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1. Making manager: The key to accelerating a career in public accounting   CPEDirect

BY Chris Baysden
Jessica Kober, CPA, knows the challenges that young accountants are going through as they try to carve out a career in public accounting. “Public accounting is a very humbling field,” said Kober, 30, who works in the Long Beach, Calif., office of Windes Inc., a CPA firm with about 150 employees.Young accountants, even those who may have been star students in college, will have a lot to learn and must take plenty of constructive criticism to heart.

2. Council vote conforms resolution in AICPA code with revised UAA attest definition   WebExclusive

BY Ken Tysiac
Representatives at the AICPA fall Council meeting Sunday voted to approve changes to the "Council Resolution Concerning the Form of Organization and Name Rule" of the AICPA Code of Professional Conduct that will conform the code to the recently revised definition of attest in the Uniform Accountancy Act (UAA).

3. Cool tech for CPAs   WebExclusive

The latest from Inspector Gadget, aka David Cieslak, CPA.CITP, CGMA.

4. How to prepare for auditing in a digital world of Big Data   WebExclusive

BY Maria L. Murphy
Rapid changes in technology are a reality of the current business environment. In addition to affecting how business is done, these changes present new challenges to auditors.The internet, cloud computing, and the pervasive use of mobile devices enable auditors to practice in a globally connected environment. Technology can be used to transform auditing and improve audit effectiveness, according to the white paper Reimagining Auditing in a Wired World, published by the Emerging Assurance Technologies Task Force of the AICPA Assurance Services Executive Committee (ASEC).According to the white paper:The profession needs to achieve a “quantum leap” to redesign

5. SEC filed record number of enforcement actions in fiscal year 2014   WebExclusive

BY Ken Tysiac
With the help of new investigative approaches—and data and analytical tools—the SEC filed a record 755 enforcement actions totaling $4.16 billion in disgorgement and penalties in fiscal year 2014, the securities regulator announced Thursday.The totals for the 2014 fiscal year, which ended in September, are preliminary figures. The SEC filed 686 enforcement actions totaling $3.4 billion in fiscal year 2013, and 734 enforcement actions totaling $3.1 billion in fiscal year 2012.More than 135 parties were charged with violations relating to reporting and disclosure in fiscal year 2014.

6. Proposed regs. would eliminate 36-month testing period from COD reporting requirements   WebExclusive

BY Sally P. Schreiber, J.D.
Because the IRS believes that requiring the filing of Form 1099-C, Cancellation of Debt, at the expiration of a 36-month nonpayment of debt testing period “creates confusion for taxpayers” and does not increase tax compliance, the Service released proposed regulations to eliminate the rule (REG-136676-13).Under Sec. 6050P and its regulations, cancellation-of-debt (COD) income of $600 or more must be reported on Form 1099-C when any of eight identifiable events occur.

7. Changes made to IRS streamlined offshore compliance procedures   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS updated its streamlined offshore compliance program to provide procedures taxpayers residing both inside and outside the United States should use to participate in the program. The streamlined offshore compliance program is for taxpayers whose failure to comply with requirements to report offshore assets is nonwillful. It is designed to allow U.S.

8. Certain FATCA deadlines are postponed   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS announced its intention in Notice 2014-59 to amend temporary regulations it issued under the Foreign Account Tax Compliance Act (FATCA) on March 6, 2014, to modify the effective dates of (1) the standards of knowledge that apply to a withholding certificate or documentary evidence to document a payee that is an entity under Regs.

9. Notice defines terms for economic substance doctrine   WebExclusive

BY Sally P. Schreiber, J.D.
On Thursday, the IRS provided guidance defining "transaction" for purposes of applying the Sec. 7701(o) economic substance doctrine and "similar rule of law" for purposes of the Sec. 6662(b)(6) accuracy-related penalty (Notice 2014-58). The economic substance doctrine is a common law judicial doctrine that disallows tax benefits of a transaction if the transaction lacks economic substance or a business purpose.

10. AICPA asks for raise in repair regulations’ de minimis safe harbor threshold   WebExclusive

BY Alistair M. Nevius, J.D.
Jeffery Porter, CPA, chair of the AICPA’s Tax Executive Committee, wrote to Andrew Keyso, IRS associate chief counsel, on Wednesday, raising the AICPA’s concerns about the low amount of the de minimis safe harbor threshold in the tangible property regulations (T.D. 9636) that were issued in September 2013, and about the retrospective application of the new rules.
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