The IRS issued final regulations (TD 9534) intended to clarify and simplify rules concerning continuity of accounting methods and inventory methods in certain tax-free corporate reorganizations and liquidations. The regulations revise regulations under IRC §§ 381(c)(4) and 381(c)(5) and adopt with nonsubstantive modifications proposed regulations issued in 2007 (REG-151884-03). They
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NASBA and AICPA Announce Launch of CPAmobility.org
The National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA) announced the launch of CPAmobility.org – an online tool designed to help Certified Public Accountants navigate the new practice privilege requirements that allow CPAs to more easily practice across state borders. A
Congressional Committee Checks In on Registered Tax Preparer Program
While tax professional communities offered diverging opinions of the registered tax return preparer (RTRP) program to a congressional subcommittee, all agreed on one thing—the IRS made a significant effort to listen. Although the program when initially proposed got off to a “rocky start,” a representative of the National Association of
Lessons on Managing Risk in Emerging Markets
In recent years, as economies in developed countries have slipped and stagnated, a number of U.S. and other companies have sought to fuel growth by investing in emerging markets. There are many benefits to employing such a strategy: By and large, developing countries promise access to new, untapped markets; rising
IASB Seeks Public Input on Direction of Future Work
The International Accounting Standards Board (IASB) is seeking public input on the strategic direction of its future work program. Since the IASB’s creation in 2001, IFRS has increasingly become the internationally accepted financial reporting language. As the number of jurisdictions applying IFRSs increases, stakeholders have identified new accounting issues for
Final Regulations Simplify Reduced Research Credit Election
The IRS released final regulations late Tuesday (TD 9539) further simplifying an election method by which taxpayers may use a standard rate to reduce a research credit under IRC § 41 in lieu of reducing their research expense deductions. The final regulations also clarify how members of a controlled group
CIMA Launches Advanced Diploma in Islamic Finance
The Chartered Institute of Management Accountants (CIMA) launched its new advanced diploma in Islamic finance (CADIF) program July 7 at the Islamic Finance News 2011 Issues & Investors Europe Forum in London. The qualification is the first advanced diploma in Islamic finance launched by a professional chartered accountancy body, according
FASB Proposal Clarifies Scope of Real Estate Derecognition Guidance
FASB issued an exposure draft that would clarify that the guidance in Accounting Standard Codification (ASC) Subtopic 360-20 applies to a transaction in which the parent of an in substance real estate subsidiary ceases to have a controlling financial interest (as described in Subtopic 810-10) in the subsidiary because of
Practitioners, Policymakers Welcome IRS Change on Innocent Spouse Relief
Tax practitioners, legislators and taxpayer advocates said the IRS’ announcement that it would no longer require taxpayer requests for innocent spouse equitable relief under IRC § 6015(f) to be made within two years of the beginning of collection activity was a long overdue change. “It’s not surprising at all; the
SEC, CFTC Holding Public Roundtable on International Issues
The SEC and the Commodity Futures Trading Commission (CFTC) will hold a joint public roundtable Aug. 1 to discuss international issues related to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s Title VII, also known as the Wall Street Transparency and Accountability Act of 2010. Topics
IRS Relents on Two-Year Limit on Innocent Spouse Equitable Relief
After winning appeals in three federal circuit courts of its two-year limit for requesting equitable innocent spouse relief, the IRS said on Monday it will no longer observe that deadline. In Notice 2011-70, the IRS said it will now consider taxpayer requests for equitable relief from joint and several liability
FASB, IASB Set to Re-Expose Leasing Proposals
FASB and the International Accounting Standards Board (IASB) announced Thursday they intend to re-expose their revised proposals for a common leasing standard. Re-exposing the revised proposals will provide an opportunity for comment on revisions the boards have made since the publication of an exposure draft on leasing in August 2010.
PwC Investing $100M in Africa
PricewaterhouseCoopers International is rolling out a growth strategy for Africa that includes investing $100 million in people and infrastructure. The Big Four firm said it plans to hire an additional 8,000 partners and staff over the next five years as it builds an integrated advisory business for the continent. In
SEC Issues Investor Bulletin on Retail Forex Transactions
The SEC issued an investor bulletin Wednesday highlighting some of the most significant risks that foreign currency exchange (forex) transactions may pose for individual investors. The forex market is a large and generally liquid financial market, according to the bulletin. Banks, insurance companies and other financial institutions, as well as
FinCEN Clarifies Definition of MSBs, Expands E-Filing
The Treasury’s Financial Crimes Enforcement Network (FinCEN) this week released a final rule, Definitions and Other Regulations Relating to Money Services Businesses, that more clearly defines which businesses qualify as Money Services Businesses (MSBs) and are therefore subject to anti-money laundering rules under the Bank Secrecy Act (BSA). The final
IRS Discontinues High-Low Method for Substantiating Travel Expenses
On Tuesday, the IRS announced that it is discontinuing the high-low method for substantiating lodging, meal and incidental expenses incurred in traveling away from home (Announcement 2011-42). Last year, the IRS asked for comments on whether the high-low method was still needed, and it received no comments. Under the high-low
Comments Sought on IRS Continuing Education Provider Standards and Process
The IRS on Monday invited public comments on its process for approving continuing education providers and on the standards that should apply to such providers (Notice 2011-61). Under final Circular 230 regulations issued in May, registered tax return preparers will be required to meet continuing education requirements by completing courses
FinCEN Creates FBAR E-Filing System
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Monday said it has developed an electronic filing system for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). The reports can now be filed via FinCEN’s BSA E-Filing System. A United States person who has a financial
GASB Standards Address Future Impacts, Hedge Accounting
GASB issued two statements Wednesday that the board said provide taxpayers and others with information about how past transactions will impact a government’s financial statements in the future and clarify the circumstances in which hedge accounting continues to be applied when a swap counterparty, or related credit support provider, is
Economic Substance Guidance Issued to IRS Examiners
The IRS Large Business and International (LB&I) Division issued guidance to examiners on the newly codified economic substance doctrine limiting the application of penalties relating to the doctrine (LB&I-4-0711-015). The Health Care and Education Reconciliation Act of 2010, PL 111-152, codified the economic substance doctrine and a related strict liability
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