Journal of Accountancy Large Logo

Search Results

Compliance

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

1. G-20 leaders commit to automatic exchange of tax information   WebExclusive

BY Alistair M. Nevius, J.D.
“Profits should be taxed where economic activities deriving the profits are performed and where value is created”—so said the leaders of the G-20 major economies as they endorsed the Organisation for Economic Co-operation and Development’s (OECD’s) global standard for automatic exchange of tax information at the G-20 summit in Brisbane, Australia, on Sunday.

2. Whistleblower awards widened  

BY Sally P. Schreiber, J.D.
Final rules expand the definitions of collected proceeds and eligible individuals, and specify the criteria for award amounts. Comprehensive final regulations issued in August 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.

3. Jeopardy and termination assessment cases  

BY William D. Hartsock, Esq.
In some circumstances, the IRS may resort to a series of procedures known as jeopardy or termination assessment and collection. If the IRS believes that the collection of an unassessed liability is in jeopardy, it may take steps to begin collection proceedings without following the normal assessment and collection procedures (see Internal Revenue Manual (IRM) §5.17.15.1).

4. New IRS appeals process launched  

BY Ann Marie Maloney
Cases lacking documentation or adherence to procedural requirements or that have new taxpayer information will be returned to Examination.In September, the IRS Office of Appeals began a policy of hearing only cases that are fully developed; hearing officers will not do their own investigations and will send any new issues raised or evidence submitted by the taxpayer during the appeal back to the originating function for consideration.Under this new Appeals Judicial Approach and Culture (AJAC) project, appeals officers are “no longer going to be examiners or investigators,” Appeals Team Manager Philip A.

5. 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.

6. CPA practitioners sue to stop PTIN fees   WebExclusive

BY Sally P. Schreiber, J.D.
Two CPAs have filed suit in the U.S. district court for the District of Columbia, asking the court to stop the IRS from charging fees for issuing preparer tax identification numbers (PTINs), to obtain refunds of fees paid in the past, and to enjoin the IRS from asking for more information than needed to issue preparer tax identification numbers (PTINs) (Steele, No.

7. Rules for written tax advice finalized  

BY Sally P. Schreiber, J.D.
Circular 230 final regs. make ubiquitous email disclaimer no longer necessary.The IRS issued final regulations under Circular 230, Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R. Part 10), on the rules for practitioners to provide written tax advice and certain other related provisions, adopting the proposed regulations (REG-138367-06) issued in September 2012 with some modifications.The new rules withdraw the covered opinion rules in Circular 230, Section 10.35, which were widely considered unworkable, and replace them with one standard for written tax advice in Circular 230, Section 10.37.

8. Expanded OVDP a chance to reduce penalties   CPEDirect

BY Scott Novak, Esq.
The new information-reporting requirements of the Foreign Account Tax Compliance Act (FATCA), P.L. 111-147, took effect on July 1. Among other things, FATCA requires foreign financial institutions (FFIs) to report on their accounts held by U.S. taxpayers. More than 77,000 FFIs signed on and acquired approved status in the initial round of FFI registration (see tinyurl.com/ku29njb for a list).

9. 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.

10. 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
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)