Journal of Accountancy Large Logo

Search Results

Tax

Sort by: Show:
Page  1 | 2 | 3 | 4 | 5 >> 

1. New IRS appeals process starts Sept. 2   WebExclusive

BY Ann Marie Maloney
Starting Sept. 2, the IRS Office of Appeals is changing the way it handles appeals to examination decisions. Under the new Appeals Judicial Approach and Culture (AJAC) project, appeals officers are “no longer going to be examiners or investigators,” Appeals Team Manager Philip A. Oyoto told preparers at the IRS National Tax Forum (Aug.

2. SEC will scrutinize municipal advisers’ rules compliance   WebExclusive

BY Ken Tysiac
A new SEC examination initiative will scrutinize municipal advisers’ compliance with new rules and regulations that are under implementation.The SEC announced Tuesday that its Office of Compliance Inspections and Examinations (OCIE) will examine a significant percentage of municipal advisers for compliance.“The municipal adviser examination initiative will focus on the areas that are most important to protecting issuers, investors, and municipal taxpayers,” Kevin Goodman, national associate director of the OCIE’s broker-dealer examination program, said in a news release.The SEC also plans to promote compliance through outreach to municipal advisers.SEC rules that took effect July 1 generally require municipal

3. Regs. govern dispositions of depreciable property   WebExclusive

BY Alistair M. Nevius, J.D.
The IRS issued final regulations providing rules for how to determine gain or loss when property subject to depreciation is disposed of, how to determine the asset disposed of, and how to account for partial dispositions of depreciated property (T.D. 9689). The regulations apply to property that is subject to depreciation under the modified accelerated cost recovery system (MACRS) and to tax years beginning on or after Jan.

4. Final rules clarify retailers’ treatment of vendor discounts in inventory valuation   WebExclusive

BY Paul Bonner
Final regulations issued Thursday restate and clarify retailers’ computation of ending inventory value, including the application of common vendor discounts (T.D. 9688). The amendments to Regs. Sec. 1.471-8 are intended to render that section’s provisions in plainer language and provide rules for how sales-based vendor allowances and vendor markdown allowances and margin protection payments are taken into account under the retail-inventory method.

5. Whistleblower final rules expand definition of collected proceeds   WebExclusive

BY Sally P. Schreiber, J.D.
Comprehensive final regulations issued Thursday provide rules for whistleblower awards under Secs. 7623(a) and (b), as well as rules governing the disclosure of return information under Sec. 6103(h) to pursue these claims (T.D. 9687). The regulations provide the rules for submitting information to the IRS, define key terms, provide rules for administrative proceedings, and contain the criteria for determining the size of an award.

6. IRS introduces voluntary certification program for tax preparers  

BY Alistair M. Nevius, J.D.
After failing to win court approval for its mandatory tax return preparer regulation program, the IRS in late June introduced a voluntary certification program to take its place (Rev. Proc. 2014-42). Return preparers who sign up for the program and complete its continuing education requirements will be listed in an IRS database of return preparers.BACKGROUNDWhen the IRS lost its appeal in Loving, No.

7. High-functioning firms  

BY Jennifer Wilson
High-functioning firms have leadership teams that assess situations, develop strategies, and make and execute decisions with relative ease, speed, and success. Others, however, function with a drag that pulls against their momentum, causing the business of leading, managing, and executing to take longer and produce less-than-stellar results. High-functioning firms seem to share the following eight attributes: Operate with vision.

8. Treating partners as employees: Risks to consider   CPEDirect

BY Noel P. Brock, CPA, J.D.
In today’s business environment, where many businesses find they cannot retain key employees without offering equity interests in the businesses, partnerships often grant employees interests in the company. Even a very small partnership interest, however, can cause the employee to be treated as a partner, not an employee, for federal tax purposes, while the partnership often mistakenly continues to treat the partner as an employee.

9. QDROs demand the attention of CPAs   CPEDirect

BY Ray A. Knight, CPA/PFS, J.D., and Lee G. Knight, Ph.D.
A key issue in separation, divorce, and other domestic relations proceedings is whether and how to divide a participant’s interest in a retirement plan. This is a recurrent issue in divorce proceedings, because more than 90 million workers in the United States actively participated in private employer-sponsored retirement plans as of 2011 (Department of Labor, Private Pension Plan Bulletin, June 2013, available at tinyurl.com/muvj2pr).

10. New treatment of disguised sales and partnership liabilities  

BY Alistair M. Nevius
The IRS issued proposed regulations in January dealing with disguised sales of property to or by a partnership under Sec. 707 and the treatment of partnership liabilities under Sec. 752 (REG-119305-11). According to the IRS, the proposed regulations are designed to address “deficiencies and technical ambiguities” in the current regulations.Sec.
Page  1 | 2 | 3 | 4 | 5 >> 
CPE Direct articles Web-exclusive content
AICPA Logo Copyright © 2013 American Institute of Certified Public Accountants. All rights reserved.
Reliable. Resourceful. Respected. (Tagline)