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IRS Provides Guidance for April 15 Filing Delay
The IRS officially announced that, because of the ongoing coronavirus pandemic, tax returns due April 15 will not have to be filed until July 15 this year. Notice 2020-18 was released hours after Treasury Secretary Steven Mnuchin had broken the news in a tweet. The AICPA expressed its thanks to Treasury and the IRS for the filing extension and to its members and the state CPA societies for their outreach to federal legislators and ...
Read MorePutting Financial Revisions and Restatements in Perspective
The state of the capital markets, and ultimately, corporate reporting, impacts every person in unique and significant ways — as consumers and investors. And no one cares more about the integrity and quality of corporate reporting more than the public company auditing profession, recognizing that financial revisions and restatements are indicators of audit quality. For nearly two decades, the story told by those indicators has been ...
Read MoreBalance Sheet Liabilities Jumped After Lease Accounting Change
The new lease accounting standard caused lease liabilities for the average company to increase a whopping 1,475 percent, skyrocketing from $4.4 million before the transition to $68.9 million post transition, as operating leases were recorded on the balance sheet for the first time, according to a new study. The study, from the lease accounting software provider LeaseQuery, analyzed more than 400 companies in its customer base ...
Read MoreIRS Proposes New Rules for Deducting Meals and Entertainment
The Internal Revenue Service has released a set of proposed regulations for businesses to follow when deducting meals and entertainment, in response to the 2017 tax overhaul. The Tax Cuts and Jobs Act got rid of the deduction for any expenses related to activities typically considered to be for entertainment, amusement or recreation. It also restricted the deduction for expenses related to food and beverages offered by employers to ...
Read MoreMore Companies Are Opting for Hedge Accounting
The new hedge accounting standard, designed in part to make hedge accounting more accessible to more companies, is making its mark. Early adopters of the new hedge accounting standard that took effect for public companies’ 2019 fiscal years drove an uptick in the use of hedge accounting in 2018, new research shows. Chatham Financial’s analysis of corporate hedging in 2018, the latest year for which hedging ...
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