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Archives for December 2019
World stocks hit record high, sterling endures rough week
World stocks touched record highs on Friday, as trading wound down before the year-end holidays, while the British pound was heading towards its worst week for more than two years amid renewed worries over how Britain will leave the European Union.
Veteran watchdog Bailey to guide Bank of England through Brexit
Britain’s new government named Andrew Bailey as the Bank of England’s next boss on Friday, entrusting a veteran regulator and technocrat with steering the economy and its vast finance industry through Brexit.
Brydon Report: Industry reacts to findings and audit recommendations
It has been a long wait for the Brydon Report, which has been greatly anticipated by those in the accountancy and audit industry. However, its eventual release on the 18 December, a week before Christmas and so soon after a general election, came as somewhat of a surprise. The 138-page report authored by Sir Donald […]
Year-end government spending bill contains many tax provisions
The federal government spending bill passed by Congress on Thursday repeals three health care taxes that were originally enacted as part of 2010 health care reform legislation, makes many changes to retirement plan rules, extends several expired tax provisions, provides disaster tax relief, and repeals the provision that taxed exempt organizations when they provided parking […]
Recording Amazon Sales in QuickBooks Online
If you’re an online seller or if you’re an accountant working with online sellers, doing the bookkeeping can be challenging (to say the least). In my experience, recording sales from Amazon is especially challenging because Amazon does things a little bit different. In this blog post, I will talk you through some of these challenges, […]
EY’s Jones to succeed Golden as FASB chair
Richard Jones, who has spent 32 years at EY, will succeed Russell Golden as FASB’s chair when Golden’s term expires at the end of June, the Financial Accounting Foundation (FAF) board of trustees announced Thursday. Jones will join FASB early next year to enable an orderly leadership transition. He is chief accountant and partner at […]
5 Year-End Charity-Donation Questions for Your CPA
Ask your accountant what organizations qualify, how to give and what documentation is needed. December 19, 2019 3 min read Opinions expressed by Entrepreneur contributors are their own. As an entrepreneur, small-business owner or investor, it’s important to ask your CPA before year’s end about your options for donating to charity. By donating to charity, […]
5th Circuit invalidates health care law’s individual mandate
The Fifth Circuit held on Wednesday that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero (Texas, No. 19-10011 (5th Cir. 12/18/19)). The individual mandate […]
AICPA issues TQAs related to Sec. 163(j), GASB 84
The AICPA issued separate Technical Questions and Answers on Thursday to provide nonauthoritative guidance in response to the amendment of Internal Revenue Code Sec. 163(j) and related to GASB’s fiduciary activities guidance. Technical Questions and Answers (TQAs) 3300.01–.02 provide guidance relevant to Sec. 163(j), which was amended in 2017 to limit the deduction for business […]