President Barack Obama, in a State of the Union address Wednesday that focused heavily on job creation, proposed several business and individual tax credits. Obama called for a new tax credit for small businesses that hire workers or raise wages as well as the elimination of all capital gains tax
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FinCEN Seeks Members for Bank Secrecy Act Panel
The Financial Crimes Enforcement Network (FinCEN), a branch of the Treasury Department, published a notice that it is seeking nominations of financial institutions and trade groups for membership on the Bank Secrecy Act Advisory Group (BSAAG). Membership is open to financial institutions and trade groups. New members will serve three-year
In the Twilight of the EGTRRA
When the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, PL 107-16) was enacted in 2001, almost no one seriously thought that one of its most important provisions would ever be given its full effect—the repeal of the federal estate and generation-skipping transfer (GST) taxes in 2010. However,
IRS Updates Rules on Adequate Disclosure
The IRS has updated its guidance on the rules governing when disclosure of an item or position on a tax return constitutes “adequate disclosure” for purposes of reducing an understatement of income tax or avoiding certain tax return preparer penalties (Revenue Procedure 2010-15). The guidance applies only to the substantial
SEC Approves Guidance on Climate Change Disclosures
The SEC voted on Wednesday to release interpretive guidance related to the potential impact of climate change and climate change regulation on businesses. The guidance, which does not create new legal requirements or modify existing ones, outlines four areas where the commission says issuers should examine their disclosure obligations. The
IRS Plans to Require Disclosure of Uncertain Tax Positions
The IRS announced Tuesday that it is considering making changes to how business taxpayers report uncertain tax positions (Announcement 2010-9). Specifically, the IRS said it is developing a schedule that certain businesses would be required to use to disclose uncertain tax positions on their returns annually. The IRS plans to
Swiss Court Halts Release of Some UBS Account Holder Data
A Swiss court has held that the Swiss bank UBS does not have to hand over to the IRS confidential data on 26 accounts under a settlement agreement between the United States and Switzerland negotiated in August 2009. Under the agreement, UBS is supposed to turn over for investigation information
IRS Designates Haiti Earthquake as “Qualified Disaster”; President Signs Haiti Donation Bill
On Friday, the IRS designated the earthquake in Haiti as a “qualified disaster” for purposes of IRC § 139 (Notice 2010-16). As a result, victims of the earthquake who receive qualified disaster relief payments will be able to exclude those payments from income. The notice also allows employer-sponsored private foundations
Senate Passes Haiti Assistance Income Tax Relief
The Senate on Thursday passed by unanimous consent the Haiti Assistance Income Tax Relief Act (S. 2936). The Senate bill was identical to H.R. 4462, passed by the House on Wednesday. The legislation now goes to President Barack Obama for his signature; he is expected to sign it this week.
Investor Groups Call for Climate Change Policies and Disclosures
Investor groups representing $13 trillion in assets last week called on the U.S. and other governments to adopt strong national climate policies to help spark the necessary flows of private capital for achieving a low-carbon and sustainable global economy. Meeting at the Investor Summit on Climate Risk held Jan.
House Unanimously Passes Haiti Donation Bill
The House of Representatives on Wednesday unanimously passed a bill that would allow taxpayers to accelerate deductions for charitable contributions made for relief of victims of the earthquake in Haiti (HR 4462). Under the bill, taxpayers could deduct donations made in 2010 on their 2009 returns. Donations covered by the
IRS Updates Method Thresholds for Vehicle Fringe Benefits
The IRS has updated for 2010 (Revenue Procedure 2010-10) the maximum allowable fair market value (FMV) of an employer-provided vehicle for which the cents-per-mile and fleet-average rules may be used in determining the value of an employee’s personal use of the vehicle. For passenger automobiles, the new maximum FMV is
Tax Season Starts; IRS Releases Homebuyer Credit Form
The IRS started accepting e-filed tax returns on Jan. 15, marking the official start of tax season. The IRS’ popular Free File program also started accepting returns on Friday. However, as usual, W-2 and 1099 forms are generally not due to taxpayers before Feb. 1, so many taxpayers will not
Most Companies Actively Preparing for XBRL, Survey Shows
A majority of U.S. public companies that plan to file their financial statements in XBRL are actively preparing to do so and have at least a basic knowledge of the extensible business reporting language, according to a survey by the AICPA and XBRL US. The “XBRL Preparedness Survey,” conducted online
Recovery Act Funds Spark Auditing Interpretations
Under the American Recovery and Reinvestment Act of 2009, the federal government is passing down almost $300 billion in additional funds to governments and nonprofit organizations. Much of the funding is subject to audits under Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit
AICPA Issues Guidance on Subsequent Events
New guidance is available on the effect of FASB’s Accounting Standards Codification Topic 855, Subsequent Events, in compilation and review engagements. The AICPA’s Audit and Attest Standards Team issued a new Technical Inquiry and Reply (TPA) 9150.26, “The Accountant’s Responsibilities for Subsequent Events in Compilation and Review Engagements.” According to
ASB Issues Compliance Audits Standard
The Auditing Standards Board has issued Statement on Auditing Standards no. 117, Compliance Audits. The standard supersedes SAS no. 74, Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance. The new guidance reflects changes in the compliance audit environment and incorporates the risk assessment standards.
Moss Adams CEO to Head Blue-Ribbon Panel on Private Company Financial Reporting
Rick Anderson, CEO of Moss Adams LLP, on Monday was named chairman of the blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies. In December, the AICPA and the Financial Accounting Foundation, FASB’s parent organization, announced the launch of the panel, and said that
Taxpayer Advocate Urges Better IRS Service
A report examining problems taxpayers encounter with the IRS found that the Service’s collection practices may harm long-term taxpayer compliance and are not supported by reliable data. The IRS also faces challenges in providing core services such as meeting the demand for telephone assistance, National Taxpayer Advocate Nina Olson said
GASB Standards Address OPEB Obligations, Bankruptcies
GASB issued two statements intended to improve consistency in the measurement and financial reporting of other post-employment benefits (OPEB) such as retiree health insurance, and the effects of municipal bankruptcy. Statement no. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, addresses issues related to measurement of OPEB obligations
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