FYI


Robert L. Bunting, AICPA immediate past chair, was appointed to the board of the International Federation of Accountants for a three-year term. In this post he will help determine how the international accountancy profession can best meet its public-interest responsibilities and contribute to worldwide economic growth and stability. Bunting is a partner of Moss Adams LLP and was its chairman and CEO from 1982 to 2004.

The AICPA published Tax Savings Tips for 2005 , a brochure practitioners can mail to clients or distribute to audiences when making presentations. It provides information on filing returns, health savings accounts, new tax provisions and tax breaks related to home ownership, saving for retirement and education expenses. In addition to the brochure, firms have access to a speech and a PowerPoint presentation to help clients prepare for this tax season. Other available resources include tools and information practitioners can use to promote their practices and services ( www.aicpa.org/cpamarketing ).

The IRS Web site’s new AMT Assistant helps taxpayers determine whether they are subject to the alternative minimum tax—usually in less than 10 minutes ( http://apps.irs.gov/app/amt ).

The Financial Accounting Foundation, the parent body of FASB and GASB, appointed CPA Timothy P. Flynn, chairman and CEO of KPMG LLP, to the foundation’s board of trustees.

The Federal Accounting Standards Advisory Board (FASAB) sponsors—John W. Snow, Treasury secretary; Joshua B. Bolton, Office of Management and Budget director; and David M. Walker, U.S. comptroller general—selected Tom L. Allen to succeed David Mosso as FASAB chairman on January 1, 2007. Until then, Allen will serve as a nonfederal member of the board. The sponsors authorize accounting and financial reporting standards for federal entities.

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VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.