Tax & Accounting Update

The CPA Journal, December 2015 | Go to article overview

Tax & Accounting Update


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 and daily updates.

Tax News

1RS reduces refundable smaU business healthcare tax credit. The 1RS has revealed that small tax-exempt employers claiming the refundable portion of the small business healthcare tax credit under IRC section 45R will see a 6.8% reduction in the amount of their refund payments. The reduction is a required "sequestration" spending cut under the Balanced Budget and Emergency Deficit Reduction Act of 1985. The sequestration reduction rate will be applied unless and until a law is enacted that cancels or otherwise impacts the sequester, at which time the rate is subject to change.

SEC News

Lawmakers push for stronger scrutiny of climate change disclosures. On October 29, Democrats in Congress urged the SEC to step up its effort to make sure that public companies disclose the risks they face from more damaging storms aid rising temperatures and sea levels. "The effects of climate change can pose material and evolving challenges for many companies and investors deserve access to complete and accurate information," said the letter's lead author, Senator Jack Reed (D-RL), a senior member of the Senate Banking Committee. "Our markets work best when investors have access to reliable information,

and we should have every confidence that the SEC is robustly enforcing the disclosure regulations on the books."

JOBS Act crowdfunding rules approved On October 30, the SEC approved its crowdfunding rules under the JOBS Act, opening the doors for startups to raise equity financing online through groups of investors. The decision comes two years after the rules were proposed, and are scheduled to become effective six months after they are published in the Federal Register. Funding portals, which will be used to sell securities to investors, have until January 29, 2016, to register with the SEC.

FASB News

Details emerge for income tax disclosure proposal FASB has approved the main points for an upcoming proposal that will ask businesses to give investors more details in the notes to the financial statement about domestic and foreign tax payments. …

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