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IRS expands relief from underpayment penalty

The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018. Source: Journal of Accountancy

News quiz: Economic outlook gets an update

Reports in February and March took stock of finance executives’ economic outlook and their challenges in implementing an important new accounting standard. See how much you remember from the news with this short quiz. Source: Journal of Accountancy

IRS’s Dirty Dozen scams — 2019 edition

The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert for this year. Phishing and scam phone calls were the biggest repeat offenders. Source: Journal of Accountancy

Finance leaders feel good but ready for a downturn

Finance executives in the United States continue to feel good about growth in their respective industries, despite creeping concerns that the good times could be coming to an end in the near future. Source: Journal of Accountancy

New FASB standard clarifies lease accounting issues

FASB addressed two lessor implementation issues and clarified an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the board’s new lease accounting standard. Source: Journal of Accountancy