The IRS issued final regulations Tuesday governing the payment of tax liabilities in installments (TD 9473). The regulations reflect changes to the law made by various acts going as far back as 1996. IRC § 6159 allows taxpayers who cannot pay their tax liabilities in full an option to enter
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Tax Court Amends Rules to Allow Electronic Filing
The Tax Court has amended its procedural rules, effective Jan. 1, 2010, to allow electronic filing of documents submitted to the court (Tax Court Rule 26). The court set up a pilot electronic filing program in 2005. In 2008, the court added an electronic document access system to its Web
IRS Releases Guidance on Expanded NOL Carryback Rules
The IRS on Friday provided guidance on the new expanded five-year net operating loss (NOL) carryback rules, which were recently amended by the Worker, Homeownership, and Business Assistance Act, PL 111-92. The guidance is contained in Revenue Procedure 2009-52, and it explains how a taxpayer elects to carry back an
House Panel Eases Threat to FASB Independence
The House Financial Services Committee on Thursday removed language from an amendment to the proposed Financial Stability Improvement Act (FSIA) (H.R. 3996) that would have given a new systemic risk regulator power to oversee FASB standard-setting activities. The original amendment, which was introduced by Rep. Ed Perlmutter, D-Colo., would have
OCC Head Calls for Minimum Mortgage Underwriting Standards Worldwide
Comptroller of the Currency John C. Dugan, speaking in Tokyo on Wednesday, said that regulators around the world should establish minimum underwriting standards for all mortgages as a response to a problem that sparked the financial crisis of the past two years. He made the remarks during the Special Seminar
UBS Targets Come Into Focus
The IRS has released the selection criteria for identifying holders ofaccounts with Swiss bank UBS under a U.S. settlement agreement with the Swiss government negotiated in August. Under the agreement, UBS will turn over information concerning approximately 4,450 accounts for investigation. IRS Commissioner Doug Shulman also recently announced that about
IRS Pilot Program Will Allow Truncated Social Security Numbers on Information Returns
The IRS on Thursday announced a pilot program aimed at deterring identity theft (Notice 2009-93). Under the program, filers of certain paper information returns will be allowed to truncate the payee’s Social Security number on the payee statement. The change affects statements for 2009 and 2010. Only paper payee statements
Panelists Advise Companies to Take Responsibility for XBRL Tagging—Even When Outsourcing
When reporting financials in XBRL, companies need to take responsibility by documenting the reasons items are tagged the way they are and allocating ample time for management review—even if they outsource the data tagging to a third party, according to panelists at the 2009 XBRL US National Conference that took
FDIC Approves Transitional Safe Harbor on Securitizations in Light of New FASB Standards
The FDIC Board of Directors, responding to accounting standard changes promulgated by FASB, adopted an interim rule amending 12 C.F.R. § 360.6 to provide a transitional safe harbor effective immediately for all participations and securitizations in compliance with that rule as originally adopted in 2000. Under the rule, participations and
PBGC Deficit Climbs to $22B in 2009
The Pension Benefit Guaranty Corp. (PBGC) had an overall deficit of $22 billion for the fiscal year ending Sept. 30, 2009, according to the agency’s Annual Management Report, nearly double the $11.2 billion deficit it had at the end of fiscal year 2008. The deficit was, however, sharply lower than the
CPAs on the Go Embrace Mobile Technology
CPAs who find themselves on the go are turning to some of the latest phones and mobile applications to do much more than just stay connected to their clients. A CPA Trendlines survey by Bay Street Group LLC conducted for the AICPA during the summer and still open to respondents,
Economic Optimism Levels Off, Execs Concerned About Government Policies
Optimism among CPA financial executives about the U.S. economy flattened after two quarters of improvement as managers paid more attention to potential challenges and concerns associated with the federal budget deficit, tax reform and regulatory requirements, according to a survey released Monday. Results from the Economic Outlook Survey Q4 2009,
President Signs Military Spouses Residency Relief Act
President Barack Obama signed into law the Military Spouses Residency Relief Act (PL 111-97), which will ensure that the spouses of military personnel who move because their spouse is posted for military duty will be treated as not having changed residency for tax purposes. Under the act, the fact that
IASB Releases New Standard for Financial Instruments
The International Accounting Standards Board (IASB) on Thursday issued a new standard on the classification and measurement of financial assets. Publication of the standard represents completion of the first part of a three-part project to replace IAS 39, Financial Instruments: Recognition and Measurement, with a new standard, IFRS 9, Financial
AICPA Files Suit Challenging Identity Theft Rule
The AICPA filed a lawsuit on Tuesday seeking to bar the Federal Trade Commission from applying its so-called Red Flags Rule to CPAs. The Institute says the rule, which is designed to help prevent identity theft, would “impose onerous and unnecessary requirements on AICPA members.” The lawsuit, filed in U.S.
AICPA Opposes Attempt to “Undermine” FASB’s Independence
AICPA President and CEO Barry Melancon sent a letter to the leadership of the House Financial Services Committee on Wednesday to state that the Institute is “strongly opposed” to any legislation that would “undermine the independent accounting standard process as currently carried out by the Financial Accounting Standards Board (FASB).”
President Signs Unemployment Bill With Tax Items
On Friday, President Obama signed into law a bill that includes changes to the first-time homebuyer credit, increased NOL carrybacks for small businesses, and mandatory e-filing for most tax return preparers. The bill cleared Congress on Thursday. The Senate had unanimously agreed to the bill, the Worker, Homeownership, and Business Assistance
IASB Proposes New Accounting Model for Financial Instruments
The International Accounting Standards Board (IASB) on Thursday published proposals that if implemented would fundamentally shift the way banks and other financial institutions report the value of loans (or portfolios of loans) and other financial instruments carried at amortized cost. Both International Financial Reporting Standards (IFRS) and U.S. GAAP currently
Letter Encourages Congress to Retain SEC Oversight of FASB
A group of key stakeholders in U.S. capital market regulations sent a joint letter to the leaders of the House Financial Services Committee to discourage possible proposals that would realign the oversight of FASB within the structure of systemic risk regulation. The letter said the SEC should remain “the primary
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