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  • COMPLIANCE ALERT February 19, 2019 Upcoming compliance deadlines: 2/15     Quarterly benefit statements due for defined contribution plans with calendar year plans 2/28     Deadline for filing paper 2018 Form 1099 with IRS (electronic filing deadline is March ...
  • Critical Audit Matters – CAMs February 12, 2019 Identifying CAMs: The new-and-improved auditor’s report Public company auditors have been conducting test runs to help them add critical audit matters (CAMs) to the auditor’s report. To comply with this new ...
  • AICPA to Align Audit Standards with Public Company Standards February 12, 2019 The AICPA’s Auditing Standards Board (ASB) is taking steps to enhance the consistency of financial reporting between public and private companies. A new omnibus auditing standard will cover standards on ...
  • Credit Loss Standards – Phase In Option February 10, 2019 New phase-in option for credit losses standard Bank regulators have completed a rule that will allow banks to phase in the capital effect of the new credit losses accounting standard ...
  • IRS Releases Corporation Foreign Tax Credit Form and Instructions January 31, 2019 The IRS has released a new Form 1118, “Foreign Tax Credit — Corporations,” and new instructions along with it. The agency notes that, to incorporate the provisions of the Tax ...
  • Iraq-based Worker Was Entitled to Foreign Earned Income Exclusion January 31, 2019 The U.S. Tax Court has determined in Wentworth v. Commissioner of Internal Revenue that a taxpayer who worked for a security company in Iraq was a “qualified individual” entitled to ...
  • Limit on FBAR Willful Violation Penalty Applies Annually January 31, 2019 A U.S. district court recently held in U.S. v. Shinday, et al., that the monetary limit on the penalty for willfully failing to file a Report of Foreign Bank and ...
  • FASB Project to Target Performance Reporting January 9, 2019 The Financial Accounting Standards Board (FASB) is in the early stages of a project to develop guidance for performance reporting. The goal is to make it easier for investors and ...
  • Global Convergence Project: U.S. GAAP Is Alive and Well January 9, 2019 Once upon a time, financial reporting professionals expected the Securities and Exchange Commission (SEC) to publish a rule that would allow — or force — U.S. public companies to use ...
  • Reporting the Effects of Tax Reform January 9, 2019 The Financial Accounting Standards Board (FASB) continues to monitor how companies and their auditors are tackling the financial reporting ramifications of the major new provisions of the Tax Cuts and ...