Audit & Accounting

The exposure draft covers leases, fiduciary activities and other topics.

Accountants and tax pros have been crucial to helping small businesses get through COVID-19 so far, said Thomson Reuters' Charlotte Rushton.

But the IRS would need more resources, writes Natasha Sarin, an assistant professor of law at UPenn.

The foundation also appointed five new trustees.

Practitioners share their expectations around the potential for more action from tax authorities.

The service is working to identify 9 million individuals who haven't filed a return.

The institute released the pair of reports as companies increasingly rely on their CFOs and accounting departments to help them survive beyond the coronavirus pandemic.

The Internal Revenue Service’s Criminal Investigation unit has been initiating fewer investigations of abusive tax return preparers this past year, while also recommending fewer prosecutions, and seeing fewer indictments and prison sentences this year.

Jay Clayton, who has led the U.S. Securities and Exchange Commission for most of President Donald Trump’s term in office, said in a statement Monday that he will step down at the end of the year.

The Governmental Accounting Standards Board is giving state and local governments extra time to implement its new leases standard because of the coronavirus pandemic, and they will need it.