Conversion from U.S. GAAP to IFRS is a heavily discussed topic in the corporate world. Expected benefits of adoption include reporting consistency, enhanced global competition and improved financial reporting transparency. While many countries worldwide have already adopted IFRS, many other countries are closely examining its effects before adoption, not only
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Institute Going Greener
The AICPA was named a Green Plus Mover by the Institute for Sustainable Development for its efforts to become certified as a green small business. The AICPA is one of nine Movers recognized by the Chapel Hill, N.C.- based partnership of public and private interests. “As a Green Plus Mover,
Court Negates Tax Planning Transaction
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 and China Cinda Asset Management
Final Regs Issued on E-Postcards
The Pension Protection Act of 2006 introduced a new notification requirement for small tax-exempt organizations that are not required to file an annual information return under IRC § 6033(a)(1). In July, the IRS released final regulations spelling out what small tax-exempt organizations must do to meet this requirement. Practitioners should
Government
The Accounting and Auditing Policy Committee (AAPC), a permanent committee of the Federal Accounting Standards Advisory Board (FASAB), released two exposure drafts of new Federal Financial Accounting Technical Releases, Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment and Implementation Guidance on Cleanup Costs Associated with Equipment.
Accountable Plan Reimbursements for Tools and Equipment
In a recent private letter ruling, the IRS clarified how employer reimbursement of employee expenses for tools, equipment, training or certification required as a condition of employment may qualify as an accountable plan under IRC § 62. Reimbursements under an accountable plan are excluded from gross income of employees and
Line Items
FIRST CIRCUIT DENIES TEXTRON WORK PRODUCT PRIVILEGE In a 3-2 decision, the First Circuit Court of Appeals overturned its earlier three-judge ruling and a district court to hold that the work product doctrine did not protect from IRS summons the tax accrual workpapers of aviation and industrial conglomerate Textron Inc.
Application of Six-Year Statute of Limitations Denied Again
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 §
Qualifying Child Definition Amended
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. Section 501(a) of the act amended the age requirement (IRC § 152(c)(3)) to also require the QC to be younger
Salaries a BIG Offset
C corporations that elect S status are often subject to the built-in gains (BIG) tax under IRC § 1374. One of the aspects of the BIG tax that can be a trap for the unwary is the treatment of accounts receivable for cash-basis corporations. The fair market value of accounts
IRS Not Limited to Three Years for FPAA
The Fifth Circuit held that IRC § 6229(a) sets no deadline by which the IRS must issue an FPAA (final partnership administrative adjustment). Its interpretation of the relationship between the limitations period in sections 6501(a) and 6229(a) mirrors that of the Tax Court, the D.C. Circuit and the Federal Circuit
University of Washington Student Receives Medal of Inspiration Award
Marilu Cruz, a junior at the University of Washington, received Beta Alpha Psi’s Medal of Inspiration Award. The award, sponsored by the AICPA, is given to a student who has experienced extreme hardships in his or her life and who has demonstrated an unusually high level of success despite that
Uncover Strategic Value
Strategic value is not the same as fair market value, where a “hypothetical” buyer and seller have access to all relevant data. Strategic value includes synergies and special features, usually hidden, that give the buyer a quicker, less costly and lower risk way to achieve goals. Look for the following
Carisa Wisniewski, CPA
Broomball, a curious game similar to ice hockey except players wear tennis shoes and use a broom to chase the ball around the ice rink, has nothing and everything to do with my career as a CPA. Obviously, broomball has nothing to do with accounting. But it was a broomball
BAP Members Volunteer During Community Service Day
More than 900 members of Beta Alpha Psi supported by 100 employees from KPMG, recently helped clean up Red Hook Park in New York. The BAP members were in Brooklyn, N.Y., to attend the organization’s 2009 annual meeting, which kicked off with a Community Service Day. Volunteers helped paint, weed,
Tax Consequences of Mortgage Discharge
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
Reigle Receives Beta Alpha Psi 2009 President’s Award
Dennis Reigle, the AICPA’s director of Academic & Career Development, received the President’s Award from Beta Alpha Psi. The award is given to an individual who has had a significant impact on Beta Alpha Psi over many years. Reigle was Beta Alpha Psi president in 2002 and 2003 and is
Minority Initiatives Committee Earns Diversity Section Excellence Award
The AICPA’s Minority Initiatives Committee (MIC) received the 2009 Diversity Section Excellence Award from the American Accounting Association. The award recognizes section members whose service has been exemplary and is given to individuals and organizations who have made sustained and significant contributions to the productivity and success of the AAA’s
Small Business
The U.S. Small Business Administration expanded its Microloan program by tapping $50 million in funding for loans and $24 million for technical assistance authorized in the American Recovery and Reinvestment Act. The SBA started using Recovery Act funds after exhausting its original fiscal year appropriation of $20 million for
“Unforeseen Circumstances” Exclusion From Gain on Sale of Home
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 Southern and Midwestern states—could
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FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
From The Tax Adviser
August 30, 2025
2025 tax software survey
July 31, 2025
