Last month, the IRS released Rev. Proc. 2018-29, which provides procedural guidance for the implementation of tax accounting method changes related to taxpayers’ adoption of the new revenue recognition standard for financial reporting purposes under ASC 606.
The Texas Tax Amnesty Program is now open and runs through June 29, 2018. Under certain circumstances, the program will provide delinquent taxpayers with relief from penalties and interest on tax due.
Can your organization absorb the loss of key personnel, whether it’s via normal attrition or something more sudden like illness or a personal emergency? It may be unpleasant to consider the possibility, but it’s important to plan for such absences by creating and maintaining standard operating procedures for each key role within your organization.
A taxpayer-friendly provision included in the freshly passed tax reform package allows bonus depreciation to expand to 100 percent for qualified property placed into service after Sept. 27, 2017 and before Jan. 1, 2023.
The AICPA continues to adjust and refine the SOC 2 reporting requirements. The most recent release includes significant changes to the Trust Services Criteria and also addresses cybersecurity risks while offering increased flexibility. The AICPA also issued a Description Criteria.
In order to keep you current on Securities and Exchange Commission reporting developments, we are pleased to provide you with this newsletter that summarizes significant 2017 developments at the SEC. It summarizes 2017 Commission activities, which unlike the past few years, were not dominated by Congressionally-mandated rulemaking activities.
Our year in review report–provided through our participation in BDO Alliance USA–summarizes the year’s most significant changes in guidance and what to expect in 2018.
The sweeping reform Congress pushed through to the federal tax law began taking effect mostly in 2018. Among the many significant changes made were changes to the estate and gift tax law. The crux of the change is that the estate and gift tax lifetime “exemption” more than doubles, from $5.49 million in 2017 to approximately $11.18 million per person in 2018.
In March 2018, the Center for Audit Quality released a new tool Non-GAAP Measures—A Roadmap for Audit Committees, as a culmination of their recent series of stakeholder roundtables designed to solicit discussions around the usefulness and challenges of using Non-GAAP financial measures and to identify opportunities to enhance public trust and confidence in such measures.
The FASB issued ASU 2018-02 to provide entities an option to reclassify certain “stranded tax effects” resulting from the recent U.S. tax reform from accumulated other comprehensive income to retained earnings. This new standard will take effect for all entities in fiscal years beginning after December 15, 2018.