Accounting
Top stories summarized by our editors
9/17/2018

New lease accounting standards could add complexity to manufacturers' operations when they outsource tasks or modify contracts.

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Manufacturing
9/17/2018

The Internal Revenue Service has issued proposed regulations to implement Sec. 951A's global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder's gross income. The regulations would explain how to calculate this "inclusion amount" and would amend existing regulations to reflect changes to Sec. 951 made by the Tax Cuts and Jobs Act.

9/17/2018

Clients of every stripe pass through your doors seeking your guidance on all kinds of things. Read about three types of clients you can learn to serve even better than you already do.

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AICPA Insights
9/17/2018

Beer residue dating back 13,000 years has been found in stone mortars inside a prehistoric cave in Israel. "This accounts for the oldest record of man-made alcohol in the world," said Li Liu, who led the study, published in the Journal of Archaeological Science: Reports.

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BBC
9/17/2018

Lake is considered the favorite to replace Jamie Dimon after he retires, according to interviews conducted by Reuters.

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Reuters
9/17/2018

The deduction for charitable contributions was somewhat enhanced by the Tax Cuts and Jobs Act, but there are certain limitations to consider. Here is a look at the rules -- including limits related to a taxpayer's adjusted gross income -- and tax planning tips that may help. Want more guidance on planning after tax reform? Check out this toolkit, available to PFP/PFS Section members.

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WealthManagement
9/17/2018

Lawmakers in states such as Louisiana have taken aim at professional licensing requirements, drawing concern from CPAs nationwide. In many cases, CPAs are not necessarily the focus of legislation but are instead caught up in lawmakers' broader deregulatory efforts. Stay informed of any PFP-related regulatory changes and AICPA advocacy efforts on the PFP Legislative and Regulatory News page.

9/17/2018

In the wake of the Great Recession, the share price of a major money market fund fell below $1, illustrating that risk is involved with these investments. "Everyone thought they were saving cash, but it was an investment and it could decline," said Dave Stolz, CPA/PFS. The Securities and Exchange Commission subsequently took steps to protect retail investors in money market funds.

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CNBC
9/17/2018

The Social Security Administration often gives widows inaccurate information regarding survivor benefits, one study found. Advisers can help widows by listening carefully and by not pressuring them to act quickly. For more tips on advising your clients on collecting Social Security benefits, check out this guide (for PFP/PFS Section members).

9/17/2018

As Hurricane Florence approached, the IRS reminded taxpayers that preparation is about more than boarding up windows and following evacuation orders. It is also important to copy critical documents, catalog assets and develop a list of key contacts, among other precautions. Find more disaster planning resources here.

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Accounting Today