The IRS issued proposed regulations (REG-109369-10) that would redefine “interest in a limited partnership as a limited partner” for purposes of determining material participation under the Sec. 469 passive loss rules. Under Sec. 469(h)(2), losses from an interest in a limited partnership are presumptively treated as passive losses by providing
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In memoriam: Newton Becker
Newton D. Becker, whose preparatory course led to CPA exam success for hundreds of thousands of accountants, died Jan. 2 in Los Angeles after a lengthy illness. He was 83. Becker was the founder and driving force behind Becker CPA Review, which he started in his hometown of Cleveland and
Guidance issued, form finalized for foreign asset reporting
The IRS issued temporary and proposed regulations (T.D. 9567; REG-130302-10) on the requirement that certain foreign financial assets be reported to the IRS for tax years beginning after March 18, 2010. Sec. 6038D requires individuals to report interests in “specified foreign financial assets” (SFFAs) when filing their federal income tax
Professor receives lifetime contribution award for management accounting education
Robert Chenhall, Ph.D., a professor in the Department of Accounting and Finance at the Clayton campus of Monash University in Victoria, Australia, received the 2012 Lifetime Contribution Award from the Management Accounting Section of the American Accounting Association (AAA). Sponsored by the AICPA, the award recognizes individuals who have made
Helping CEOs connect the dots
The business world is experiencing an extraordinarily challenging period. The multiple pressures exerted on executives in terms of global competition, increasing regulation, climate change and growing expectations from consumers has resulted in a call for a new business paradigm. At the end of last year, the AICPA joined forces with
In memoriam: Jerry Sullivan
Jerry Sullivan, who served as executive director of the Public Oversight Board, died Dec. 10 at his home in Wilton, Conn. He was 78. From 1989 to 2002, Sullivan was head of the Public Oversight Board (POB), a private-sector entity that played a critical role in self-regulation of the auditing
Attestation
The AICPA issued Technical Practice Aids (TPAs) 9520.12–.26 to provide nonauthoritative guidance regarding Statement on Standards for Attestation Engagements (SSAE) no. 16, Reporting on Controls at a Service Organization (AICPA, Professional Standards, AT sec. 801). The TPAs provide guidance for service auditors reporting on controls at a service organization relevant to
Researchers recognized for impact on management accounting practice
Alexander Bruggen, Ranjani Krishnan, Karen Sedatole and Scott Jackson received the AAA’s Greatest Potential Impact on Management Accounting Practice Award for 2012. The award, sponsored by the AICPA, the Chartered Institute of Management Accountants and the Society of Management Accountants of Canada, recognizes academic papers that are considered to most
Daily money management
As Americans enter old age in rapidly increasing numbers, more accountants will run into situations like the one a Virginia CPA encountered last year. The CPA spent five hours rummaging through the home of a 94-year-old client, trying to find the paperwork needed to complete the man’s 2010 tax return.
Ready, set, Excel!
Q: I’ve just installed Excel 2010. Can you tell me which default settings, if any, I should change to make it easier to use? A: When I install Excel, I typically adjust the default settings as outlined below. (These suggestions tend to be more of a personal preference than
Monitoring the field
Q: I enjoyed the February 2011 JofA article “Increase Productivity With Multiple Monitors” (page 28), which addressed using multiple monitors with a desktop computer, but is there an easy solution that allows our audit staff to use dual monitors with their Windows laptops in the field? A: I applaud the
News highlights for March 2012
In one of their most important convergence projects, FASB and the International Accounting Standards Board (IASB) reached tentative decisions on aspects of the treatment of leases in financial reporting. How to account for leases is one of four remaining major areas in which FASB and the IASB are trying to
Temporary regs change TIPS bond premium method
The IRS and Treasury issued proposed and temporary regulations (REG-130777-11; T.D. 9561) requiring the use of the coupon interest method to amortize a premium in excess of a de minimis amount related to Treasury inflation-protected securities (TIPS). The regulations apply to TIPS issued on or after April 8, 2011. TIPS
Taxation of abandonments, foreclosures and repossessions
Many taxpayers in the current economy have had trouble paying mortgages, car notes and other debts. Some are forced to abandon property, go through foreclosures or have property repossessed. While such measures may alleviate the financial burden on these taxpayers, the tax consequences often are overlooked. When property that secures
Risk with donor pledges
In the white paper Measurement of Fair Value for Certain Transactions of Not-For-Profit Entities, the AICPA’s Financial Reporting Executive Committee (FinREC) provides guidance to not-for-profits on considering risk when determining the fair value of a donor’s unconditional promise to give. Considerations may include: To account for risk, not-for-profits can use
Tax planning for parents of college students
As parents plan for their children’s higher education, they may choose from an array of tax-favored savings vehicles and deductions and credits. Options include education savings plans, education credits, deduction of educational expenses, education savings bonds, education loans and other alternatives. No single option works best for everyone, but by
Trust issues
The article “Advising Clients in Same-Sex Relationships” (Dec. 2011, page 48) was generally well written and complete in coverage. However, I note an incorrect legal analysis concerning the integrity of trusts, specifically revocable trusts, over wills. The last sentence of the section “Retirement Benefits and Transfer Tax Planning” states, “Since
Financial reporting
The Healthcare Financial Management Association (HFMA) published an issue analysis to provide clarity for health care providers on accounting for incentive payments received under the Health Information Technology for Economic and Clinical Health (HITECH) Act (Title XIII of the American Recovery and Reinvestment Act of 2009, P.L. 111-5). Medicare
Auditing
The PCAOB’s proposal for a new auditors’ reporting model should be completed by the second quarter of 2012, PCAOB Chairman James Doty said in December. Speaking at the AICPA National Conference on Current SEC and PCAOB Developments in Washington, Doty gave an update on the PCAOB’s initiative on the
Donna L. Mackenzie, CPA
More than half of my career has been spent in the high-tech industry with companies that have been pioneers in Web technologies. Working as CFO for these companies has been anything but dull. I think one thing that has kept me going is advice that my mother (who is my
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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.
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