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

Proposed rules issued for information reporting for life insurance contract transactions

The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
Source: Journal of Accountancy

FASB modifies definition of ‘collections’

New rules issued by the FASB align its definition of “collections” with that used by the American Alliance of Museums’ Code of Ethics for Museums.
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

PCAOB staff provides insight on critical audit matters

The auditor’s report is undergoing its biggest change in 70 years, and the Public Company Accounting Oversight Board staff is providing guidance to assist in implementation.
Source: Journal of Accountancy

First-year challenges of TCJA implementation require broader penalty relief

Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at all. And some taxpayers are now subject to underwithholding penalties, despite limited relief from the IRS.
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

FASB alters accounting for episodic TV series

FASB issued a standard that converges the accounting guidance for production costs for episodic TV series with the rules for production costs for films.
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