Accounting
Top editor picks, summarized for you
2/12/2016

A lawyer near Washington, D.C., has received more than 350 texts from people who thought they were requesting a free burrito from Chipotle Mexican Grill. The restaurant promised free food for customers inconvenienced by its late opening Monday, asking them to text RAINCHECK to 888-222. The lawyer's phone number is similar, leading to a flood of entreaties for burritos.

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free food, Washington, attorney, D.C.
2/12/2016

Almost 90% of millennial couples say financial matters cause friction in their relationships, according to an AICPA survey. Just a little more than half of young couples discuss their saving and spending habits or have a monthly budget, while only 4 of 10 have talked about their long-term financial plans. Help the millennials in your life better understand their personal finances by directing them to the AICPA's 360 Degrees of Financial Literacy website.

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AICPA
2/12/2016

Waiting to claim Social Security benefits, holding stocks to beat inflation and paying off debt before retirement are among the ways to make sure you don't outlive your savings.

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Forbes
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Social Security
2/12/2016

The Internal Revenue Service on Thursday further postponed the due date for a new reporting requirement under which estates must report the value of estate assets to the IRS and beneficiaries. The postponement is designed to give the IRS time to issue proposed regulations.

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Internal Revenue Service
2/12/2016

On Thursday, the Senate approved a bill making the Internet Tax Freedom Act's ban on state and local taxes on Internet access permanent. The legislation was passed by the House of Representatives last year and is expected to be signed into law by President Barack Obama.

2/12/2016

The Governmental Accounting Standards Board issued a standard Thursday that is intended to clarify how certain component units incorporated as not-for-profit corporations should be presented in state or local government financial statements.

2/12/2016

Executors and trustees will soon be required to report estate basis information to beneficiaries and the Internal Revenue Service, further complicating an already complex situation. AICPA Senior Technical Manager of Taxation Eileen Sherr describes the concerns that the AICPA has about the reporting requirements and other recent developments affecting estates.

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AICPA Insights
2/11/2016

Many firms have sought to streamline their compliance policies into three areas, which are front-office operations, compliance and risk management. Experts look at how this best practice can be beneficial as it is increasingly adopted at midsize firms after taking root at larger firms.

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risk management
2/11/2016

Employee lawsuits and bid protests are among the possible unintended consequences of a proposed whistleblower rule that would prevent some contractors from participating in federal projects, according to Detroit lawyers. The rule would disqualify contractors from government projects if they require the signing of "confidentiality agreements or statements prohibiting or otherwise restricting such employees or subcontractors from lawfully reporting (any) waste, fraud, or abuse." However, "the statute is really quite vague," says Bodman's Workplace Law Group Chairwoman Maureen Rouse-Ayoub.

2/11/2016

A new Governmental Accounting Standards Board proposal would require state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset.

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GASB