Magazine article The CPA Journal

Tax & Accounting Update

Magazine article The CPA Journal

Tax & Accounting Update

Article excerpt

Tax & Amounting 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.thomsonreuteis.com/dieckpointnews/ for further information and daily updates.

Tax News

Proposed bill would require presidential candidates to release tax returns. On May 25, Senate Finance Committee Ranking Member Ron Wyden (D-OR) introduced the "Presidential Tax Transparency Act." If enacted, the bill would amend the Federal Election Campaign Act of 1971 to require major party candidates for President to disclose recent tax return information. Specifically, the bill would require that, no later than 15 days after being nominated, the candidate must file with the Federal Election Commission (FEC) copies of all income tax returns for the three most-recent tax years for which a return has been filed. If the returns are not filed, the chairman of the FEC must request the returns from the Treasury Department.

SEC News

House advances budget bill cutting SEC funding. On May 25, the House Appropriations Committee approved a budget bill that would cut the SEC's funding and impose new constraints on its activities. By a voice vote, the subcommittee on Financial Services and General Government approved the spending measure, giving the SEC $1.55 billion in funding for fiscal 2017. The total represents a rebuke to the White House, which has asked Congress for $1.78 billion to fund the commission in the coming fiscal year. ?We should not be cutting funding for the agency primarily responsible for preventing the abuses that caused our financial meltdown," Representative José Serrano (DNY), the subcommittee's ranking member, said in his opening statement.

FASB News

Final amendments to not-for-profit standard slated for August release. On June 1, FASB announced that it plans to issue a set of final amendments to U.S. GAAP for not-for-profit organizations this August The update is expected to exclude a controversial proposed requirement for cash flow reporting, called the direct method, which would have linked cash receipts and payments to operating activities. Not-for-profit organizations objected to he requirement when proposed last year because of the difficulty they would have faced gathering the data. …

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