Some individual taxpayers get relief from underpayment penalty

The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.

Final regulations govern Sec. 965 transition tax

The IRS finalized proposed regulations issued last August on the new transition tax, which generally taxes the accumulated post-1986 deferred foreign income of a corporation.

Half of IRS employees to be recalled during tax season

The IRS issued an updated contingency plan outlining how it will function during tax season.

North American CFOs’ optimism falls sharply

Deloitte survey indicates the euphoria of the first quarter of 2018 has diminished, mainly because of concern about a lack of trade clarity.

IRS announces Free File launch

The IRS announced that its Free File program, which provides free electronic filing options to moderate-income taxpayers, opened Jan. 11 and will operate through Oct. 15.

A new framework for audit quality disclosures

A new framework designed by the Center for Audit Quality can help firms develop their audit quality disclosures and provide transparency to the public.

IRS sets start date for tax season, will issue refunds during government shutdown

The IRS announced Monday evening that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

AICPA publishes broker-dealer working draft

The AICPA Financial Reporting Executive Committee has published a working draft of an illustrative note to financial statements of SEC-registered broker-dealers.

Changes related to peer review proposed for UAA

The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs.

GASB proposes implementation guide for fiduciary activities standard

GASB published a proposed implementation guide that provides questions and answers about the board’s new standards for state and local government accounting and financial reporting for fiduciary activities.