Weekly News Round Up: FASB Plans to Simplify Inventory; House Vote on Banning Internet Taxes; and Bill to Make Charitable Deductions Permanent
July 21, 2014
Welcome to the Weekly News Round Up from the SC&H blog. Each week, we showcase a series of news stories that span everything from government contracting to personal finance to state and local tax issues.
This week, we have compiled stories on how the FASB has issued a new proposal to make it easier to measure inventory, as well as a House bill that makes charitable deductions permanent. In addition, the House passed a vote that would put a permanent ban on taxation of Internet access.
FASB Unveils Plan to Simplify Inventory, Extraordinary Items
In its quest to simplify accounting standards, the Financial Accounting Standards Board has issued two new proposals – one to make it easier to measure inventory and another to eliminate requirements around extraordinary items.
The House Voted to Ban Internet Taxes
The House passed a bill last Tuesday that would for the first time make permanent a ban on federal, state, and local taxation of Internet access.
House Passes Bill Making Charitable Deductions Permanent
The House has passed legislation extending a number of tax deductions for charitable contributions and making them permanent.
Retail Companies Collaborate to Defend Against Data Breaches
Several companies in the retail industry are banding together to strengthen their defenses against hackers and data breaches with the launch of the Retail Cyber Intelligence Sharing Center (R-CISC).
Expectations High for IRS Transfer Pricing Audit Roadmap
Businesses that are struggling with transfer pricing issues are hoping that a new tool from the IRS will lead to a streamlined tax audit process, according to a new survey.
AICPA Files Lawsuit to Stop IRS Voluntary Preparer Education
The American Institute of CPAs (AICPA) sent two letters to IRS Commissioner John Koskinen – one on May 21 and another on June 24 – asking that the tax-collection agency not put in place a voluntary education program for paid tax preparers.