Final Rules Permit Truncated TINs on W-2s Posted: July 16, 2019 As part of an effort to reduce identity theft, the IRS has issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2 provided to employees. To give employers and others time to adapt, the rules will apply to statements required to be furnished after Dec. 31, 2020.
AICPA Issues New Professional Standards for Forensic Accounting Service Providers Posted: July 12, 2019 The new standards clarify expectations for investigative and litigation forensic accounting consulting services to improve quality and to protect the public interest.
Business Executives Say Complex Financial Instruments Continue to Pose Risk Posted: July 3, 2019 Financial instruments are a growing presence on company balance sheets, and business executives say more market awareness is needed to prevent another financial crisis, according to a recent survey by the AICPA.
New Jersey's Angel Investor Tax Credit Has Increased Posted: July 1, 2019 Looking to encourage investment into women and minority owned businesses, a bill to increase the Angel Investor Tax credit percentage by a taxpayer into a New Jersey emerging technology business from 10 to 20 percent of the qualified investment has been signed into law by Governor Phil Murphy.
IRS Provides Data Security Guidance to Tax Professionals Posted: June 25, 2019 The IRS has provided guidance to PTIN holders regarding data security and steps to take in the event of a data breach.
National Taxpayer Advocate Delivers Final Report to Congress Posted: June 25, 2019 National Taxpayer Advocate Nina E. Olson has released her 37th and final report to Congress in advance of her previously announced retirement on July 31.
Bill Would Help Businesses Pay Off Employees’ Student Debt Posted: June 20, 2019 Bipartisan federal legislation could help both people with outstanding student loan debt and the employers who want to help them.
SEC Adopts Amendments to Improve the Application of the Auditor Independence Rules to Loan Provision Posted: June 19, 2019 The Securities and Exchange Commission has adopted amendments relating to the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client.
GASB Issues Implementation Guide on Fiduciary Activities Posted: June 19, 2019 Implementation Guide No. 2019-2, Fiduciary Activities, answers many questions about how to apply the provisions of GASB Statement No. 84, Fiduciary Activities.
IRS, Treasury Issue GILTI Regs Posted: June 17, 2019 The Treasury Department and the IRS have issued final and proposed regulations concerning global intangible low-taxed income under section 951A, the foreign tax credit, the treatment of domestic partnerships for purposes of determining the subpart F income of a partner and the treatment of income of a controlled foreign corporation subject to a high rate of foreign tax under section 951A.