Accounting

Senators Ron Wyden and Pat Toomey are drafting a proposal to overhaul a cryptocurrency provision in the $550 billion bipartisan infrastructure bill that traders and investors have criticized as being overly broad and impractical. The bipartisan duo’s more-targeted language would replace what’s in the bill the Senate is now debating — should their amendment get
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The problem with some tax credits; a PPP forgiveness portal; crypto replies; and other highlights from our favorite tax bloggers. Slight detours National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): A previous blog set out the initial stages of a tax return’s journey once it’s been filed, including certain detours a return may take as it goes through reviews
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The Federal Accounting Standards Advisory Board released a standard Friday for accounting and financial reporting on government-owned land and delayed the effective date due to the pandemic. Statement of Federal Financial Accounting Standards (SFFAS) 59, “Accounting and Reporting of Government Land,” aims to provide more consistent accounting treatment and reporting for land holdings. The statement
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The Internal Revenue Service, citing security issues, intends to “step up” awareness efforts toward businesses, partnerships, trusts and estates, charities and other entities that hold Employer Identification Numbers. In particular, the IRS wants those entities to update their applications if there has been a change in the responsible party or contact information. This data, the
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A warning from the Securities and Exchange Commission about accounting for the warrants used by special purpose acquisition companies has prompted hundreds of them to issue financial restatements. SPACs, also known as blank-check companies, have become an increasingly popular way for companies to go public by merging a privately held business with a shell company
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With 2021 marking the centennial of the first Black person to become a CPA, three leaders whose organizations focus on promoting the advancement of Black CPAs came together to offer insights on where the accounting profession stands on diversity and where it needs to go. A lack of exposure to the profession and all it
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The Internal Revenue Service is beefing up the security requirements for tax professionals using its system for electronically filing information returns. The IRS said Monday that it’s improving the Filing Information Returns Electronically, or FIRE, application process for new users. They will be required to authenticate their identities and create a new account through the
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