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. 

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This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

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How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out