Category Archives: Industry News
The core principles of the Trump tax reform plan were revealed on April 26, 2017. Many details are still being negotiated, but here’s a recap of the latest.
In anticipation of President’s Trump’s proclaimed “big tax reform and tax reduction” announcement on April 26, we take a closer look at the proposals of each of the key players in the Republican tax reform effort.
Finally, Some Movement in Washington on the Race to Tax Reform—And It’s Not What We Were Expecting
By Surgent CPE
On its face, the executive order President Trump signed April 21, 2017 feels like the firing of the starter’s gun for the much-anticipated Republican tax reform effort, and that may well be the intention. But is it? Let’s take a closer look.
CPAs’ Modern-Day Charge of the Light Brigade: The AICPA’s Proposal for a New “S-Corp Basis” Form Could Be Just the Armor We Need
By Surgent CPE
Often CPAs and tax preparers have a similar feeling to the 600+ cavalrymen coined by Alfred, Lord Tennyson as “The Light Brigade,” fighting the battle with imprecise instructions and vague guidelines. Read more for how the AICPA’s proposed new “S-Corp Basis” form could make the battle much easier.
The GAO just released a 2017 exposure draft for a revised Yellow Book. This will replace the 2011 version when issued in its final form. Read more for some of the key proposed changes.
With the failure of the AHCA, read more for what you should tell your clients about Obamacare now, and what this means for tax reform.
ACA Form 1095 Reporting Requirements in 2017: The Good, The Bad, and the Merely Confusing
By Surgent CPE
Though we’re on the brink of some sort of changes to the ACA, current guidance around healthcare reporting still stands. Here’s a quick rundown of what were we still need to comply for form 1095 and taxpayer self-reporting.
In February 2017, the AICPA issued SAS No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, a key reason being that the AICPA needed to update the auditing literature for the accounting guidance found in FASB ASU No. 2014-15, which became effective at the end of 2016. To apply SAS No. 132 to an entity following the FASB or GASB standards, it is important to understand the accounting requirements found in those standards.
SSAE No. 18 Provides Clarity on Attestation Engagements: If You Think This New Standard Doesn’t Apply to Your Practice, Think Again
By Surgent CPE
Statements for Attestation Engagements (SSAE) No. 18, Attestation Standards, Clarification and Recodification, will be effective for examination, review and agreed-upon reports dated on or after May 1. Now is the time to brush up on this new standard.
Late Monday, March 6, the full text of Congressional Republicans’ proposal to repeal and replace the Affordable Care Act was finally released. The bill, which has been given the title “The American Healthcare Act,” is now with the Congressional Budget Office (CBO) for “scoring” to determine its costs and impacts. Here’s what we know now about key provisions and their timing.
