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Responding to concerns about their allowance model and in an attempt to simplify impairment guidance for financial institutions, the Financial Accounting Standards Board has issued several exposure drafts of proposed models to take into account “expected losses” rather than the current “incurred loss” model.

The Internal Revenue Service has stepped up its examinations in the past year of taxpayers with high adjusted gross incomes, according to newly released IRS figures.

Decosimo has acquired the Huntsville, Ala.-based cost accounting and federal compliance solutions group Solvability.

More than half of working Americans either have not noticed or been unaffected by the January 1 expiration of the payroll tax cut, according to a new survey.

BlumShapiro has partnered with corporate performance management(CPM) software provider Tagetik to make CPM support services available to their client base across the United States.

— The Financial Accounting Standards Board has released a staff document that provides answers to questions about FASB’s recently issued proposal on expected credit losses.

Mike Sabbatis, the former president and chief executive of CCH Tax and Accounting, North America, has joined the board of cloud-based workflow automation service XCM Solutions.

The National Association of Certified Valuators and Analysts plans to merge its Accredited Valuation Analyst credential into the Certified Valuation Analyst credential, effective April 1.

John Gosch has joined Prager Metis International LLC as partner.

The U.S. has asked Liechtenstein to hand over data on foundations that may have been used to hide untaxed American money from the Internal Revenue Service, a step that may threaten Swiss banks.

Back in 1925, a taxpayer won the first case in the Board of Tax Appeals involving the deduction for horse-breeding activity expenses. Deducting expenses related to the “sport of kings” was so attractive that the estate of Cornelius Vanderbilt tried, and lost, two years later. In the intervening 88 years, about 200 taxpayers have litigated the issue, most with unattractive results. The IRS and the courts have essentially told taxpayers to “stop horsing around.”

The Senate narrowly passed a budget for the first time in four years on a mostly party line vote, calling for $975 billion in additional tax revenue over the next 10 years along with state sales tax collections on online sales.

Bowing to pressure from Congress and media outlets, the Internal Revenue Service has released a pair of campy parody videos of Star Trek and Gilligan’s Island, while admitting that the $60,000 spent to produce the videos could have been better spent.

The House Ways and Means Select Revenue Measures Subcommittee held a hearing this week to discuss possible tax reforms on financial products such as derivatives.

Large companies frequently cannot achieve their cost reduction targets because they keep focusing on the same business areas every year even if they don’t deliver the savings they once did, according to a new report from Deloitte.

The Financial Accounting Standards Board has added three new implementation guides to its series on using Extensible Business Reporting Language, or XBRL, interactive data tags in financial statements.

This week I've decided to give my take on the mega-con that is Microsoft Convergence 2013 as well as the company's views on being more cloudy and mobile.

The two leaders of the Senate Finance Committee, chairman Max Baucus, D-Mont., and ranking Republican member Orrin Hatch, R-Utah, have begun developing proposals for reforming the U.S. Tax Code, including giving the Internal Revenue Service the clear statutory authority to regulate tax preparers in case the IRS loses its appeal of a recent court case invalidating its Registered Tax Return Preparer regime.

As U.S. lawmakers drafted a bill extending wind-energy tax credits in August, they revised a key clause that opens the door for a much bigger boost to the industry than just the one-year addition that was eventually passed.

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