November 2011

November 10, 2011

Final Regulations Govern Listed Transactions for GST Tax

The IRS issued final regulations on Thursday that add transactions that reduce or eliminate the generation-skipping transfer (GST) tax as listed transactions or transactions of interest and require the disclosure of those transactions under Sec. 6011 (T.D. 9556). The final regulations adopt without change proposed regulations issued in 2009 (REG-136563-07).

November 10, 2011

Senate Passes Amended Bill Repealing 3% Withholding on Government Contracts

The U.S. Senate on Thursday approved a bill (H.R. 674) to repeal 3% income tax withholding on payments to vendors by federal, state and local governments. The vote was 95-0, with one senator voting “present.” Immediately before the vote, the Senate added an amendment that would allow a tax credit

November 9, 2011

FASB Agenda Projects to Focus on Issues Unique to Nonprofits

FASB said Wednesday it added two agenda projects—a standard-setting project and a research project—intended to improve financial reporting of nonprofit organizations. The objectives of these projects encompass suggestions from FASB’s Not-for-Profit Advisory Committee (NAC) at that panel’s September 2011 meeting. The NAC recommended action in these areas after its September

November 9, 2011

Social Media

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

November 8, 2011

Shulman Announces Delay in Fingerprinting Requirement

The IRS will delay and reconsider its fingerprinting requirement for tax return preparers, IRS Commissioner Doug Shulman told the AICPA National Tax Conference on Tuesday. “We have decided to hold off fingerprinting while we consider issues that have been raised and have further discussions with interested parties,” Shulman said during

November 7, 2011

Final Regs Clarify Estate Tax Treatment of Grantor Retained Interests

The IRS issued final regulations providing guidance on the portion of property (held in trust or otherwise) includible in the grantor’s gross estate if the grantor has retained the use of the property or the right to an annuity, unitrust, graduated retained interest, or other payment from the property for

November 4, 2011

FASB Mulls Changes to Financial Reporting for Consolidations

FASB issued a Proposed Accounting Standards Update (ASU) it said is intended to increase transparency and consistency of financial reporting about consolidations. The proposed amendments would affect all companies required to evaluate whether they should consolidate another entity, according to a FASB press release. But the changes are expected to most

November 4, 2011

Goodwill Impairment Guide Released for Feedback

The AICPA’s Financial Reporting Executive Committee (FinREC) has issued a working draft of the AICPA Accounting and Valuation Guide Testing Goodwill for Impairment. The guide, developed by the AICPA Impairment Task Force, provides nonauthoritative guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors regarding goodwill impairment

November 2, 2011

New Revenue Sources for CPA Firms

November 2, 2011

Clifton Gunderson, LarsonAllen to Merge, Create Top 10 Firm

Top 20 accounting firms Clifton Gunderson and LarsonAllen said Tuesday that they plan to merge Jan. 2, 2012, creating one of the 10 largest CPA firms in the country. The new firm would take the name CliftonLarsonAllen (CLA) and boast more than $550 million in combined revenue. CLA would have

November 1, 2011

Featured Online Content for November 2011

FEATURED VIDEO Brazil’s Transition to IFRS In Brazil, all listed companies, small and medium-size enterprises (SMEs), banks and insurance companies are required to file using IFRS starting with their 2010 financial statements. In this video, Ana Maria Elorrieta, president of IBRACON (the Institute of Independent Auditors of Brazil), shares her

November 1, 2011

Special Focus Report: Payroll Solutions

Sponsored by: AccountantsWorld, ADP, Paychex, Inc. Long gone are the days when administering payroll meant writing a simple check for hours worked. CPAs are involved in a host of complex payroll and employee benefits issues. This special report discusses hot topics including regulatory changes and technology trends with executives from

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.