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The Financial Accounting Standards Board has proposed a standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
The Internal Revenue Service says the number of identity-theft-related tax returns has fallen by about two-thirds as a result of the agency's partnership with the tax-software industry and state tax departments.
"The vast majority of internal audit engagements are positive and constructive," writes IIA President and CEO Richard Chambers. "Yet, try as they might, internal auditors will sometimes find themselves on the receiving end of management's wrath." Chambers offers a few recommendations for how internal auditors can work to diffuse management's rancor.
In a case of first impression, the Tax Court has held a captive insurance company did not adequately distribute risk or sell insurance in the commonly accepted sense. As a result, its Section 831(b) election to be taxed as a small insurance company was invalid.