Government officials on Friday approved a 30-day extension of the public comment period for a proposal to implement regulation known as the Volcker Rule. In addition, the SEC issued the same extension for a regulation known as the ABS Conflicts Proposal. Both proposals are part of the implementation of the
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Regulations Issued on Repair Expenditures
On Friday, the IRS issued long-awaited temporary and identical proposed regulations (T.D. 9564; REG-168745-03) regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements. The temporary regulations affect all taxpayers
FASB Defers Part of Comprehensive Income Standards Update
FASB on Friday released an update that defers a portion of new accounting requirements for comprehensive income issued earlier this year. The update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other
Congress Passes Temporary Payroll Tax Cut Extension
The reduced 4.2% Social Security tax rate will remain in effect at least through February. The Senate and the House of Representatives on Friday both agreed by unanimous consent to extend the reduced rate, and President Barack Obama signed the bill—the Temporary Payroll Tax Cut Continuation Act of 2011 (H.R.
Many Tax Provisions Set to Expire at Year-End
Congress has reportedly broken its impasse and agreed to extend the payroll tax cut for two months, so the reduced Social Security tax rate will not expire as scheduled at midnight on Dec. 31. While Congress’ negotiations over extending the reduced payroll tax rate have garnered a lot of media
SEC Amendments Change Net Worth Calculation for “Accredited Investors”
The value of a person’s home will not count as an asset when calculating net worth to determine whether that person may invest in certain unregistered securities offerings, according to SEC rules amendments released Wednesday. Final Rule Release No. 33-9287 explains changes made to conform the SEC’s definition of an
IRS PTIN Application System to Go Down for Maintenance
The IRS announced on its website that it will not be accepting new applications for preparer tax identification numbers (PTINs) from 5 p.m. EST Friday, Dec. 23, until approximately 6 a.m. EST on Monday, Jan. 9. The IRS PTIN system will be available for renewals during that time. The IRS
PCAOB Reproposes Standard on Communications with Audit Committees
The PCAOB on Tuesday reproposed for comment an audit standard, Communications with Audit Committees, and related amendments to PCAOB standards. Initially, the standard was proposed on March 29, 2010. According to a PCAOB news release, the reproposed standard is designed to align communications requirements with performance demands in other PCAOB
Final Regs on EITC Due Diligence Issued
The IRS issued final regulations (T.D. 9570) Monday governing the due-diligence requirements imposed on tax return preparers who prepare tax returns on which taxpayers claim the earned income tax credit (EITC). Former rules required preparers to complete Form 8867, Paid Preparer’s Earned Income Credit Checklist, or to otherwise record the
Foreign Financial Asset Reporting Form Finalized
The IRS on Saturday released the final version of Form 8938, Statement of Specified Foreign Financial Assets, and released its instructions on Monday. Affected taxpayers must use the form to report certain financial assets to the IRS. Last week, the IRS released temporary and proposed regulations on the new reporting
COSO Releases Draft of Updated Internal Control Framework
An exposure draft released Monday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) seeks comments on an updated internal control framework designed to help organizations perform with more agility and confidence. COSO set out to update its nearly 20-year-old framework for new technology demands and capabilities, in
FASB, IASB Announce New Disclosure Requirements on Offsetting
FASB and the IASB today issued investor-focused common disclosure requirements on the effect or potential effect of offsetting arrangements on a company’s financial position. U.S. GAAP and IFRS differ on the criteria for offsetting, also known as netting. Offsetting presents net amounts of assets and liabilities in the balance sheet
Some Form 990 Filers Have Extension to March 30
In Notice 2012-4, the IRS extended the filing deadline for Form 990 until March 30, 2012, for many tax-exempt organizations with a filing due date during the first two months of the new year. Organizations affected by the extension normally would have a filing deadline of Jan. 17 or Feb.
Regulations Issued on Continuity of Interest Rule for Corporate Reorganizations
The IRS issued final and proposed regulations (T.D. 9565 and REG-124627-11) on the continuity of interest (COI) requirement in Sec. 368 corporate reorganizations. To qualify for nonrecognition treatment in a corporate reorganization, one of the requirements that must be met is COI, specifically how that requirement is met in the
FASB Clarifies Scope of Derecognition of In Substance Real Estate
FASB on Wednesday issued Accounting Standards Update (ASU) no. 2011-10, Property, Plant, and Equipment (Topic 360): Derecognition of in Substance Real Estate—a Scope Clarification (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies that the guidance in Accounting Standard Codification (ASC) Subtopic 360-20, Property, Plant, and Equipment—Real
FASB, IASB Make Progress in Convergence Project on Leasing
In one of their most important convergence projects, FASB and the International Accounting Standards Board (IASB) have reached tentative decisions on aspects of the treatment of leases in financial reporting. How to account for leases is one of four remaining major areas in which FASB and the IASB are trying
Regulations Issued for Specified Foreign Financial Assets Reporting
The IRS issued temporary and proposed regulations (T.D. 9567; REG-130302-10) on the requirement that certain foreign financial assets be reported to the IRS for tax years beginning after March 18, 2010. Sec. 6038D requires individuals to report interests in “specified foreign financial assets” (SFFAs) when filing their federal income tax
AICPA Letter to PCAOB Raises Concerns About Mandatory Audit Firm Rotation
The AICPA recommended that the PCAOB refrain from imposing mandatory audit firm rotation. AICPA Chairman Greg Anton, and President and CEO Barry Melancon signed a comment letter sent by email Wednesday to the PCAOB stating that mandatory audit firm rotation is costly and has the potential to hinder audit quality
Tax Issues and the 2010 S Corporation Shareholder Decedent
Editor’s note: This article originally appeared on thetaxadviser.com. A tax practitioner working with the estate of an S corporation shareholder who died in 2010 must contend with numerous issues. This article points out some of the issues and discusses some of the choices that a practitioner can consider. The
Prada Appointed Chair of IFRS Foundation Trustees
Michel Prada was appointed chairman of the Trustees of the IFRS Foundation, the IASB announced Monday. A former chair of the Executive and Technical committees of the International Organization of Securities Commissions, he has significant experience leading investor-focused international organizations. Prada’s three-year term begins Jan. 1. He succeeds Tommaso Padoa-Schioppa,
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Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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