Accounting News

Form 3115 Not Needed for Change in Life Reserves Under TCJA

The IRS has provided insurance companies with simplified procedures to obtain automatic consent to accounting method changes for life insurance reserves, amounts computed under Code Sec. 807(c)(3), and specified policy acquisition expenses under Code Sec. 848, when...

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Update: Changes are coming to your benefit plan audit

A NEW NAME AND TYPE OF AUDIT OPINION – ERISA SECTION 103(A)(3)(C) AUDITS (PREVIOUSLY REFERRED TO AS “LIMITED SCOPE” AUDITS) An audit performed pursuant to ERISA section 103(a)(3)(C) will no longer be referred to as a “limited scope audit”. Starting with plan year...

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Recent developments that may affect YOUR tax situation

The following is a summary of important tax developments that have occurred in April, May, and June of 2019 that may affect you, your family, your investments, and your livelihood. Final regulations shoot down states' SALT limitation workaround. For 2018 through 2025,...

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The End of Available-For-Sale Equity Securities (ASU 2016-01)

The Guidance In January of 2016, the FASB issued Accounting Standards Updates 2016-01, Financial Instruments – Overall, which requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the...

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