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  • Simplifying the Rules for Reporting Income Taxes October 15, 2019 For years, businesses have complained that the guidance under Accounting Standards Codification Topic 740, Income Taxes, includes many mechanical rules and exceptions, making it challenging for investors to understand its ...
  • FASB Proposes Changes to Standard-Setting Approach October 15, 2019 The Financial Accounting Standards Board (FASB) has proposed a historic change to its philosophy for establishing effective dates for major new accounting standards. Outcry from constituents indicates that small public ...
  • New Exempt Status Income Threshold Impacts 401(k) Plan Costs October 7, 2019 If your 401(k) plan employer contribution formula for hourly employees includes overtime pay, your plan costs may increase next year — along with your overtime pay outlays. That’s because of ...
  • Risks of Front-Loading Deferrals on Your 401(k) October 7, 2019 Some 401(k) plan participants have been known to shoot themselves in the foot when taking aim at higher investment returns. Some of these individuals may not be open to advice ...
  • IRS and the Self-Correction Program for Plan Failures October 7, 2019 If your plan offers participants a plan loan option and you’re not infallible, here’s some good news: A recent IRS Revenue Procedure allows plan sponsors to jump through fewer hoops ...
  • Will a Merger or Acquisition Effect Your 401(k) Plan? October 7, 2019 ERISA issues and higher costs Is your company contemplating buying another company, or a division of one? If so, be sure to assess and plan for the impact on your 401(k) ...
  • Coming soon: Proposal to improve audit procedures for accounting estimates September 20, 2019 In July, the AICPA’s Auditing Standards Board (ASB) unanimously voted to propose revisions to the audit standards on the use of accounting estimates. The ASB wants to improve the standards ...
  • How strong are your company’s internal controls? September 20, 2019 A solid system of internal controls translates into more reliable financial reporting and can help companies prevent, detect and correct financial misstatements. In contrast, weak controls can result in costly ...
  • Accounting for Acquired Goodwill September 20, 2019 Goodwill is an acquired intangible asset that can affect earnings if it declines in value. The Financial Accounting Standards Board (FASB) is soliciting feedback on this topic as it considers ...
  • Six issues targeted in IRS compliance campaigns September 12, 2019 In January 2017, the IRS announced a new audit strategy for its Large Business and International (LB&I) Division known as “campaigns.” With the campaigns, LB&I essentially shifts its examinations based ...