Newsletters

All Newsletter Articles

  • Loan Losses: It’s Time to Sync the FASB and SEC Guidance September 10, 2018 In August, Securities and Exchange Commission (SEC) officials announced plans to update the interpretive guidance for estimating loan loss allowances to reflect the updated credit loss standard. The accounting standard ...
  • Despite Huge Spending, IRS Falters on FATCA Compliance Efforts August 22, 2018 The Treasury Inspector General for Tax Administration (TIGTA) has determined that, despite spending nearly $380 million, the IRS still isn’t prepared to enforce the Foreign Account Tax Compliance Act (FATCA). TIGTA ...
  • IRS Clarifies “willfulness” Under FBAR Rules August 22, 2018 The IRS has set out the definition of “willfulness” and the standard of proof for establishing violations under the rules for submitting a Report of Foreign Bank and Financial Accounts ...
  • IRS Finalizes Regs that Close Corporate Inversion Loopholes August 22, 2018 The IRS has issued final regs aimed at curbing inversion tactics that corporations use to avoid U.S. income taxes. Basically, corporate inversions (also called “expatriation transactions”) generally involve a U.S. corporation ...
  • FASB Simplifies Accounting Rules for Stock Compensation August 9, 2018 The Financial Accounting Standards Board (FASB) has expanded the scope of its stock compensation guidance to include share-based payments to nonemployees for goods and services. The amendment to U.S. Generally ...
  • SEC Proposes Changes to the Whistleblower Program August 8, 2018 The Securities and Exchange Commission (SEC) is proposing amendments to its guidelines for reviewing whistleblower claims and handing out awards to people who report wrongdoing. Here’s an overview of the ...
  • Identifying Cyber-Risks in an Audit August 8, 2018 As the frequency and severity of cyber-attacks have increased, data security should be a critical part of the audit risk assessment. The Public Company Accounting Oversight Board (PCAOB) made cyber-security ...
  • Do You Know What to Do With an SOC Report? July 12, 2018 Service organization control (SOC) reports come in several varieties. They generally pertain to service organizations, like retirement plan recordkeepers or third party administrators (TPAs). The American Institute of Certified Public ...
  • Charging Plan Expenses to Participants Correctly July 12, 2018 Shaving a few basis points off plan participants’ annual returns on their retirement plan accounts can put a significant dent in their asset accumulations by the time they’re ready to ...
  • Keep Your Eye on the Ball July 12, 2018 Plan forfeitures must match plan document It’s a routine matter for employees to forfeit retirement plan benefits. Even so, plan sponsors can’t afford to become blasé about it; ERISA demands more ...