Michael Cohn

The Financial Reporting Council issued guidance Tuesday about the disclosure of risks surrounding the coronavirus, and is discussing with audit firms whether the virus will affect their ability to review audits in China.

The new standard caused lease liabilities for the average company to skyrocket 1,475 percent, from $4.4 million to $68.9 million post transition.

Taxpayers prevailed in only 23 out of 55 (41.8 percent) of the significant tax cases involving state and local taxes in the fourth quarter of 2019, and for the entire year only 83 out of 218 (38.1 percent) of the significant tax cases in 2019, according to a recent analysis.

The Internal Revenue Service urged tax professionals and taxpayers to use the free, multi-factor authentication feature offered on tax prep software, as nearly two dozen firms reported data thefts so far.

The White House’s latest budget blueprint proposes consolidating the functions and responsibilities of the Public Company Accounting Oversight Board into the Securities and Exchange Commission starting in 2022.

Sen. Ron Wyden, D-Ore., the top Democrat on the Senate Finance Committee, and Sen. Sherrod Brown, D-Ohio, have introduced legislation to block the Treasury Department from providing a way for multinational corporations to choose the lowest available tax rate.

The Internal Revenue Service could be doing more to help taxpayers who own Bitcoin and other forms of cryptocurrency to comply with their tax obligations, according to a new report.

The Internal Revenue Service introduced a new payment option in 2016 that lets individuals pay their taxes with cash at participating retail chains, but less than 700 payments have been made each year since the option was made available, according to a new report.

The International Federation of Accountants has released a set of recommendations for achieving high-quality audits as regulators around the world push for more thorough audits to avoid accounting scandals.

The Institute of Management Accountants opened registration Wednesday for its 2020 annual conference.

The Internal Revenue Service and the Treasury have proposed regulations updating the income tax withholding rules to reflect the changes in the Tax Cuts and Jobs Act, the recently redesigned Form W-4 and the IRS’s new Tax Withholding Estimator.

The new hedge accounting standard is encouraging more companies to re-evaluate their risk management, according to a new report from Deloitte.

A group of 27 Democratic senators is calling for action in the Senate Finance Committee on extending energy-related tax credits and examining new tax proposals, especially those that incentivize renewable energy projects.

The Accounting and Review Services Committee has issued a new standard as part of an effort to align its standards with both international standards and generally accepted auditing standards.

The Cost Accounting Standards Board, a group set up by Congress in 1970 to make sure federal contractors charge their costs appropriately, is finally making some progress in aligning its 19 cost accounting standards with U.S. GAAP after Congress mandated in 2017 that it do so where practicable.

The Financial Accounting Standards Board proposed an accounting standards update Monday to enhance the transparency of how not-for-profit organizations present and disclose contributed non-financial assets.

Rea & Associates merges in WJ Ubbing and Associates; Frank Hirth transitions its U.S. practice to Raich Ende Malter; and REDW adds Human Resources Experience.

The Governmental Accounting Standards Board released guidance on leases, pension plans and a wide range of other accounting and financial reporting issues that were identified during the implementation and application of some of its earlier pronouncements.

The American Institute of CPAs and the National Association of State Boards of Accountancy have inked a mutual recognition agreement with the South African Institute of Chartered Accountants.

The complexity and insufficient oversight of the IRS’s Free File program, which is supposed to provide free tax software to most taxpayers, results in low taxpayer participation in the program, according to a new government report.