The AICPA called on Congress and the IRS and Treasury Department to reform civil tax penalties, which it said have strayed from their intended purpose of promoting voluntary compliance with tax laws. A report and cover letter signed by Alan Einhorn, chair of the AICPA’s Tax Executive Committee, were submitted
Advertisement
FASB Proposes Fair Value Measurement Disclosures Update
FASB issued an exposure draft of a proposed Accounting Standards Update that would affect all entities that are required to make disclosures about recurring and nonrecurring fair value measurements. The board says the proposal would improve Fair Value Measurements and Disclosures—Overall Subtopic (Subtopic 820-10) of the FASB Accounting Standards Codification.
Proposed Regulatory Capital Rule Incorporates Guidance in FASB 166 and 167
The federal banking and thrift regulatory agencies are seeking comment on a proposed regulatory capital rule related to FASB’s adoption of Statement no. 166, Accounting for Transfers of Financial Assets—an amendment of FASB Statement No. 140, and Statement no. 167, Amendments to FASB Interpretation No. 46(R). Beginning in 2010, these accounting
IASB Proposes Amendments to 11 IFRSs
The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to 11 IFRSs under its annual improvements project. The proposed amendments range from clarification of the measurement of noncontrolling interests in IFRS 3, Business Combinations (as revised in 2008), to changes of wording to
IRS Modifies Automatic Accounting Method Change Procedures
The IRS on Thursday modified the procedures for obtaining automatic consent to change an accounting method. Revenue Procedure 2009-39 amplifies, modifies and clarifies various earlier pieces of guidance that had established the general procedures for taxpayers to secure advance IRS consent to an accounting method change. Last year, the IRS
Taxpayer Wins Lawsuit on Valuing Transfers of LLC Interests
In a case involving the proper valuation of LLC interests that were transferred by a taxpayer into trusts set up for the benefit of her children, the Tax Court has held that transfers should be valued as transfers of LLC interests and not, as the IRS had argued, as transfers
Economic Optimism Continues to Improve Among CPA Executives
Heightened optimism among CPA financial executives seems to indicate the worst of the recession is in the past, but the consensus is growing that the U.S. economy is still a ways off from achieving a full recovery. While optimism about the economy continued to improve and spread across most industries
IRS Provides Guidance on Election to Defer COD Income
In Revenue Procedure 2009-37, the IRS has provided guidance to taxpayers on how to make the new election to defer recognizing cancellation of debt (COD) income under IRC § 108(i). The revenue procedure also requires taxpayers who make the election annually to provide additional information on their returns, starting with
SEC Approves PCAOB Reporting Rules
The SEC has approved PCAOB rules requiring registered public accounting firms to report certain events. The rules take effect Oct. 12. They implement a provision of the Sarbanes-Oxley Act of 2002 and are the first reporting obligations imposed on registered firms by the board. Under the rules, certain events that
First Circuit Denies Textron Work Product Privilege
In a 3-2 decision Thursday, 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 tax accrual workpapers of aviation and industrial conglomerate Textron Inc. from IRS summons. Judge Michael Boudin, writing for the majority,
Mutual Recognition Agreement Signed with New Zealand
Representing the AICPA and the National Association of State Boards of Accountancy (NASBA), the International Qualifications Appraisal Board (IQAB) on Wednesday signed a mutual recognition agreement (MRA) with the Institute of Chartered Accountants in New Zealand (NZICA) that is intended to help facilitate the process for U.S. CPAs to be
Comments Sought on Partnerships, Combined Pension Plans
The IRS requested public comment Wednesday on proposed regulations issued earlier on allocation of gain or loss in partnership mergers. In a separate notice, the Service invited comment on combined defined contribution and defined benefit plans under IRC § 414(x), on which the Service plans to issue guidance before it
Phone Tax Suit Revived
A panel of the U.S. Court of Appeals for the District of Columbia ruled that taxpayers could challenge under the Administrative Procedure Act (APA) the IRS’ method of refunding long-distance telephone excise taxes. The 2-1 decision in Neiland Cohen v. U.S. (docket no. 08-5088) reversed and remanded a dismissal of
IRS Extends FBAR Filing Date for 2008 Filings
The IRS announced Friday in Notice 2009-62 that it is extending for certain taxpayers the due date for filing calendar year 2008 Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Because the Treasury Department is still working out various FBAR filing issues, it has decided to
AICPA Calls for CPA Exemption From Recently Delayed Red Flags Rule
The AICPA on Tuesday asked the Federal Trade Commission (FTC) to exempt CPAs from certain provisions of its Red Flags Ruleto prevent identity theft. The current action by the AICPA follows an FTC announcement last week that it would delay enforcement of the rule until Nov. 1. The Red Flags
XBRL U.S. GAAP Tags Now Aligned to FASB Accounting Codification
The XBRL U.S. GAAP Taxonomy has been updated to reflect the FASB Accounting Standards Codification and is effective for interim and annual periods ending after Sept.15, 2009, FASB and XBRL US announced Tuesday. The codification, which became effective July 1, reorganizes thousands of U.S. GAAP pronouncements into roughly 90
TIGTA Announces Program to Detect, Deter IRS Employee Misconduct
The Treasury Inspector General for Tax Administration (TIGTA) announced on Tuesday that it has reached an agreement with the IRS to conduct a program to detect and deter waste, fraud and abuse in IRS programs and operations. The purpose of the program is to protect against attempts to interfere with
AICPA to Release Proposed Revisions to Ethics Rules
The AICPA Professional Ethics Executive Committee (PEEC) voted on Thursday to release exposure drafts of revisions to guidance regarding the AICPA Code of Professional Conduct (the Code). The EDs, which will be released this month for a 60-day comment period, make clarifying revisions to an ethics ruling under Rule 301,
Tax Software Survey: TaxWorks
Click here for a PDF of detailed survey responses for TaxWorks. Tax program name TaxWorks Vendor name RedGear Technologies Inc. Telephone 800-230-2322 E-mail address sales@taxworks.com Web site taxworks.com Price on Federal 1040 $1,095.00 Is this an increase from last year? By how much? No Renewal price $1,095.00 State price $260.00
Tax Software Survey: TaxSimple
Click here for a PDF of detailed survey responses for TaxSimple. Tax program name TaxSimple Vendor name TaxSimple Telephone 973-989-8955 E-mail address jvora@taxsimple.com Web site taxsimple.com Price on Federal 1040 $100 – $695 Is this an increase from last year? By how much? No Renewal price $100 – $695 State
Features
FROM THIS MONTH'S ISSUE
AI risks CPAs should know
Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
