SEC Nominees Lizarraga, Uyeda Cruise Through Banking Panel Hearing
SEC nominees Jaime Lizárraga and Mark Uyeda emerged from a Senate Banking Committee hearing having said little of substance, but …
Thomson Reuters Tax & Accounting News
Planning Around Major Changes to the Foreign Tax Credit
By Patricia Brandstetter and Jonathan D. Grossberg Final regulations, issued December 28, 2021 (TD 9959), significantly change longstanding principles for …
Deloitte’s Controls Expert Shares Tips on Sarbanes-Oxley for New Public Companies
Last year, 2021, was a record year with about 1,030 companies doing initial public offering (IPO) transactions and special purpose …
IRS Again Extends Relief From Physical Presence Requirement for Participant Elections
The IRS has provided participants, beneficiaries, and administrators of qualified retirement plans and other tax-favored retirement arrangements with another six …
FASB Mulling Whether to Require Disclosure of Taxes Paid by Top Jurisdictions
The FASB on May 11, 2022, said it would research whether to require companies to disclose the top jurisdictions in …
Accounting Rules Will be Developed for Crypto Assets, FASB Says
The FASB on May 11, 2022, unanimously voted to add a project to its technical agenda to develop recognition, measurement, …
ABA Tax Section Hosts Key Meeting May 12-14
The American Bar Association’s Section of Taxation will host its annual May meeting in Washington, D.C., this week, and Checkpoint …
Mix of Old and New Members are Named to Reconstituted PCAOB Advisory Groups
The PCAOB on May 9, 2022, announced inaugural members of its reconstituted advisory groups. Some have served on the board’s …
Bowing to Pressure, SEC Extends Comment Period for Climate Change Rule Proposal
After intense pressure from numerous industry groups and dozens of lawmakers, including Democratic members, about the relatively short comment period …
House Republicans Seek Full SEC Hearing Amid ‘Scorched Earth’ Rulemaking Push
Top Republicans on the House Financial Services Committee on May 5, 2022, urged Chair Maxine Waters to immediately call a …
DC Bar Tax Conference: NTA Urges IRS to Fix COVID-19 Refund Claim, Suit Issues
The IRS should extend the window for taxpayers to claim refunds, as well as waive the time limit for filing …
During First Public Conference as PCAOB Chair, Williams Signal No Major Changes
New PCAOB Chair Erica Williams indicated that there will likely not be any major changes in terms of how the …
New PCAOB Leaders Set Ambitious Standard-Setting Priorities
Taking a sharp turn, the new PCAOB leadership has put back some projects on the standard-setting and research agendas that …
Not Always Necessary to Buy Software to Adopt Lease Accounting Rules, FASB Panel Signals
Not all companies need lease accounting software or vendor assistance to adopt the lease accounting standard because straightforward contracts can …
No Easy Way to Revise Presentation Rules for Amortized Goodwill, Rulemakers Signal
The FASB on May 4, 2022, was split down the middle in tough discussions about how to present goodwill in …
Proposed REGs Update Actuarial Tables used to Value Annuties
The IRS has issued proposed regs relating to the use of actuarial tables in valuing annuities, interests for life or …
Ukrainian Group Ask SEC for Corporate Disclosure Rule Related to Russian Invasion
The Ukrainian American Bar Association petitioned the SEC to write a rule that would require public companies to disclose their …
Chief Counsel Discusses Automatic Revocation of Exemption and Notification Requirement
In a legal advice, the IRS’s Chief Counsel has addressed Whether the automatic revocation of exemption provisions apply to exempt …