May 2010

May 6, 2010

AICPA Testifies About Tax Return Preparer ID Plan

Patricia Thompson, CPA/PFS, vice chair of the AICPA’s Tax Executive Committee, spoke Thursday at an IRS hearing on the IRS’ plan to require all paid tax return preparers to obtain and use a preparer tax identification number (PTIN). She said the IRS’ PTIN proposal, along with its proposal to make

May 5, 2010

Risk Assessment Standards Clarified

The Auditing Standards Board recently issued six clarified Statements on Auditing Standards related to risk assessment resulting from its clarity project, through which all of its auditing standards will be redrafted over the next one to two years. The board also issued additional proposed SASs. The goal of the clarity project

May 3, 2010

IRS Releases Average Premiums for Determining Small Business Health Care Credit

The IRS on Monday issued average small group market premiums for use in determining the new small business health care credit under IRC § 45R (Rev. Rul. 2010-13). The Patient Protection and Affordable Care Act, P.L. 111-148, provides tax credits for small businesses, beginning in years after 2009, designed to

May 2, 2010

New Guidance Targets Loan Modifications

Responding to the recent rise in loan modifications, FASB on Thursday updated standards related to troubled-debt restructuring. Amendments in the update are aimed at increasing comparability regarding modifications of loans accounted for within pools under ASC Subtopic 310-30, Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality. FASB said differences

May 1, 2010

Sample Win-Win Compensation Agreement for Managers

Click here to download a sample win-win agreement spreadsheet, applicable to managers. Also read, “Retaining Top Talent Still a Requirement for Firms,” by Heidi Brundage, CPA, and Mark Koziel, CPA.

May 1, 2010

FAQs: Significant Change to Compilation Reporting Requirements When Independence Is Impaired

Editor’s note: This list of FAQs is a Web-exclusive sidebar to “Changes on Tap for Compilation and Review Standards,” May 2010. Question: To what compilation engagements does SSARS no. 19 apply? Answer: SSARS no. 19 applies to compilations of financial statements and other specified elements, accounts or items

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.