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FASB Releases Draft of Insurance Contracts Proposal

FASB released a staff draft of an Accounting Standards Update regarding potential changes to accounting for costs related to acquiring or renewing insurance contracts. The draft applies to insurance organizations that are within the scope of Topic 944, which includes stock life insurance entities, mutual life insurance entities, and property

IRS Moves Forward With Preparer Registration Plan

On Thursday, the IRS issued proposed regulations that would put into place many of the parts of its plan to register and regulate tax return preparers (REG-138637-07). Proposed amendments to Circular 230 would clarify the definition of tax practice, establish a new “registered tax return preparer” designation, define the eligibility

Reverse Mortgage Guidance Issued

Bank, thrifts and credit unions received a new framework for providing clear and balanced information to consumers about the risks and benefits of reverse mortgages under final guidance issued by the Federal Financial Institutions Examination Council (FFIEC). The guidance is of importance to CPAs who may consider reverse mortgages as

Proposal Would Require Most Leases to Appear on the Balance Sheet

FASB and the International Accounting Standards Board (IASB) today unveiled a joint proposal to revamp lease accounting. The proposal would result in a single “right-of-use” approach applied consistently to lease accounting for lessees and lessors. Among other changes, the approach would result in the liability for payments under all lease

Final Regs Released for Payment Card and Third-Party Network Information Reporting

The IRS on Friday issued final regulations (TD 9496) regarding the new information reporting requirement under IRC § 6050W for payment card and third-party network transactions. Starting Jan. 1, 2011, banks and similar transaction settlement entities must file annual information returns for each participating merchant or other payee reporting aggregate

SEC Looking for Feedback on IFRS Plan

The SEC is calling for comments on certain aspects of its IFRS work plan. In one release Thursday, the SEC asked for feedback regarding investor knowledge of the international accounting standards and what it might take–in time and logistics–to improve investor understanding of IFRS. A second release is focused on

Optimism Falls Amid Concern Over Unemployment, Government Policies

Unemployment, government regulation and availability of credit caused optimism among CPA financial executives to drop sharply this quarter, and now half of executives do not expect the U.S. economy to return to pre-recession levels until after 2012, according to a survey conducted by the AICPA and the University of North

Rules Issued for Income Deferral of Canceled Debt

The IRS issued temporary and proposed regulations Wednesday relating to taxpayer elections to defer recognition of cancellation of debt (COD) income. The American Recovery and Reinvestment Act of 2009 (ARRA, PL 111-5) enacted IRC § 108(i), providing an election to defer COD income arising from the forgiveness or reacquisition of

Members of Congress Ask Treasury to Modify Return Preparer Registration Plans

Thirty-one members of the House of Representatives wrote to Treasury Secretary Timothy Geithner on Aug. 2, expressing concerns with aspects of the IRS’ proposal to regulate paid tax return preparers. The House members asked that the plan be modified to exempt nonsigning preparers who work for a CPA firm from

Congress Votes to Limit Use of Foreign Tax Credits

The House of Representatives on Tuesday interrupted its August recess and passed H.R. 1586 by a vote of 247–161, sending the bill to President Barack Obama. The president signed the bill into law the same evening. The measure was passed by the Senate on Aug. 5. The bill is designed

FASAB Guidance Addresses Estimates of Accrued Grant Liabilities

FASAB’s Accounting and Auditing Policy Committee (AAPC) issued Statement of Federal Financial Accounting Technical Release (TR) 12, Accrual Estimates for Grant Programs, guidance that the board says provides a cost-effective framework for developing reasonable estimates of accrued grant liabilities. TR 12 applies to grants that are paid by a federal

Panel Posts Questions on Private Company Financial Reporting for Public Comment

A blue-ribbon panel tasked with providing recommendations on the future of U.S. accounting standards for private companies by the end of this year is seeking public feedback on a series of questions that will assist the panel in discussing how accounting standards can best meet the needs of U.S. users

PCAOB Focusing In on SOX Provisions

The PCAOB on Thursday issued a release discussing certain provisions of the Sarbanes-Oxley Act of 2002 (SOX). The two-part release focuses on the application of the act’s section 105(c)(6), which authorizes the PCAOB to sanction registered firms and their supervisory personnel for failing to “reasonably supervise” associated individuals who violate

PCAOB Adopts Suite of Risk Assessment Standards for Audits

The PCAOB on Thursday adopted a suite of eight auditing standards, Auditing Standards (AS) no. 8 through no. 15, that the board said would enhance the effectiveness of the auditor’s assessment of, and response to, the risks of material misstatement in financial statements. The risk assessment standards address audit procedures

IRS Changes Name of LMSB Division, Expands Focus

On Wednesday, the IRS announced that it is reorganizing and changing the name of its Large and Mid-Size Business (LMSB) division as part of its ongoing effort to focus more on international tax compliance (IR-2010-88). Starting Oct. 1, the division will be known as the Large Business and International (LB&I)

Accounting Groups Back Integrating Sustainability, Financial Reports

A new international committee formed Monday by the Prince of Wales’ Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI) will work to integrate the way companies report on strategy, risk, governance, financial performance and sustainability. The International Integrated Reporting Committee (IIRC), whose high-profile members include the heads

2010 Tax Software Survey: Lacerte

Click here for detailed survey responses for Lacerte. (Opens in new window; click once to enlarge.) General Information Tax program name: Lacerte Vendor name: Intuit, Inc. Telephone (sales): 800-765-7777 E-mail (sales): APD_Sales@intuit.com Website: http://lacerte.intuit.com Number of users: N/A Pricing Price on Federal 1040 (new customers): Federal 1040: $2,799 for unlimited

2010 Tax Software Survey: Drake Software

Click here for detailed survey responses for Drake Software. (Opens in new window; click once to enlarge.) General Information Tax program name: Drake Software Vendor name: Drake Software Telephone (sales): 800-890-9500 E-mail (sales): Sales@DrakeSoftware.com Website: DrakeSoftware.com Number of users: 34,000+ Pricing Price on Federal 1040 (new customers): $1,495 (with early

2010 Tax Software Survey: TaxSlayer Pro

Click here for detailed survey responses for TaxSlayer Pro. (Opens in new window; click once to enlarge.) General Information Tax program name: TaxSlayer Pro Vendor name: TaxSlayer Pro Telephone (sales): 888-420-1040 E-mail (sales): sales@taxslayerpro.com Website: www.taxslayerpro.com Number of users: 7,000+ Pricing Price on Federal 1040 (new customers): Classic: $895Premium: $995

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