Top Accounting News – 4/10/18

Top Accounting News This Week

Top Accounting News – 4/10/18

Will the IRS eliminate Schedule UTP?

After recommendations from The U.S. Treasury Inspector General for Tax Administration, the IRS will reexamine the usefulness of Schedule UTP and determine if a revision or elimination may be in order. Read more…

IRS offers more clarity on Tax Cuts and Jobs Act.

Recent amendments to Tax Code 163(j) have created many questions regarding deduction limitations and in response, the IRS has recently issued additional guidance for tax professional to clear up any confusion. Read full article…

Tax implications of bitcoin’s classification

According to the IRS, bitcoin is classified as property, rather than currency and as such is subject to gain tax that many Americans are not currently reporting.  Read more on how the IRS plans to discover unclaimed gains.

New procedures for debt disclosures

GASB has recently released a new statement with modified reporting standards regarding debt disclosures. Read about why the change was made and what the changes entail here.

 

  1. https://www.complianceweek.com/blogs/accounting-auditing-update/after-audit-irs-agrees-to-revisit-schedule-utp#.WsN–Jch1PY
  2. https://www.accountingtoday.com/news/irs-provides-guidance-on-business-interest-expense-limits-under-tcja?brief=00000158-5504-dc42-a1fe-55d7045f0000
  3. https://www.accountingtoday.com/news/for-tax-purposes-cryptocurrencies-are-property-not-currency
  4. https://www.journalofaccountancy.com/news/2018/apr/gasb-standard-debt-disclosures-201818687.html

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