On Thursday, the IRS announced plans to phase in the requirements of the Foreign Account Tax Compliance Act (FATCA) (Notice 2011-53). The IRS has received numerous comments about the difficulty of implementing aspects of the FATCA requirements. The notice’s phased implementation is designed to give both foreign financial institutions and
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IRS Offers Open Houses on Saturday to Help With Lien Withdrawals, Other Taxpayer Issues
The IRS is holding open houses at its Taxpayer Assistance Centers across the country this Saturday, July 16, to assist taxpayers who need help with tax issues. The open houses are especially designed to assist taxpayers who wish to have a lien on their property withdrawn. The IRS in February
Final Regulations Issued on Determining Amount of Tax Paid for Foreign Tax Credit Purposes
Final regulations issued on Wednesday provide guidance on determining the amount of taxes paid for purposes of determining the foreign tax credit (TD 9535). The regulations are designed to curb certain transactions that, the IRS says, “produce inappropriate foreign tax credit results.” The final regulations adopt proposed regulations issued in
PCAOB Proposes Standards for Broker-Dealer Audits and Auditing Supplemental Information
The PCAOB issued proposed standards for audits of broker-dealer and issuer engagements for public comment Tuesday. The proposals consist of two attestation standards related to the auditor’s examination of compliance reports and review of exemption reports of broker-dealers proposed by the SEC as part of its amendments to the broker-dealer
100,000 Preparers Did Not Comply With PTIN Rules
The IRS announced on Tuesday that it has identified approximately 100,000 tax return preparers who did not comply with the new rules for preparer tax identification numbers (PTINs), and it is sending them letters informing them of the problem (IR-2011-74). All tax return preparers (including CPAs, attorneys and enrolled agents)
GASB Presents Concepts on Financial Statement Recognition, Measurement
GASB on Monday issued a Preliminary Views (PV) document on concepts related to recognition of elements of financial statements and measurement approaches. The board said the PV, Recognition of Elements of Financial Statements and Measurement Approaches, presents its early views on how and when an item should be reported (recognition)
IAASB Chair: 70-Plus Countries Now Endorse Clarity ISAs
In the past year, the number of countries using or committed to using the Clarity International Standards on Auditing (ISAs) has grown from about 30 to more than 70, according to Arnold Schilder, chairman of the International Auditing and Assurance Standards Board (IAASB). Speaking at the CReCER 2011 financial reporting
GASB Proposes Changes to Calculating, Reporting Pension Costs
GASB issued two exposure drafts that the board said would establish a definition of pension plan that reflects the primary activities of a fund that is used to provide pensions—the accumulation and management of assets dedicated for pensions and the payment of pensions to plan members as the benefits come
AICPA Offers Guidance on Registered Preparer Competency Exam
In a July 7 letter to IRS Commissioner Doug Shulman, the AICPA offered its perspective on the agency’s development of the registered tax return preparer examination. The IRS anticipates that it will begin offering the exam this fall to prospective candidates. In general, CPAs and employees under their supervision will
FASAB Delays Oil and Gas Standard, Clarifies Application
The Federal Accounting Standards Advisory Board (FASAB) on Wednesday issued a technical bulletin that clarifies how federal entities should report the value of the federal government’s estimated royalties and other revenue from federal natural resources. The board also issued a final standard that delays for one year the effective date
PCAOB, SEC to Meet With Chinese Officials on Auditing Oversight
The PCAOB said Wednesday that a joint PCAOB-SEC delegation will meet next week in Beijing with representatives of China’s Ministry of Finance and the China Securities Regulatory Commission (CSRC) to discuss issues relating to auditing oversight. “This meeting is the commencement of our accelerated efforts with the People’s Republic
Polish What’s Dull, and Wax What Shines
For managers, the one activity more dreaded than receiving a performance review is writing one. So it’s no wonder many reviews fall short of their real intention: to provide a springboard for further growth and accomplishment. How can the performance review guide a productive discussion about an employee’s potential or
Tax Court Allows Deduction for Payment to Long-Term Caregivers
The Tax Court held that payments made to an elderly woman’s caregivers for personal care that she required due to her diminished capacity qualified as long-term-care services and were therefore deductible under IRC § 213(d)(1)(C) (Estate of Baral, 137 TC no. 1 (2011)). Lillian Baral was diagnosed by her physician
ASB Seeking Feedback on U.S. Auditor Reporting
The AICPA Auditing Standards Board (ASB) is requesting input from members and other stakeholders to help form its comments on the consultation paper, Enhancing the Value of Auditor Reporting: Exploring Options for Change (Consultation Paper), issued by the International Auditing and Assurance Standards Board. The IAASB paper is aimed at
Featured Online Content for July 2011
FEATURED CONTENT The Most Popular JofA Stories of 2011 (So Far) Use this list of the most popular articles to catch up on important news you may have missed in the first half of 2011. It includes the Top 10 most-read articles from the JofA’s January through June print editions,
Special Focus Report: Going Paperless
Sponsored by: CCH, a Wolters Kluwer business, Concur Technologies, Doc.It, Fujitsu Computer Products of America More than 30 years ago—even before the proliferation of personal computers—information technology experts predicted the advent of paperless offices. Flash forward to 2010, when the PCPS/TSCPA National MAP Survey asked CPA firms about their
PCAOB Chairman Calls for More Global Cooperation on Audit Regulation
When national regulators cooperate and share information, investors everywhere benefit from the enhanced protection such communication provides, said PCAOB Chairman James Doty in a speech Thursday to the Federation of European Accountants (FEE) Conference on Audit Policy in Brussels. “In a crisis, when a nation’s (or a region’s) economic well-being
IRS Makes Dodd-Frank Mandated Language Changes to Regulations
To comply with requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (PL 111-203), the IRS has issued temporary and proposed regulations that remove all references to “credit ratings” from the Treasury regulations (TD 9533 and REG-118809-11). The regulations provide substitute standards of credit-worthiness. The Dodd-Frank Act requires
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