BLog-News-updates
Accounting News
Eligible taxpayers get automatic 2018 individual taxpayer estimated tax penalty relief
In an Information Release, IRS has announced that the relief that it announced earlier this year, with respect to the individual taxpayer estimated tax penalty for 2018, will be automatically applied to taxpayers who filed their 2018 returns but did not claim the...
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...
Upcoming GAAP Pronouncements as of 8-6-2019
Printable version can be found here.
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...
IRS revises insurance company accounting method to include calendar and fiscal year corporations
The IRS has released a revision of a revenue procedure that provides simplified procedures for an insurance company to obtain automatic consent for certain changes in methods of accounting. The only significant change in the revised version of the revenue procedure is...
Simplified accounting method change procedures for Insurance company’s unpaid losses
The IRS has released a revenue procedure that provides simplified procedures for an insurance company to obtain the IRS's automatic consent to change its method for discounting unpaid losses and expenses unpaid, estimated salvage recoverable and unearned premiums...
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,...
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...