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.
