Magazine article The CPA Journal

Tax & Accounting Update

Magazine article The CPA Journal

Tax & Accounting Update

Article excerpt

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most pressing issues coming down the regulatory and administrative pipeline. Visit https://tax.thomsonreuters.com/daily-newsstand/ for further information aid daily updates.

Tax News

Federal court rules employment-discrimination settlement doesn't trigger capital gains tax. The Court of Appeals for the Federal Circuit, affirming the Court of Federal Claims, concluded that the settlement payments received by an individual from an employment discrimination suit were not capital gains income. The court ruled that payments received by the individual, James Duffy, did not represent gains from the sale or exchange of goodwill associated with a capital asset, but rather were for the exclusive purpose of avoiding the expense and inconvenience of further litigation.

SEC News

Update planned for banking industry guide. The SEC is revising its industry guide for banking companies, which was last updated in 1986. The planned revisions are part of a broader effort to revise the disclosure rules for U.S. companies and make them simpler to follow. The SEC plans to issue a draft for public comment by fall 2016.

Senior enforcement lawyer to step down. On January 11, the SEC announced that Julie Riewe, co-director of the Enforcement Division's asset management unit, will step down in February. Riewe oversaw a number of initiatives during her tenure, including a targeted program to investigate hedge funds suspected of falsely inflating their investment performance. She also pursued enforcement actions through collaborative efforts with other SEC offices.

FASB News

Community bankers campaign for changes to planned credit loss standard. Community bankers are pressuring FASB to make its forthcoming accounting standard on writing down bad loans and securities easier to understand. The accounting board announced a public roundtable meeting with community bankers, auditors, and regulators in February not long after the Independent Community Bankers of America (ICBA) publicly urged all seven FASB members to participate in an open exchange with executives from small banks. …

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