With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs. Participating in the call
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Q&A Issued on Small Business Lending Fund Auditor Certification
As a result of the Small Business Lending Fund enacted into law as part of the Small Business Jobs Act of 2010, the AICPA Audit and Attest Standards staff has issued Technical Practice Aid (TPA) 9110.18, “Small Business Lending Fund Auditor Certification Guidance.” The aid provides guidance on how an
Planned Job Cuts Dip Slightly in November, Challenger Says
The pace of U.S. job-cut announcements slowed slightly in November, but the 11-month total for 2011 exceeds the 12-month total from 2010, global outplacement firm Challenger, Gray & Christmas announced Wednesday. Planned job cuts unveiled by U.S.-based employers in November decreased 13% from the same month in 2010, when employers
European Commission Proposes Regulatory Changes for Audits
The European Commission today proposed sweeping regulations that would, if approved, trigger major changes in the relationships between European public companies and their auditors. The changes include: Limiting to six years the period that an outside auditing firm can perform audits for a company. A cooling-off period of four years
Business Wire Partners With EDGAR Online for XBRL Filings
Business Wire signed a deal to use EDGAR Online’s technology to create and produce extensible business reporting language (XBRL) filings to help its customers satisfy SEC reporting requirements, according to an EDGAR Online news release. A provider of news release distribution and regulatory disclosure services, Business Wire handles XBRL tagging,
IRS Proposes New Treatment of LLC Members, Limited Partners Under Passive Loss Rules
The IRS on Friday issued proposed regulations (REG-109369-10) that would redefine “interest in a limited partnership as a limited partner” for purposes of determining material participation under the Sec. 469 passive loss rules. Under Sec. 469(h)(2), losses from an interest in a limited partnership are presumptively treated as passive losses
E&Y CEO Turley Retiring Effective June 2013
James S. Turley is retiring as chairman and CEO of Ernst & Young effective June 2013, the Big Four accounting firm confirmed Wednesday. In a communication to E&Y partners worldwide Nov. 10, Turley said that he would retire at age 58, according to a statement released by the firm. The succession
Security Issues
With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs. Participating in the call
IRS Announces Competency Testing for Registered Tax Return Preparers
As part of its ongoing initiative to regulate previously unenrolled tax return preparers, the IRS announced on Tuesday that competency testing for registered tax return preparers will start next week (IR-2011-111). The IRS announced that the fee for taking the competency test will be $116 ($27 of which is the
IRS Launches New Round of Preparer Office Visits
The IRS has sent letters to tax return preparers whom the IRS has identified as at high risk of not complying with their responsibilities as return preparers. The IRS will follow up with office visits to some of these preparers who appear to have serious compliance issues. The IRS has
President Signs Government Contractor Withholding Repeal, Veterans Job Credits
On Monday, President Barack Obama signed into law the Three Percent Withholding Repeal and Job Creation Act (H.R. 674), which Congress sent to him last week. The act repeals a requirement that 3% of payments be withheld by the federal or state governments or their instrumentalities or subdivisions (including multistate
Temporary Regs on All-Cash D Reorgs Issued
The IRS on Friday issued identical temporary and proposed regulations on basis allocation in all-cash D reorganizations (T.D. 9558; REG-101273-10). The regulations govern the determination of the basis of stock or securities in a corporate reorganization when the issuing corporation does not distribute any stock or securities in the reorganization.
Congress Sends Repeal of 3% Government Contractor Withholding to President
Late on Wednesday, the House of Representatives passed a bill (H.R. 674) that will repeal a 3% government contractor withholding requirement. The vote was 422-0. The Senate approved the bill on Nov. 10, and it now goes to President Barack Obama for his signature. The bill repeals Sec. 3402(t), which
SEC Staff Reports Assess IFRS
The SEC staff on Wednesday released reports analyzing the current reporting practices of companies using IFRS and comparing U.S. GAAP and IFRS requirements in specific areas. The first report, An Analysis of IFRS in Practice, is a 65-page joint effort by the SEC’s Division of Corporation Finance and Office of
IRS Reissues Alternative Valuation Date Proposed Regulations
The IRS issued new proposed regulations Thursday (REG-112196-07) on electing an alternate valuation date for an estate and withdrew earlier ones released in 2008. The proposed regulations as reissued would limit the ability of estates to use the alternate valuation method if the value of the estate declines after the
Software Trends for 2012
With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs. Participating in the call
FAF Weighs in on IFRS, Condorsement
The Financial Accounting Foundation (FAF), the parent organization of the U.S. standard setter FASB, has outlined its preferred path for incorporating IFRS into U.S. GAAP. In a letter to the SEC, FAF Chairman John Brennan described a number of recommended changes to the approach dubbed “condorsement.” The SEC floated the
Final Regs Issued on Debt Satisfied by a Partnership Interest
The IRS on Tuesday issued final regulations on the application of Sec. 108(e)(8) to partners and partnerships (T.D. 9557). The regulations provide rules for determining a partnership’s discharge of indebtedness (DOI) income when it transfers a partnership interest to a creditor to satisfy a partnership debt. The regulations also discuss
Witnesses Tell Congressional Subcommittee Small Business Health Tax Credit Is Too Complicated
A tax credit enacted to encourage small businesses and tax-exempt organizations to provide health insurance coverage for employees is too complicated and is not meeting its goal, witnesses told a congressional panel Tuesday. The credit, passed as part of the Patient Protection and Affordable Care Act, P.L. 111-148, in 2010,
Revised Revenue Recognition Proposal Unveiled
FASB on Monday released a revised exposure draft on the financial reporting requirements for recognizing revenue from contracts with customers. The proposed standard, which was released for public comment jointly with the International Accounting Standards Board (IASB), makes a number of changes to a joint ED issued in June 2010
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