Final Regulations Change Allocation Rules for Roth IRA Rollovers
The IRS has eliminated the requirement that each disbursement from a designated Roth account that is directly rolled over to an eligible retirement plan be treated as a separate distribution from any amount paid directly to the employee, reports the Journal of Accountancy.
DOL Finalizes New Overtime Regulations
The U.S. Department of Labor recently announced its final overtime changes as an update to the Fair Labor Standards Act. The changes are estimated to impact 4.2 million American workers and will become effective on Dec. 1.
Utilize New Financial Information Exchange for Private Companies
CPA.com and Confirmation.com have announced the launch of RIVIO Clearinghouse, which delivers CPA source-validated financial documents such as audited financial statements to bankers, shareholders and other investors.
Take a Closer Look at Sales Forecast Errors
If finance is wielding blunt forecasting tools, whether for inventory cost or revenue, the whole picture can crack. CFO.com explains how big data can improve the finance function.
FASB Proposal Would Simplify Goodwill Impairment Test
In a proposal by the FASB, Step 2 would be eliminated from the current goodwill impairment test. Comments on the proposal should be submitted to the FASB by July 11, reports AccountingWEB.
Vote on Proposed AICPA/CIMA Joint Venture
AICPA members can vote through June 16 on the institute's proposal to create a new international association with the Chartered Institute of Management Accountants, to represent the global accounting profession.