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On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family

In August, Securities and Exchange Commission (SEC) officials announced plans to update the interpretive guidance for estimating loan loss allowances to reflect the updated credit loss standard. The accounting standard goes into effect in 2020 for public financial institutions. Changes under U.S. GAAP Under U.S. Generally Accepted Accounting Principles (GAAP), banks currently measure their loan

The Financial Accounting Standards Board (FASB) is looking for public companies to participate in its study about the prospects of improving the guidance for aggregating business segments and the reportable segments process. The study is the first phase of its outreach on segment reporting. To aggregate or not to aggregate? The FASB doesn’t want to

Large public companies that have already implemented the new lease standard are reporting that it takes much more legwork than they’d anticipated. The Financial Accounting Standards Board (FASB) recently approved amendments to the standard that were designed to aid implementation. However, many companies that lease assets are still running behind in terms of implementing the

IRS Released Interim Guidance and Transition Rules for New UBIT Law The Tax Cuts and Jobs Act of 2017 added a new section 512(a)(6) to the Internal Revenue Code. Section 512(a)(6) requires nonprofits with more than one source of unrelated business income (UBI) to calculate taxable income separately with respect to each trade or business.

One of the most valuable tax breaks in the Tax Cuts and Jobs Act (TCJA) is the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. The IRS recently issued proposed regulations that help clarify who can benefit from the deduction. One of the issues the regs clarify is how

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or

The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions. Although the regs are only proposed

The Securities and Exchange Commission (SEC) is proposing amendments to its guidelines for reviewing whistleblower claims and handing out awards to people who report wrongdoing. Here’s an overview of the SEC whistleblower program and proposed changes to make the program more effective and efficient. What is the whistleblower program? In 2010, Congress established the whistleblower

As the frequency and severity of cyberattacks have increased, data security should be a critical part of the audit risk assessment. The Public Company Accounting Oversight Board (PCAOB) made cybersecurity one of the areas of focus for inspection about three years ago. Here’s what that project has revealed so far. Increased scrutiny During a June