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

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.