Taxpayers will file QBI deduction computation with IRS next year

The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.

FASB addresses deferred revenue in business combinations

FASB took a step forward in resolving challenges in its rules for recognizing and measuring deferred revenue in business combinations.

Clients’ top retirement fear: Running out of money

Nearly one-third (30%) of financial planners say their clients’ top retirement fear is running out of money, according to a recent AICPA survey of 631 CPA financial planners.

Bonus depreciation safe-harbor rules for vehicles issued

The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.

IAASB aims to enhance engagement quality reviews

The International Auditing and Assurance Standards Board has proposed new rules designed to ensure that engagement quality reviews maintain their effectiveness.

Finding value in revenue recognition implementation

The challenges associated with FASB’s new revenue recognition standard have been substantial for many companies, but at least they’re gaining valuable data and process improvements as a result of the implementation.

Identity protection PIN program expands

The IRS announced that it is expanding its identity protection personal identification number (IP PIN) program to taxpayers in seven additional states.

FASB proposes transition relief for credit losses standard

FASB proposed providing an option to measure certain types of assets at fair value, a change aimed at making the transition to its new credit losses standard easier.

Fall in Love with SCOPE

A cocktail party hosted by certified public accountants Leaf, Miele, Manganelli, Fortunato & Engel to support SCOPE's mission to send kids in need to summer camp

Never Trust A Photo Copier

Watch a fascinating video about privacy on copying machines.