GASB proposes guidance for subscription-based IT arrangements

GASB proposed guidance for state and local government accounting for subscription-based information technology arrangements.
Source: Journal of Accountancy

2019 inflation-adjusted vehicle depreciation limits and income inclusions issued

The IRS provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2019.
Source: Journal of Accountancy

Proposal would enable adaptive-learning CPE self-study for CPAs

New standards proposed Monday for continuing education providers would permit CPAs to receive CPE credit for adaptive-learning programs in self-study courses.
Source: Journal of Accountancy

How the CPA continuing education game is changing

New technologies have created a need for new skills and led to innovative methods for delivering professional education. Here’s how the CPA profession is evolving the way it educates its people.
Source: Journal of Accountancy

Sales tax proposals threaten to ensnare CPA firms

Accountants aren’t necessarily being singled out, but rather legislative and city leaders are trying to find ways to spread tax liabilities around a broader base or meet their budget needs.
Source: Journal of Accountancy

IRS corrects error in Schedule D tax calculation worksheet

The IRS notified tax software companies that it had discovered an error in the Schedule D, Capital Gains and Losses, Tax Worksheet used to calculate the tax on certain capital gains that had new rates as a result of the law known as the Tax Cuts and Jobs Act.
Source: Journal of Accountancy

4 key steps for auditors in assessing technology risks

The business risks associated with new technology seem almost endless. But a new resource can help auditors, management and audit committees discharge their responsibilities associated with those risks.
Source: Journal of Accountancy

FASB eases transition to credit losses standard

FASB issued new accounting rules that are designed to ease the transition to the board’s new credit losses standard by providing an option to measure certain types of assets at fair value.
Source: Journal of Accountancy

IRS extends filing deadlines for CCH customers

The IRS announced that taxpayers affected by the recent Wolters Kluwer service outage who are facing May 15 filing deadlines can follow certain procedures to obtain reasonable cause waivers for failing to file on time.
Source: Journal of Accountancy

How a lease with an attest client affects independence

A new AICPA interpretation provides guidance for when a lease with an attest client impairs independence. This significant revision to the independence rules takes effect soon.
Source: Journal of Accountancy