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

    By | December 7, 2017

    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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