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FASB Standard Impacts Construction Revenue Recognition

The Financial Accounting Standards Board's (FASB) new revenue standard, effective for nonpublic entities in 2019, significantly impacts revenue recognition for the construction industry. The AICPA provides resources to help construction firms navigate these changes, focusing on 10 key considerations.

IRS Contingency Plan During Government Shutdown

The IRS released an updated Contingency Plan on January 15, 2019, recalling 57.4% of its employees to work during the government shutdown to ensure tax refunds are processed. The tax filing season will start on time on January 28, and the filing deadline remains unchanged.

AICPA Proposes Updates to Tax Services Standards

The AICPA is proposing updates to its Statements on Standards for Tax Services (SSTSs), affecting approximately 665,000 U.S. accountants. The proposed changes include revised guidance on data protection, reliance on digital tools, and tax representation services. The comment period closes on December 31.