After receiving extensive feedback, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced Monday that it expects to delay the release of its updated internal control framework until the first quarter of 2013. That’s a slightly later debut than COSO predicted for the framework in December, when it
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Small businesses in U.S., Canada aren’t using accountants’ complete skills, survey shows
Efforts to get accountants more fully engaged with clients have found limited success with small businesses in the United States and Canada, a new survey shows. Forty per cent of small businesses surveyed in the U.S. and Canada do not even use an outside accountant, according to a report by
IRS proposes expanding tax return information it will disclose to HHS under health care acts
On Friday, the IRS issued proposed regulations relating to how it will release certain tax return information to the Department of Health and Human Services (HHS), as required by 2010’s health care legislation (REG-119632-11). The proposed regulations describe certain items the IRS will disclose in addition to those required by
HSA inflation adjustments issued for 2013
On Friday, the IRS issued the inflation-adjusted figures for the annual contribution limitation for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2013 (Rev. Proc. 2012-26). Under Sec. 223, individuals who participate in a health plan with
FASB makes decisions in project to define nonpublic entity
FASB made two important decisions Wednesday in its project to define a nonpublic entity. An entity that is required to file or furnish financial statements with the SEC to issue securities to be traded in a public market should not be included in the definition of a private company, FASB
Congressional subcommittee hearing centers on expiring tax provisions
The term “winners and losers” sprang up several times on Thursday in a congressional subcommittee hearing on expired or soon-to-expire tax provisions. Congress should not pick them, witnesses contended. However, they also lined up to tell the House Ways and Means Select Revenue Subcommittee why a particular tax credit or
FASB and IASB make progress on insurance project
FASB and the International Accounting Standards Board (IASB) reached tentative decisions on reinsurance and issues related to policy loans and contract modifications, including riders, in their ongoing, joint convergence project on insurance. The progress on insurance during last week’s joint board meeting was reported on FASB’s website, where the full
Young Americans fail to frequently check bank balances, survey shows
Although technology has made it easier to track finances, many Americans aren’t taking advantage of the opportunity, according to a new survey. Seventeen percent of 18- to 34-year-olds check their bank accounts daily, according to a national telephone survey conducted for the AICPA by Harris Interactive in recognition of National
Supreme Court affirms Home Concrete, says 6-year limitation period does not apply to overstated basis
On Wednesday, the U.S. Supreme Court affirmed the Fourth Circuit’s decision in Home Concrete & Supply, LLC, which had ruled that the extended six-year statute of limitation under Sec. 6501(e)(1)(A), which applies when a taxpayer “omits from gross income an amount properly includible” in excess of 25% of gross income
Tweedie: U.S. decision is key to future of international standards
Three former standard setters – who served the accounting profession through the early days of the financial crisis – talked at length Tuesday during a two-hour panel discussion in New York about the U.S. adoption of IFRS, integrated reporting, and the political pressure that standard setters can face. “Shaping the
Taxpayers can deduct certain local lodging expenses under proposed rules
The IRS issued proposed regulations on Tuesday that permit employees to treat certain expenses paid or incurred for local lodging as deductible business expenses (REG-137589-07). Under Sec. 262(a), living expenses paid or incurred when not traveling away from home are considered nondeductible personal expenses. However, in certain circumstances, the proposed
Tweedie, Herz, Cherry to discuss financial reporting
Last spring, when he was chairman of the International Accounting Standards Board (IASB), Sir David Tweedie made a case for principles-based accounting standards. “I believe that this approach is superior,” he said during a speech to the U.S. Chamber of Commerce. Tweedie was advocating for standards based on principles rather
Final standards in convergence projects expected by mid-2013
FASB and the International Accounting Standards Board (IASB) expect to issue final, joint standards in their major convergence projects by mid-2013, according to a report to the Financial Stability Board (FSB) Plenary on Accounting Convergence posted Monday on the IASB website. The boards expect to begin redeliberations on their joint
FASB and IASB clarify expected credit loss estimate attributes
FASB and the International Accounting Standards Board (IASB) on Wednesday clarified the attributes of an expected credit loss estimate as part of an ongoing joint convergence project on accounting for financial instruments. With the clarification, the boards addressed concerns about the use of the term “expected value,” according to a
Federal Circuit dismisses refund suit based on all-zero returns
A married couple who filed tax returns listing all income and tax due as “zero” were denied refunds in a decision by the U.S. Court of Appeals for the Federal Circuit (Waltner, No. 10-CV-225 (Fed. Cir. 4/19/12)). The court dismissed the couple’s tax refund suit for lack of jurisdiction, holding
FASB, IASB tentatively agree on two financial instruments items
Tentative, joint decisions reached by FASB and the International Accounting Standards Board (IASB) on Tuesday will affect the business model assessment for classifying financial assets at amortized costs, and bifurcation of financial assets and financial liabilities. According to a summary posted on FASB’s website, the boards tentatively made decisions related
Rules for reporting interest on deposits paid to foreign taxpayers are finalized
The IRS issued final regulations under Sec. 6049 outlining the rules requiring U.S. financial institutions to report interest payments to certain nonresident alien individuals of $10 or more per year paid after Dec. 31, 2012 (T.D. 9584). The IRS explained that the new rules are part of the process of
Technology extracts a big price from Americans, survey shows
Americans’ infatuation with technology such as cellphones, cable TV, and satellite radio isn’t helping them fatten their bank accounts, according to a survey conducted for the AICPA by Harris Interactive for National Financial Literacy Month. Fifty-six percent of U.S. adults said they believe that technology has made it easier to
Proposed regs. would require E&P to be allocated to acquiring corporations in corporate reorganizations
The IRS has proposed amending existing regulations under Sec. 312 (effect on earnings and profits (E&P) of corporate distributions) and Sec. 381 (carryovers of tax attributes in certain corporate acquisitions) to clarify that in certain corporate reorganizations, the “acquiring corporation” succeeds to the full E&P account of the transferor corporation
IRS finalizes regulations on Sec. 642(c) ordering rules for estates and trusts
The IRS issued final regulations (T.D. 9582) requiring that a provision in a trust, will, or local law that specifically indicates the source out of which amounts are to be paid, permanently set aside, or used for a charitable purpose must have an independent economic effect aside from income tax
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