IRS Issues Guidance on the Retroactive Termination of the ERC
The IRS has issued guidance for employers on the retroactive termination of the Employee Retention Credit (ERC). The ERC was …
Thomson Reuters Tax & Accounting News
Near-Term Implications of New SEC Staff Interpretation on Rules Governing Shareholder Proposals May Not be Big
As the 2022 proxy season comes up, how much the SEC staff’s recent interpretation on rules governing shareholder proposals will …
Senate Bill Aims to Reform Donor Advised Funds
Tim Shaw Editor, Federal Tax Update The Accelerating Charitable Efforts (ACE) Act (S. 1981), a Senate bill introduced by Sen. Angus King …
Another Defendant Challenges SEC’s Application of NDAA Disgorgement Powers
A fourth defendant in the SEC’s “Sharp Group” microcap fraud action is challenging the commission’s use of an expanded statute …
New SEC Staff Accounting Bulletin Covers ‘Spring-Loaded Awards’
The SEC staff has issued interpretive guidance to help companies properly calculate and disclose compensation cost for “spring-loaded awards” given …
IRS to Update 2021 Form W-2 Instructions for ARPA Changes
The IRS will update the 2021 Form W-2 instructions to reflect changes to the dependent care credit made by the …
FASB Proposes More Amendments to Credit Loss Accounting Rules and Disclosures
The FASB on November 23, 2021, issued a narrow proposal to remove troubled debt restructuring (TDR) accounting rules from the …
PCAOB’s 2022 Budget is Set to Increase 8 Percent to $310.3 Million
The PCAOB on November 23, 2021, voted 3 to 0 to approve its 2022 budget of $310.3 million, an increase …
Apples and Avocados: Pay Ratio’s Limitations Undercut Progressive Aims
The SEC’s Dodd-Frank pay-ratio rules are central to a flurry of Democratic legislation designed to expand executive compensation disclosures or …
Proposed Regs Would Amend Definition of Minimum Essential Coverage
The IRS has released proposed regs that would amend Reg §1.5000A-2 by adding Medicaid coverage for COVID-19 testing and diagnostic …
FASB Publishes New Accounting Rules for Disclosing Government Incentives
The FASB on November 17, 2021, issued a new accounting standard to create consistency in the way companies disclose certain …
SEC Commissioner Crenshaw Urges Companies to Improve XBRL Tagging
SEC Commissioner Caroline Crenshaw in a speech said that requiring public companies to use structured data format in certain filings has been …
House Financial Services Committee Advances SPAC Reforms
The House Financial Services Committee on November 16, 2021, advanced two bills that would impose new constraints on Special Purpose …
FASB to Finalize Proposed Hedge Accounting Model, With Revisions
The FASB on November 10, 2021, voted to finalize a revised version of its May hedge accounting proposal – narrow …
FASB Votes Against Delaying Lease Accounting Rules a Third Time for Private Companies
The FASB on November 10, 2021, unanimously voted against delaying lease accounting rules a third time for private companies, citing …
New PCAOB Short-Term Priorities Include Investor Engagement
One of the most important changes that the new Public Company Accounting Oversight Board (PCAOB) will bring is increased effort …
IRS Provides Guidance on Tax Treatment and Information Reporting of HAF Payments
The IRS has provided guidance on the federal tax treatment and information reporting requirements for payments made to, or on …
Big Four, AIPCA Lobbying Includes FASB Independence, PCAOB Enforcement Transparency
Big Four audit firms and the AICPA reported lobbying on a wide range of accounting-related matters in the third quarter …