Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: Negotiations on Tax Bill and EY’s Next U.S. Managing Partner | 12.07.17

accounting news 120717

Senate Votes to Begin Tax-Overhaul Negotiations With House [WSJ]
Among the items on the bargaining table: reinstating the medical expense and SALT deductions, and fully repealing the alternative minimum tax. Conferences have no inkling how they’d pay for those changes, however.

Elsewhere in now-that-we’ve-read-this-tax-bill news: “Holy crap, what’s this?

Only 1,700 Estates Would Owe Estate Tax in 2018 Under the TCJA [TPC]
Currently, only about 5,500 deaths in the U.S. trigger the estate tax. The tax bill would double the exemption.

Related: The richest 1 percent now owns more of the country’s wealth than at any time in the past 50 years

FASB Leasing Tweak Offers ‘Big Relief’ [CFO]
The accounting rule overlords “tentatively decided” to scrap the requirement for companies to restate the new lease standard’s effect on 2017 and 2018.

Four ‘Startup Accelerator’ finalists announced [AT]
The AICPA’s XYZ combinator pageant announced its finalists at the Digital CPA Conference.

Ernst & Young names Kelly Grier as next managing partner for the U.S. [AT]
Ms. Grier succeeds Steve Howe, who is retiring next summer. She will be the third woman to lead a Big 4 firm in the U.S. along with Deloitte’s Cathy Engelbert and KPMG’s Lynne Doughtie.

Previously, on Going Concern…

In Open Items, a user with an offer to join a Big 4 risk consulting practice wonders about other advisory groups.

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here. You can also sign up to receive our job alerts for select cities like Atlanta and Chicago.

See something we missed? Have a tip, correction, comment, or complaint? Email us at [email protected].