FYI


Taxpayers can request automatic six-month tax-filing extensions for the most common individual and business returns, under new regulations from the Treasury Department and IRS ( www.irs.gov/newsroom/article/0,,id=150456,00.html ). The service also issued guidance on how large corporations and tax-exempt organizations can seek waivers from electronic filing requirements ( www.irs.gov/newsroom/article/0,,id=150695,00.html ) and introduced a Web-based tool to help private foundations comply with tax rules and requirements throughout their life cycles ( www.irs.gov/charities/charitable/article/0,,id=127912,00.html ).

The SEC designated Scott Taub, CPA, deputy chief accountant for accounting, as its acting chief accountant following the resignation of Donald T. Nicolaisen, CPA. Meanwhile, the deputy chief accountant for auditing, CPA Andrew D. Bailey Jr., resigned. His successor had not yet been identified as the JofA went to press.

The PCAOB announced new appointments and reappointments to its standing advisory group for two-year terms beginning this month ( www.pcaobus.org/standards/standing_advisory_group ). The group of approximately 30 individuals advises the board on the establishment of auditing and related professional practice standards. In addition, six organizations have observer status and speaking rights: FASB, the GAO, the International Auditing and Assurance Standards Board, the SEC, the Department of Labor and the AICPA Auditing Standards Board.

The AICPA and the United Kingdom’s Chartered Institute of Management Accountants will collaborate on developing business management, management accounting and financial management products and services, and thereby increase the Institute’s related offerings to its members in business and industry ( www.aicpa.org/download/news/2005/2005_1027_AICPA_Joins_Forces.pdf ). The alliance comes in response to CFOs’ increasingly prominent role in directing their organizations’ business practices. 

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.