The AICPA Auditing Standards Board has issued a standard that recognizes the evolving nature of business, including use of technology.
The Financial Accounting Standards Board has proposed a one-year extension to the effective date of a standard on long-duration insurance contracts to provide relief for insurers affected by the coronavirus pandemic.
The Internal Revenue Service has issued final regulations on the foreign-derived intangible income deduction and the global intangible low-taxed income provisions added by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with changes in response to comments.
The Trump administration will not back an extension of enhanced unemployment benefits if payments are allowed to exceed a worker's income before being laid off, Treasury Secretary Steven Mnuchin says. "We're going to make sure that people are incented to go back to jobs," Mnuchin says.
The Internal Revenue Service has issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act, which was enacted March 18 in response to the coronavirus pandemic. Employers should report these amounts on Form W-2, Wage and Tax Statement, or a separate statement.
US Trade Representative Robert Lighthizer says the government is ready to detail "certain sanctions" against France, retaliating against a French tax on major technology companies. The sanctions might be delayed until France starts collecting the tax.
A 1-year-old dog is more than an adult -- it's about 30 in human years, according to a study that relied on blood samples and DNA analysis of Labrador retrievers to replace the typical scale of seven dog years for every calendar year. The aging curve slows over time, so that a 4-year-old dog is roughly 52 in human years, researchers say.
"Amid the COVID-19 crisis, with limited opportunities for face-to-face interactions, influencing decisions by those we audit has gotten more difficult," writes IIA President and CEO Richard Chambers. "When we do deal directly with our clients, it is often through far less personal platforms," he writes. Chambers offers several tips for being persuasive on impersonal videoconferencing platforms.
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