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/checkpoint-news/ (https://tax.thomsonreuters.com/checkpoint-news/) for further information and daily updates.

Tax News

IRS warns tax professionals of new e-services e-mail scam.

The IRS has issued an urgent alert to tax professionals who use IRS e-Services to beware of an e-mail asking them to update their accounts and directing them to a fake website. The fraudulent e-mail comes from "Your e-Services Team" and bears the subject line "Security Awareness for Tax Professionals." It has both an IRS logo and an eServices logo that hyper-links to a verified phishing site that poses as an e-Services registration page. Users who have already clicked on the fake logo and provided their user name and password should contact the e-Services help desk to reset their accounts. If the same password is used for other accounts, these should be changed as well. As an extra precaution, users should perform a deep security scan on their computers, reevaluate their security controls, and be alert to any other signs of identity theft or data compromise.

SEC News

Regulators want disclosures for revenue standard to explain accounting judgments.

SEC officials continue to remind public companies that they want to see detailed note disclosures in regulatory filings about the adoption of FASB's new revenue recognition standard. Regulators are particularly interested in seeing disclosures that explain the accounting judgments behind the decisions affecting the reported revenue. Wesley Bricker, the SEC's interim chief accountant, told the Practicing Law Institute's Annual Institute on Securities Regulation in New York on November 2 that regulators want companies to explain their accounting decisions in the disclosures. "There's significant content, certainly from the regulatory perspective," Bricker said.

FASB News

Comment letters on standards-setting priorities ask for limited agenda.

Businesses, trade groups, and accounting firms writing to FASB about the board's standards-setting priorities have sung a common refrain: Slow down and set limits. Many comment letters responding to FASB's "Invitation to Comment, Agenda Consultation" stress the need for time to implement major accounting standards before the board begins work on new amendments. …

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