FASAB committee proposal would withdraw inter-entity cost guidance

FASAB committee proposal would withdraw inter-entity cost guidance The Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board (FASAB) is proposing to withdraw one of its technical releases on ­accounting for inter–entity costs for federal government reporting entities. FASAB also issued a clarification explaining that federal government entities should not convert their […]

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About Publication 503, Child and Dependent Care Expenses

About Publication 503, Child and Dependent Care Expenses This publication explains the tests you must meet to claim the credit for child and dependent care expenses. It explains how to figure and claim the credit.  Publication 503 (HTML) None at this time. All Publication 503 Revisions Publication 501, Exemptions, Standard Deduction, and Filing Information Publication […]

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The Blue Business℠ Plus Credit Card from American Express – Review

The Blue Business℠ Plus Credit Card from American Express – Review The Blue Business℠ Plus Credit Card from American Express is a popular small business credit card with a fairly standard rewards program and no annual fee. Like many other Amex business credit cards, the rewards program is based on Membership Rewards, a proprietary portal that […]

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FinREC issues working draft on multiemployer benefit plans

FinREC issues working draft on multiemployer benefit plans The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of a proposed chapter on multiemployer benefit plans and illustrative financial statements, which will be added to the AICPA Audit and Accounting Guide Employee Benefit Plans. FinREC is seeking comments on the working draft, which includes […]

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FASB expands private company consolidation relief

FASB expands private company consolidation relief FASB addressed an area of accounting that has long been a concern for private companies Wednesday with the issuance of a standard designed to improve consolidation accounting for private companies. The standard-setting board also amended for all entities the guidance for determining whether a decision-making fee is a variable […]

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IRS Charts a Path Forward with Immediate Actions

IRS Charts a Path Forward with Immediate Actions The IRS outlined actions and next steps to fix problems uncovered with the IRS’ review of tax-exempt applications and improve the wider processes and operations in place at the IRS. The report released by former Principal Deputy Commissioner Danny Werfel reflects important findings, aggressive actions and the […]

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IASB clarifies definition of ‘material’

IASB clarifies definition of ‘material’ In an effort to make it easier for companies to make materiality judgments, the International Accounting Standards Board (IASB) on Wednesday issued a clarified definition of “material.” The definition of materiality is a crucial element in accounting because it helps companies decide whether information is important enough to be included […]

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