January 2009

January 16, 2009

Tax Season Launches

The 2009 income tax filing season got under way Friday, Jan. 16, as the IRS began accepting electronic filing of returns due April 15 for calendar year 2008. E-filing, available through tax preparation software used by most return preparers and many self-filing taxpayers, is again being promoted by the IRS as

January 14, 2009

Comments Sought on Revised Statements on Standards for Tax Services

The AICPA released for comment an exposure draft of proposed revisions to Statements on Standards for Tax Services (SSTS). The revisions are intended to address changes in federal and state tax laws and new requirements for providing certain types of tax opinions. SSTS no. 1, Tax Return Positions, has been

January 14, 2009

New XBRL Taxonomy for IFRS Released for Public Comment

The International Accounting Standards Committee (IASC) Foundation on Monday released a near final version of the IFRS Taxonomy 2009 for public comment. The IFRS Taxonomy 2009 is the eXtensible Business Reporting Language (XBRL) version of IFRS as of Dec. 31, 2008. XBRL, or “interactive data” as the SEC often

January 12, 2009

Committee Raising Awareness About Tax Disclosure Requirement for Private Companies

Private companies may have scored a temporary reprieve on the implementation deadline for accounting standard FIN 48 regarding uncertain tax positions, but they nevertheless face an important disclosure requirement under the standard. FASB has twice deferred the effective date for certain private entities of FASB Interpretation no. 48, Accounting

January 12, 2009

Info Security Leads Tech List

The message of the AICPA’s 20th Annual Top Technology Initiatives Survey is clear—CPAs are placing great importance on information security. Security-related matters dominated the top three spots in the ranking of initiatives affecting IT strategy, investment and implementation. Information security management was voted the most important initiative for the

January 8, 2009

IRS Webcast to Address Filing Season Updates, Issues

The IRS’s next Tax Talk Today webcast, “Getting Ready for Filing Season 2009,” which gives tax professionals and preparers the latest updates on tax forms, laws and IRS processing issues for the upcoming filing season, will air Tuesday, Jan. 13, at 2 p.m. EST. The program will offer tips on

January 7, 2009

Social Insurance, Historical Cost Exposure Drafts Available for Comment

The Federal Accounting Standards Advisory Board (FASAB) is seeking comment on two exposure drafts, Social Insurance Accounting, Revised and Estimating the Historical Cost of General Property, Plant, and Equipment—Amending Statements of Federal Financial Accounting Standards 6 and 23. The Social Insurance proposal addresses challenges associated with incorporating estimates of future

January 6, 2009

Proposed Interagency Appraisal and Evaluation Guidelines Issued

The major federal bank, thrift and credit union regulators issued proposed Interagency Appraisal and Evaluation Guidelines that clarify risk management principles and internal controls for ensuring that financial institutions’ real estate collateral valuations (both appraisals and evaluations) are reliable and support their real estate-related transactions. The proposal was issued jointly by

January 5, 2009

SEC Finalizes Summary Prospectus Requirements for Mutual Funds

The SEC finalized a rule requiring mutual funds to provide investors with a concise summary of the key information they need to make informed investment decisions. The new summary prospectus will appear at the front of a fund’s prospectus. The SEC also approved a new rule that permits sending a

January 5, 2009

Estate Planning: Time for a Tuneup

A CPA is in an excellent position to help clients address the issues of estate planning. CPAs are usually aware of the scope of their clients’ assets and often know something about family relationships, recent marriages, children, grandchildren and other key facts. They see their clients annually in connection with

January 1, 2009

Comparison of Cumulative Monthly Social Security Benefits

Using a side-by-side spreadsheet comparison of cumulative monthly Social Security benefits (reflecting the 11 months for the first year in which benefits accrue after reaching age 62 and assuming a 3% COLA) CPA financial planners can show clients how the 58-year-old worker without consideration of a spouse (illustrated in Exhibit

January 1, 2009

AICPA Chairman Ernie Almonte’s Inaugural Speech

Editor’s note: On Oct. 21, Ernie Almonte began a one-year term as the AICPA’s chairman. Almonte, Rhode Island’s auditor general, is the first AICPA chairman from the government sector. This is the complete text of Almonte’s inaugural speech, delivered at the October meeting of the Institute’s governing Council in Tucson,

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.