The IRS issued guidance Friday on filing a protective claim for refund of estate tax and notifying the IRS that the claim is ready for consideration. The guidance, in Rev. Proc. 2011-48, provides details on who may file a protective claim, methods by which the claim must be prepared and
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Confidence in U.S. Capital Markets Down Significantly Since 2007
Investors’ confidence in U.S. capital markets continued a five-year trend of declines in 2011, according to the AICPA-affiliated Center for Audit Quality’s (CAQ) fifth annual Main Street Investor Survey, and confidence in investing in U.S. public companies declined for the first time since the survey started asking the question in
Trade Bills Pass Congress With Tax Provisions
A tax preparer penalty relating to the earned income tax credit (EITC) will increase to $500, and the IRS will receive detailed information about federal and state prison inmates, both measures in a trio of foreign trade agreements Congress passed Wednesday. The trade deals with South Korea, Colombia and Panama
Favorite New Technology
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
TIGTA Finds Problems With IRS Purchase Cards, Network Security
The Treasury Inspector General for Tax Administration (TIGTA) released a pair of reports on Tuesday finding problems with the security of the IRS Windows environment and a lack of control over IRS purchase cards (TIGTA Reports 2011-20-111 and 2011-10-075, respectively). Purchase Cards In Report 2011-10-075, TIGTA states that between Sept.
GASB Proposes Resolution to “Conflicting Guidance”
GASB on Monday issued an exposure draft, Technical Corrections—an amendment of GASB Statements No. 10 and No. 62, that it said would resolve “conflicting guidance” that resulted from the issuance of two recent pronouncements. The pronouncements are Statement no. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and Statement
Practitioners Raise Concerns About Fingerprinting Proposal at IRS Hearing
The IRS heard a consistent chorus at a hearing Friday on proposed fees (REG-116284-11) for fingerprinting of registered tax return preparers and nonsigning staff at CPA firms: The IRS’ proposal is duplicative, expensive and can be done in a better way. The fees, estimated to cost $60 to $90 per
IFRS Resources
With FASB and the IASB fast approaching their June 2011 completion deadline for major convergence projects, the CPA profession is poised to assimilate—at unprecedented speed—an array of profound changes to GAAP. As public companies watch the SEC for guidance on IFRS adoption, private companies have begun to examine whether the
IRS Proposes Stiffer Preparer Requirements for EITCs
The IRS issued proposed regulations Thursday (REG-140280-09) that would impose new requirements for tax return preparers and their firms for returns claiming the earned income tax credit (EITC), including submission of information regarding taxpayers’ eligibility to the IRS. The EITC provides a refundable credit to eligible taxpayers, and it has
AICPA: Allow U.S. Companies the IFRS Option Now
AICPA President and CEO Barry Melancon called Thursday on the SEC to immediately allow U.S. companies the option of using IFRS. In a speech at the AICPA/IFRS Foundation Conference on International Financial Reporting in Boston, Melancon said having the option of using IFRS would be “an effective way for U.S.
Key Technology Issues 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
Sluggish Economy, Unemployment a Drag on Mortgage Performance
The performance of first-lien mortgages serviced by large national banks and federal savings associations declined slightly during the second quarter of 2011, according to a report by the Office of the Comptroller of the Currency (OCC). The report said much of the decline was caused by an increase in early-stage
FAF Proposal Falls Short of Independent Board for Private Company Standards
The Financial Accounting Foundation, FASB’s parent organization, on Tuesday issued a proposal that would create a Private Company Standards Improvement Council (PCSIC) to determine whether exceptions or modifications to U.S. GAAP are required to address the needs of users of private company financial statements. FAF proposed that the 11- to
PCAOB: Be On the Lookout for Fraud in Emerging Markets
The PCAOB on Monday published a Staff Audit Practice Alert to increase auditors’ awareness of risks when performing audits of companies with operations in emerging markets. Specifically, the alert cited a number of reports originating from audits of companies based in the People’s Republic of China. Staff Audit Practice Alert
Featured Online Content for October 2011
FEATURED DOWNLOAD Top iPad Applications for CPAs Which are the best apps for CPAs using iPads? Which other tablets merit consideration? To access a chart with details on 50 iPad applications and information on browser-based applications from major accounting-software publishers, click here; and to read capsule profiles of selected tablets,
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