Here is some guidance from the New Jersey Division of Taxation.

FASB Improves Consolidation Accounting
 

FASB Improves Consolidation Accounting

Posted: October 31, 2018
The Financial Accounting Standards Board has issued an Accounting Standards Update that reduces the cost and complexity of financial reporting associated with consolidation of variable interest entities.