SAS 136: The communication of reportable findings
SAS 136 includes requirements to communicate reportable findings identified as a result of testing relevant plan provisions.
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SAS 136: The ERISA Section 103(a)(3)(C) audit election
Plan administrators should consider all implications of an ERISA Section 103(a)(3)(C) election before the election is made.
Congress open to considering a pause on automated tax notices
National Taxpayer Advocate, Erin Collins, recommends the IRS pause automated collection notices. Congress may consider the recommendation.
IRS releases guidance on Q4 removal of employee retention credit
Employers need to react quickly to the new guidance to pay in amounts as if they were incurred on Dec. 31, 2021.
Disclosures by business entities about government assistance
ASU 2021-10 will require business entities to disclose information about certain types of government assistance they receive.
SAS 136: Preparation before year end
Before year end, plan administrators or trustees and their auditors should discuss certain preconditions of the audit.
IRS releases 2022 retirement plan limitations
The IRS has released its annual cost-of-living adjustments for retirement plan limits, effective Jan. 1, 2022.
2021 Effective Date Reminder
This document lists pronouncements that became effective on or after Jan. 1, 2021 or are not yet effective as of Nov. 1, 2021.
Financial institutions and the phase out of LIBOR
We have updated our white paper regarding the fundamentals of LIBOR phase out and transition for financial institutions.
GASB renames the comprehensive annual financial report
The GASB has changed the term “comprehensive annual financial report” to “annual comprehensive financial report.”
OCC’s “Bank Accounting Advisory Series” – 2021 edition
The OCC recently issued its views on a variety of accounting topics relevant to the financial institutions industry.
SAS 136: Changes for employee benefit plans and their auditors
SAS 136 will affect audits of employee benefit plans subject to ERISA effective for periods ending on or after December 15, 2021.
Digital assets targeted for substantial tax hikes
The Ways and Means Committee proposed legislation targeting digital assets to increase tax revenue via wash and constructive sales rules.
Taxpayer Advocate Service struggles with a backlog of cases
Taxpayer Advocate Service is wrestling with a backlog of cases trying to navigate the changing environment of the pandemic.
Recipient accounting for SVOG and RRF grants
The AICPA has issued recipient accounting guidance for Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants.
IRS issues employee retention credit gross receipt exclusion procedure
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.