Late on Friday, the IRS added gift and generation-skipping transfer (GST) tax returns to the list of federal taxes and tax returns that have had their April 15 deadlines postponed to July 15 due to the ongoing coronavirus pandemic. Friday’s notice, Notice 2020-20, updates the guidance issued a week earlier in Notice 2020-18. The earlier […]

Wolters Kluwer experts analyze potential tax implications Today, the US Congress passed its third and by far the largest piece of legislation in response to the Coronavirus COVID-19 pandemic, and the President has signed it into law. The “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) includes relief and economic stimulus for individuals and […]

Federal bank regulators are providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard in an attempt to make it easier for banking organizations to continue lending to households and businesses. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the […]

News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} CPA Exam candidates will have additional opportunities for testing during an emergency testing period that is being invoked by the National Association of State Boards of Accountancy (NASBA), the AICPA, and Prometric. Prometric previously announced that it is closing its testing […]

In view of the disruption caused by the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) has announced that it has added a project to its current technical agenda to consider postponing all Statement and Implementation Guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018. Closure […]

The AICPA on Thursday urged Treasury and the IRS to provide broader tax filing and payment relief for taxpayers affected by the ongoing COVID-19 pandemic. In a letter to Treasury Assistant Secretary for Tax Policy David J. Kautter and IRS Commissioner Charles Rettig from Christopher Hesse, CPA, chair of the AICPA Tax Executive Committee, the […]

The federal economic stimulus bill designed to offer some relief amid the coronavirus epidemic includes a delay in the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, states that no depository institution, bank holding company, […]

Online webinars help firms and their clients Wolters Kluwer Tax & Accounting today announced the launch of a series of complimentary webinars for tax and accounting professionals, during which Wolters Kluwer experts and guest speakers will offer insights and best-practices to help these professionals and their firms adapt to the current market landscape. In addition, […]

Effective audit teams Working from home presents some new challenges for effective audit teams. Thankfully, CCH® ProSystem fx® Engagement was designed for working from anywhere and creating effective audit teams! Keep readying to learn how. Local file room First, work from the user’s local file room. Now, depending on how you configured Engagement, the Central […]

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic. While the focus of […]