The IRS issued proposed regulations Thursday providing guidance on the portion of trust property includible in the grantor’s gross estate if the grantor has retained certain interests in the property (REG-119532-08). The retained interests covered include the use of the property and the right to an annuity, unitrust, graduated retained
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CPAs Head to the Hill to Discuss Reform, Economy, Taxes
CPAs wrapped up the 2009 AICPA Spring Meeting of Council in Washington on Tuesday with visits to Capitol Hill to discuss regulatory reform, the economic crisis and tax issues. Before heading into discussions with legislators, the group heard briefings from members of Congress. “We have a lot of work before
IRS Strategic Plan Focuses on Compliance and Service
The IRS released its strategic plan on Tuesday for 2009–2013. Not surprisingly, the plan says that the Service will focus on improved taxpayer service as well as increased compliance. The plan also discusses challenges that the IRS anticipates facing over the next few years and how it hopes to meet
AICPA Passes Budget With No Dues Increase
Members of the AICPA Council on Monday unanimously approved an operating budget for 2009-2010 with no increase in member dues. The budget calls for $174.4 million in total net revenue and $172.3 million in total expenses for the fiscal year beginning Aug. 1—an outlook that is basically flat compared to
Regulatory Reform Tops Agenda at Opening of AICPA Council Meeting
Talk of financial regulatory reform took center-stage as CPAs from across the country gathered Sunday in Washington to open the AICPA’s 2009 Spring Meeting of Council. The agenda for the three-day meeting includes speeches by AICPA leadership, Congressional lawmakers and political pundits. The meeting concludes Tuesday with visits by CPAs
ASB Issues Proposed Standard on Subsequent Events
The Auditing Standards Board has issued Proposed Statement on Auditing Standards, Subsequent Events and Subsequently Discovered Facts. The proposal would supersede AU sections 530, Dating of the Independent Auditor’s Report, 560, Subsequent Events, 561, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report, and paragraphs .71–.73 of
IRS Provides Guidance on the Residential Energy Efficient Property Credit
On Wednesday, the IRS issued Notice 2009-41, providing guidance to manufacturers and consumers on satisfying the requirements of the residential energy efficient property credit. The notice outlines procedures manufacturers must follow to certify that property satisfies the credit’s conditions. Taxpayers received guidance on when they may rely on a manufacturer’s
FBAR Penalties Reduced for Six Months
The IRS has provided a framework for voluntary disclosure requests containing offshore issues, such as previously undisclosed foreign financial accounts and entities (March 23, 2009, memo from Deputy Commissioner Linda Stiff to the commissioners of the Large and Mid-Size Business Division and the Small Business/Self-Employed Division). The policy will remain
IFAC President: U.S. Needs SEC Commitment to Global Standards
The time is now to implement global accounting and auditing standards, said International Federation of Accountants (IFAC) President Robert L. Bunting, CPA, in a speech last week at the World Bank in Washington. In a JofA interview, Bunting, a partner in Seattle-based Moss Adams LLP and a former chairman of
“Differential Wage Payments” During Active Military Service Subject to Income Tax But Not FICA, FUTA
Payments by employers to employees while they are on active military duty for more than 30 days are subject to withholding for federal income tax but are not taxed under the Federal Insurance Contributions Act (FICA) or Federal Unemployment Tax Act (FUTA), the IRS said in Revenue Ruling 2009-11, issued
SEC Amends Accounting Guidance on Other-Than-Temporary Impairment
The SEC’s Office of the Chief Accountant and Division of Corporation Finance on Tuesday announced the release of Staff Accounting Bulletin (SAB) no. 111 that amends Topic 5.M. in the SEC’s Staff Accounting Bulletin Series titled Other Than Temporary Impairment of Certain Investments in Debt and Equity Securities. The release
IFAC Publishes Guide to Quality Control For Small- and Medium-Sized Practices
IFAC has published a Guide to Quality Control for Small- and Medium-Sized Practices. This nonauthoritative implementation guide is intended to help SMPs understand and efficiently apply International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related
IRS Issues Proposed Regs on Determining Partners’ Distributive Shares
The IRS has issued proposed regulations on determining partners’ distributive shares of partnership items of income, gain, loss, deduction and credit when a partner’s interests vary during a partnership tax year (REG-144689-04). The proposed regulations also modify the existing regulations regarding a partnership’s required tax year. The proposed regulations provide
GASB, CAQ Offer Research Grants
GASB and the Center for Audit Quality (CAQ) are each reaching out to the academic community with grant proposals. GASB is offering a $5,000 research grant to encourage academic support for its standard-setting activities, while the CAQ separately plans to give out a combined $200,000 in grants for multiple research
U.S. Comptroller of the Currency: Change Banks’ “Incurred Loss” Model
U.S. Comptroller of the Currency John Dugan said the “incurred loss” model banks use to account for loan losses may need to be changed to a more counter-cyclical approach that would allow provisions to be made earlier in the credit cycle when times are good. Dugan, who is the administrator
FASB Releases Final Versions of New Mark-to-Market Guidance
FASB on Thursday released final versions of authoritative guidance on the application and disclosure of fair value measurements and impairments of securities. FASB Staff Position (FSP) FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That
IRS Issues Inflation Updates for Automobile Depreciation Deduction Limits
The IRS issued Revenue Procedure 2009-24 on Thursday that provides 2009 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under IRC §§ 280F and 168. For passenger automobiles (other than trucks or vans) placed in service during calendar 2009, the 2009 depreciation limit under IRC
Guidance Released on Registration of Auditors of Nonpublic Broker-Dealers
The PCAOB and SEC issued guidance on the registration of auditors of nonpublic broker-dealers. Until recently, auditors of nonpublic broker-dealers were not required to register with the PCAOB as a result of a series of SEC exemptions dating back to 2003. The latest SEC order, issued in December 2006, extended
AICPA Supports IFRS Adoption, Recommends Changes to SEC Road Map
The AICPA on Thursday submitted comments on the SEC’s proposed road map for the use of IFRS by U.S. public companies. The Institute recommended additional changes to financial reporting regulations, a push to minimize dual recordkeeping requirements, and a call for optional early adoption to be expanded to include smaller
IRS Grants Relief to Midwest Flood Victims
The IRS said victims of the severe floods in Minnesota and North Dakota will have an extra month, until May 15, to file their 2008 individual tax returns and pay any tax due. The relief applies to flood victims and relief workers who are assisting in the affected areas. The
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