August 15, 2022

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

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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:

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