Summary of GASB 62 A plain language discussion of GASB Statement 62. Implementation dates include 2012-13 for June 30 year ends and 2012 for December 31 year ends.
Summary of GASB 61A plain language discussion of recently issued GASB Statement 61. Implementation dates include 2012-13 for June 30 year ends and 12/31/13 for December 31 year ends.
Summary of GASB 60A plain language discussion of recently issued GASB Statement 60. Implementation dates include 2012-13 for June 30 year ends and 12/31/12 for December 31 year ends.
Summary of GASB 54Discussion of Statement 54 with deadlines and suggestions for implementation.
Tax Reform 2.0: House Approves Retirement Savings, Business Innovation BillsThe House has approved two tax bills that are part of Republicans’ three-pronged "Tax Reform 2.0" package. The two measures, approved by the House on September 27, focus on retirement savings and business innovation.
House Approves Bill to Extend Individual, Small Business Tax CutsThe House has approved a tax bill that would make permanent tax reform’s individual and small business tax cuts enacted last December. The controversial bill is part of Republican’s three-bill "Tax Reform 2.0" package, two of which cleared the House on September 27 (see the previous story in this Issue).
Stakeholders Weigh in on Proposed Passthrough Deduction RulesStakeholders are urging the IRS to clarify its guidance on tax reform’s new passthrough deduction. The IRS held an October 16 public hearing on proposed rules for the new Code Sec. 199Apassthrough deduction at its headquarters in Washington D.C. The IRS released the proposed regulations, REG-107892-18, on August 8.
Senate Tax Writers Introduce Bipartisan Digital Goods BillTop Senate tax writers have introduced a bipartisan bill to prevent duplicative taxation on digital goods and services. The bill aims to establish a framework across multiple jurisdictions for taxation of digital goods and services, including electronic music, literature, and mobile apps, among other things.
IRS Releases Draft Instructions for 2018 Form 1040The IRS has released Draft Instructions for the 2018 Form 1040. Additionally, the IRS has cautioned taxpayers that the draft instructions are subject to change. The IRS released a draft of the 2018 Form 1040 and six accompanying schedules last June.
New IRS Commissioner: Rettig Takes the ReinsThe IRS’s new Commissioner was officially sworn in on October 1 by Treasury Secretary Steven Mnuchin. IRS Commissioner Charles "Chuck" P. Rettig will lead the implementation of tax reform enacted last December under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).
Senate Lawmakers Examine Tax Reform’s Effect on Small BusinessesThe Senate Small Business Committee held an October 3 hearing on expanding opportunities for small businesses through the tax code. Senate lawmakers examined tax reform’s effect on small businesses and discussed witnesses’ proposals to address ambiguity in the new tax code.