Korb Reassures on FIN 48

The IRS recently released an internal memo written in March 2007 by Chief Counsel Donald Korb stating that documents prepared pursuant to FASB Interpretation no. 48, Accounting for Uncertainty in Income Taxes, are considered tax-accrual workpapers and thus are subject to the IRS’s "policy of restraint.” The IRS has a longstanding policy of restraint with respect to requesting tax accrual workpapers from a business during an examination of a tax return. This policy was implemented by the Service in recognition that the workpapers generally provide estimates of potential or contingent tax liabilities relating to tax positions taken by the taxpayer, and any overzealous requesting of workpapers by IRS examiners might result in an erosion of the quality of such workpapers over time. For the memo, see www.irs.gov/pub/irs-utl/am2007012.pdf .


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.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


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.