April 2010

April 7, 2010

PCAOB Reminds Auditors of Requirements Related to Unusual Transactions

The PCAOB on Wednesday issued an alert reminding public company auditors of their responsibilities related to the risk of material misstatements stemming from error or fraud associated with significant unusual transactions. “The PCAOB’s message to auditors, in this challenging economic environment, has consistently emphasized attention to audit risk and adherence

April 6, 2010

Director Sought for Fraud Center

The PCAOB has begun the search for a director to run the planned Financial Reporting Fraud Resource Center. The center is expected to maintain and develop information related to financial reporting fraud. It will publish public reports on financial reporting fraud risks. Its creation is in response to a recommendation

April 2, 2010

“Bundled” Fiduciary Fees Fully Deductible for 2009

The IRS in Notice 2010-32 extended to tax years beginning in 2009 its interim guidance on deductibility of a “bundled” investment advisory commission or fee paid to a trustee or executor on behalf of a nongrantor trust or estate. The interim guidance was issued in February 2008 in Notice 2008-32

April 2, 2010

Tax Filing Season Resources—Tax Year 2009

This is the one-stop shop for all the updates you need to know for this year’s tax filing season. Find resources from the JofA and The Tax Adviser, plus tax return checklists and tax savings tips from the AICPA, categorized by tax topic. INDIVIDUAL TAX IRS Reports Average Refund Size Is

April 1, 2010

IRS Publishes FAQs on Health Care Small Business Credit

On Thursday, the IRS published to its Web site 22 questions and answers about the new health care small business credit. The FAQs cover: Eligibility for the credit; Calculation of the credit; Determining full-time employees and wages for purposes of the credit; How to claim the credit; and Transition

April 1, 2010

SBA Warns Small Businesses of Scams to Help Obtain Government Loans

The U.S. Small Business Administration (SBA) warned that the agency has received several complaints from small businesses about abusive marketing practices, scams and exorbitant fees charged by companies offering to help businesses get a loan, grant or other federal funds from the SBA. Complaints received by the SBA’s Office of

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.