Guidance issued on applicability and calculation of new corporate AMT
In advance of proposed regulations, the IRS provided interim guidance to help corporations determine whether they are subject to the new corporate alternative minimum tax and how to calculate the tax, including how to determine financial statement income and applicable financial statement income. Read More
Optimism on the rise among large-company CFOs, according to survey
Fifty-seven percent of North American CFOs rate current economic conditions as good or very good — up from 34% last quarter — according to a third-quarter survey by Deloitte. Read More
Long-awaited guidance provided for amortization of R&E expenditures
The IRS says taxpayers and tax professionals can rely on interim guidance under Sec. 174 for the amortization of research and experimental expenditures released on Friday in Notice 2023-63 until it issues proposed regulations based on the guidance, effective for tax years beginning in 2022. [...]
How to close the talent gap without hiring
An expert in workplace dynamics shares simple strategies that can significantly increase the productivity of current employees while changing company culture for the better. Read More
IRS vows new enforcement efforts aided by AI
Commissioner Danny Werfel describes an IRS that focuses on the wealthy and uses artificial intelligence to find discrepancies in large partnership filings. Read More
FASB approves cryptoassets standard
The board voted to issue a standard that defines the financial reporting requirements for certain crypto holdings and how the value of those assets should be measured. Read More
FASAB seeks comment on guidance for management discussion and analysis
The Federal Accounting Standards Advisory Board is seeking feedback on an exposure draft aimed at updating the guidance for management discussion and analysis (MD&A). Read More
ESOP exploration: Can the ‘new’ ownership model age well?
As one of the nation’s largest CPA firms announces the formation of an employee stock ownership plan, the managing partner at a midsize firm entering its third decade as an ESOP shares some perspective. Read More
FASB issues new chapter of its Conceptual Framework
FASB issued a new chapter of its Conceptual Framework related to the recognition and derecognition of criteria and guidance on when an item should be incorporated into and removed from financial statements. Read More
AICPA seeks comments on proposed changes to QM standards
The exposure draft of the Statement on Standards for Attestation Engagements aims to align quality management standards with standards for audits, reviews, and compilations. Read More
Guidance issued on consequences of certain state payments after 2022
The IRS issued guidance on the treatment of refunds of state or local taxes and certain other payments made by states made to individuals in 2023 and future years, including spillover payments made in 2023 under 2022 programs covered by IRS News Release IR-2023-23. Read [...]
Businesses must e-file Form 8300 for $10,000+ cash payments in 2024
The new e-filing requirement, beginning in 2024, applies to businesses mandated to e-file certain other information returns, such as Forms 1099 series and Forms W-2. Read More
