Hobby Loss Claim Goes Down In Flames (Forbes) - Edward Kurdziel gets my prize for about the coolest hobby loss case ever. He restored a World War II airplane making it flyable. It was a Fairey Firefly.
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AICPA Makes Recommendations to IRS on Foreign Tax Credit Rules (Accounting Today) - The American Institute of CPAs sent a comment letter Tuesday to the Internal Revenue Service about the IRSâs proposed regulations providing guidance about changes in the foreign tax credit in the wake of the Tax Cuts and Jobs Act.
AICPA Issues Guidance on Prior-period Audits (JofA) - A newly revised AICPA Technical Question and Answer (TQA) provides nonauthoritative guidance for performing an audit and reporting on an entityâs prior-period financial statements.