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FASB has proposed a new accounting standard designed to increase consistency in the accounting for revenue contracts with customers acquired in a business combination.

The IRS has started sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds.

The results of a new survey indicate CPAs may find themselves spending a lot of time educating clients about the state tax implications of working remotely during the pandemic.

The IRS is seeking volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.

Firms are continually developing ways to improve audit quality in a changing environment as a result of the COVID-19 pandemic.

The AICPA has published new nonauthoritative guidance that addresses issues related to SOC 2 and SOC 3 engagements.

The IRS has released the final version of Form 1040 for 2020, which includes notable changes from the draft proposed in August.

Several tax provisions are set to expire Dec. 31, 2020, including the lower 7.5% AGI floor for medical expense deductions, and the deduction for qualified tuition and related expenses.

Interest rates will remain the same for the first quarter of 2021, the IRS recently announced.

The IRS has issued final rules addressing Sec. 401(c) by Section 13613 of the TCJA, which provides an extended rollover period for a qualified plan loan offset.