Please ensure Javascript is enabled for purposes of website accessibility
January 30, 2023

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].

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]