September 2011

September 6, 2011

IRS Proposes New Rules for Deducting Fiduciary Fees

The IRS issued new proposed regulations Monday (REG-128224-06) intended to reflect the U.S. Supreme Court’s 2008 holding in Michael J. Knight v. Commissioner (552 U.S. 181) on income tax deductibility by estates and nongrantor trusts of investment advisory and other fees. The IRS simultaneously withdrew July 2007 proposed regulations with

September 2, 2011

FASB Issues Proposed 2012 GAAP Taxonomy for XBRL

FASB on Thursday released the proposed 2012 U.S. GAAP Financial Reporting Taxonomy for public review and comment. Comments are due Oct. 31. The 2012 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2012. The taxonomy is a list of computer-readable financial reporting labels coded

September 2, 2011

IRS Expands Hurricane Irene Relief

On Friday, the IRS expanded its Hurricane Irene relief to include four counties in Vermont, after the president declared those counties federal disaster areas (VT-2011-34). The tax relief announced is similar to that already published for parts of North Carolina, New York, New Jersey and Puerto Rico. (For details of

September 2, 2011

Reportable Transaction Penalty Gets Final Regulations

The IRS issued regulations Thursday (TD 9550), governing the IRC § 6707A penalty regime for failure to report reportable transactions, to reflect changes made by the Small Business Jobs Act of 2010 (PL 111-240). However, the final regulations do not give guidance on how the amount of the penalty is

September 1, 2011

Featured Online Content for September 2011

FEATURED VIDEO Highlights of the 2011 Tax Software Survey Few tools of the CPA tax preparer’s trade are as important as the software used to prepare and file tax returns for individuals and businesses. In this interview, Alistair M. Nevius, editor-in-chief of The Tax Adviser, highlights the results of the

September 1, 2011

Taxpayers Hit by Irene Get Postponement

Taxpayers in certain areas affected by Hurricane Irene have until Oct. 31 to file certain returns and make payments normally due before then, the IRS announced Thursday (IR-2011-87). The areas eligible for relief include parts of North Carolina, New Jersey, New York and Puerto Rico; the IRS expects to provide

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.