President Signs Unemployment Bill With Tax Items

Fri, 06 Nov 2009 00:15:00 GMT

On Friday, President Obama signed into law a bill that includes changes to the first-time homebuyer credit, increased NOL carrybacks for small businesses, and mandatory e-filing for most tax return preparers. The bill cleared Congress on Thursday.

AICPA Opposes Attempt to "Undermine" FASB's Independence

Thu, 05 Nov 2009 23:30:00 GMT

AICPA President and CEO Barry Melancon sent a letter to the leadership of the House Financial Services Committee on Wednesday to state that the Institute is “strongly opposed” to any legislation that would “undermine the independent accounting standard process as currently carried

IASB Proposes New Accounting Model for Financial Instruments

Thu, 05 Nov 2009 23:45:00 GMT

The International Accounting Standards Board (IASB) on Thursday published proposals that if implemented would fundamentally shift the way banks and other financial institutions report the value of loans (or portfolios of loans) and other financial instruments carried at amortized cost.

Windows 7: Is It Right for You?

Wed, 28 Oct 2009 23:15:00 GMT

Windows 7, the newest version of Microsoft’s desktop operating system, comes with numerous functional improvements over its widely used predecessors, Vista and XP. Some of these enhancements—such as more powerful hard drive search and data encryption capabilities—will save time

Letter Encourages Congress to Retain SEC Oversight of FASB

Tue, 03 Nov 2009 23:30:00 GMT

A group of key stakeholders in U.S. capital market regulations sent a joint letter to the leaders of the House Financial Services Committee to discourage possible proposals that would realign the oversight of FASB within the structure of systemic risk regulation. The letter said the SEC should

AICPA's 2009 Year-End Tax Update

Tue, 03 Nov 2009 18:45:00 GMT

Now is the time for taxpayers and their advisers to focus on year-end tax planning issues. In this video, the AICPA's Tom Ochsenschlager discusses recent developments and expiring provisions, including IRA charitable contributions, the personal exemption phaseouts, the EGTRRA tax rates, and the

What's Needed for IFRS: A Perspective From SEC Chief Accountant James Kroeker

Sat, 31 Oct 2009 01:30:00 GMT

SEC Chief Accountant James Kroeker tackles questions on the commision’s role in IFRS adoption, the litigious environment in the U.S. and whether first-time IFRS adopters should be afforded leniency.

Speaking for Investors

Mon, 02 Nov 2009 14:00:00 GMT

Mark LaMonte, senior vice president, Moody's Investors Service, and member of FASB's EITF, brings the investor's perspective to standard setting.

SEC Chief Accountant Promises "Clarity" on IFRS Road Map This Fall

Fri, 30 Oct 2009 20:45:00 GMT

SEC Chief Accountant James Kroeker on Friday reconfirmed the SEC’s commitment to provide clarity this fall on its proposed road map for the adoption of IFRS by U.S. public companies. In

Final Regulations Issued on S Corporation COD Income Exclusion and Tax Attributes

Fri, 30 Oct 2009 21:00:00 GMT

The IRS and Treasury Department issued final regulations (TD 9469) this week governing how an S corporation reduces its tax attributes under IRC § 108(b) when the S corporation has discharge of indebtedness (COD) income that is excluded from gross income under section 108(a).

FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal

Thu, 29 Oct 2009 21:20:00 GMT

FASB and the International Accounting Standards Board will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the target date of 2011, the heads of both boards said Thursday during a general session at a conference on IFRS held in New

Paul Volcker on the Impact of IFRS Adoption in Global Capital Markets

Thu, 29 Oct 2009 22:30:00 GMT

Paul A. Volcker, Chairman of the President’s Economic Recovery Advisory Board, on Thursday discussed the advantages of adopting IFRS in the United States, whether 2011 is a reasonable convergence deadline and how the independence of FASB and the IASB should be maintained.

AICPA Chairman Bob Harris: Emerging Trends Create New Opportunities

Thu, 29 Oct 2009 20:00:00 GMT

New AICPA Chairman Robert Harris shares his vision for the next generation of leadership in the CPA profession.

Preparing for the Next Opportunity

Tue, 20 Oct 2009 19:00:00 GMT

Robert R. Harris takes a large view of the profession. He believes the economic crisis, global convergence of standards, a worldwide concern about the depletion of nonrenewable natural resources, and generational changes all present unprecedented opportunities for CPAs.

FASAB Proposes Making AICPA's Subsequent Events Guidance Authoritative

Thu, 29 Oct 2009 00:00:00 GMT

The Federal Accounting Standards Advisory Board released an exposure draft, Subsequent Events: Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards. The proposal would incorporate the guidance in the AICPA’s Statements on

Tax Consequences of Mortgage Discharge

Wed, 28 Oct 2009 20:00:00 GMT

In the current real estate climate of decreased property values and excess inventories, many rental property owners are facing reduced cash flows due to vacancies. At the same time, the fair market value of their property may be close to or even less than the amount owed on the mortgage

"Unforeseen Circumstances" Exclusion From Gain on Sale of Home

Wed, 28 Oct 2009 20:15:00 GMT

Despite the recent downturn in the American housing market, one of the highest-value assets owned by most taxpayers remains their home. While many taxpayers have seen the value of their home decline, those in locales where home values have remained relatively strong—such as parts of some

Qualifying Child Definition Amended

Wed, 28 Oct 2009 18:45:00 GMT

The Fostering Connections to Success and Increasing Adoptions Act of 2008, PL110-351, made several changes to the qualifying child (QC) definitions effective for tax years beginning after Dec. 31, 2008.

Application of Six-Year Statute of Limitations Denied Again

Wed, 28 Oct 2009 18:45:00 GMT

The Tax Court, whose denial of a six-year statute of limitations in Bakersfield Energy Partners had been recently upheld by the Ninth Circuit, held in two more cases that an overstatement of basis did not allow the extended assessment period for a substantial omission of gross income under IRC

Court Negates Tax Planning Transaction

Wed, 28 Oct 2009 18:45:00 GMT

A district court held that a partnership’s reported capital loss stemming from nonperforming loans lacked economic substance and denied the claimed tax benefits. D. Andrew Beal owned a bank that was in the business of acquiring nonproducing loans (NPLs) at extreme discounts. With an associate

Journal of Accountancy

President Signs Unemployment Bill With Tax Items

AICPA Opposes Attempt to "Undermine" FASB's Independence

IASB Proposes New Accounting Model for Financial Instruments

Windows 7: Is It Right for You?

Letter Encourages Congress to Retain SEC Oversight of FASB

AICPA's 2009 Year-End Tax Update

What's Needed for IFRS: A Perspective From SEC Chief Accountant James Kroeker

Speaking for Investors

SEC Chief Accountant Promises "Clarity" on IFRS Road Map This Fall

Final Regulations Issued on S Corporation COD Income Exclusion and Tax Attributes

FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal

Paul Volcker on the Impact of IFRS Adoption in Global Capital Markets

AICPA Chairman Bob Harris: Emerging Trends Create New Opportunities

Preparing for the Next Opportunity

FASAB Proposes Making AICPA's Subsequent Events Guidance Authoritative

Tax Consequences of Mortgage Discharge

"Unforeseen Circumstances" Exclusion From Gain on Sale of Home

Qualifying Child Definition Amended

Application of Six-Year Statute of Limitations Denied Again

Court Negates Tax Planning Transaction