In a report released on Tuesday, the Treasury Inspector General for Tax Administration (TIGTA) recommended the IRS change its Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to improve taxpayer compliance with reporting and paying tax on this type of income (TIGTA, Opportunities Exist
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Couples who filed joint returns must now file separate powers of attorney
Starting March 1, the IRS will no longer accept old versions of Form 2848, Power of Attorney and Declaration of Representative, and will accept only the version released in October 2011. The new version of the form requires a husband and wife who filed a joint tax return to each
Regulation tops concerns for small and medium-size accounting firms and their clients
The burden of standards and regulations is the most significant issue facing small and medium-size accounting practices (SMPs) worldwide, an International Federation of Accountants (IFAC) survey suggests. Forty-one percent of the 2,441 SMP respondents in the IFAC SMP Quick Poll for the fourth quarter of 2011 said keeping up with
January job cuts, led by retail, rise from year-ago low
Job cuts announced by U.S. employers increased in January, a month that traditionally sees significant post-holiday retail layoffs, according to a report released Thursday. The 53,486 job cuts announced last month was the highest monthly total since 115,730 layoffs were announced in September, global outplacement firm Challenger, Gray & Christmas
IRS, Labor Department proposals aim to increase retirement options and transparency
Federal initiatives designed to broaden options and increase transparency in retirement plans were announced Thursday. The IRS issued proposed regulations that would make it easier for defined benefit pension plans to offer combinations of lifetime income and single-sum cash payments (REG-110980-10). Other proposed regulations released on Thursday would relax the
Prop. regs would ease required minimum distribution rules for older retirees who purchase certain annuities
The IRS issued proposed rules (REG-115809-11) that would permit IRA participants to enter into contracts for annuities that begin at an advanced age (often called longevity annuities), using a certain amount of their account balances without having these amounts count for calculating required minimum distributions from the IRAs under Regs.
Heads in the cloud
Editor’s note: This is the expanded version of the cloud computing round-table discussion from “Heads in the cloud: Part 1,” Feb. 2012, and “Heads in the cloud: Part 2,” March 2012. To help CPAs better understand the benefits and challenges of the cloud, the JofA invited five CPAs to
Featured Online Content for February 2012
FEATURED ARTICLE Time to Test-Drive the Revenue Recognition ProposalRussell Hodge, global technical controller at General Electric, said a new standard on revenue is close enough to reality that he is instructing business managers to keep the likely new regulations in mind as they draw up contracts. Read what Hodge and
Individuals who are eligible for medical services at IHS facilities may still participate in HSAs
The IRS on Wednesday explained that people who are eligible to receive medical services at Indian Health Service (IHS) facilities are not automatically disqualified from making tax-free contributions to health savings accounts (HSAs) (Notice 2012-14). Under Sec. 223(c)(1), an eligible individual for HSA purposes is, for any month, an individual
Tax Court rules on homebuyer credit when former residence is being sold
The Tax Court held that a married couple’s old house, which they continued to use while trying to sell it, qualified as a principal residence, and therefore they did not meet the timing requirement to qualify for an $8,000 first-time homebuyer credit when they purchased a new house (Foster, 138
CEOs seeking value in human dimension of business
The human dimensions of business – areas such as talent development, intellectual property and relationships with suppliers and customers – will be the primary focus of top executives during the next 18 to 24 months. And one of their first challenges will be determining the value of these factors to unlock
CGMA launch focuses on nonfinancial value, long-term business strategies
A panel of executives meeting in the finance capitals of New York City and London discussed new research Tuesday on the importance of the human dimension and nonfinancial value in long-term business strategies. The event, hosted by the AICPA and the Chartered Institute of Management Accountants (CIMA), was part of
Forum connecting major financial capitals will highlight CGMA launch
An interactive forum featuring business leaders in London and New York connected via satellite will highlight Tuesday’s launch of the new Chartered Global Management Accountant (CGMA) designation. The AICPA and the Chartered Institute of Management Accountants (CIMA) are hosting the panel of business and finance leaders, who will examine the
Streamlined installment agreement program modified
The IRS Small Business/Self-Employed Division modified the maximum unpaid balance of assessment taxpayers must meet to qualify for its streamlined installment agreement program and extended the time for payment (SBSE 05-0112-013). The aggregate unpaid balance of assessment threshold has doubled, from $25,000 to $50,000. The timeframe for full payment has
FASB, IASB to work on classification and measurement for financial instruments
FASB and the International Accounting Standards Board (IASB) are working together to reduce differences in their respective classification and measurement models for financial instruments. The boards announced Friday that they will explore these models jointly, then decide whether to propose amendments to IFRS and U.S. GAAP. These discussions will take
FASB proposal aims to simplify impairment testing of indefinite-lived intangible assets
FASB on Wednesday issued a proposed Accounting Standards Update it said would reduce costs and simplify the guidance for testing indefinite-lived intangible assets other than goodwill for impairment. The amendments in the proposed update, Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, would allow an organization to
IASB’s Hoogervorst predicts SEC will adopt IFRS
International Accounting Standards Board (IASB) Chairman Hans Hoogervorst predicted in a speech in Moscow on Monday that the SEC will adopt IFRS for U.S. issuers. Hoogervorst doesn’t have any privileged insight regarding the SEC’s internal decision-making, according to the speech posted on the IFRS Foundation’s website. But he said that
Revision of CPE standards completed
CPE programs for the accounting profession will have enhanced opportunities to use group Internet-based formats, outcome-based learning and other innovative techniques under newly completed revisions announced Tuesday. The AICPA and the National Association of State Boards of Accountancy (NASBA) announced the final approval of proposed revisions to the Statement on
Tax filing season resources—Tax year 2011
This is the one-stop shop for all the updates you need to know for this year’s tax filing season. Find resources from the Journal of Accountancy, plus tax return checklists and tax savings tips from the AICPA, categorized by tax topic. INDIVIDUAL TAX Tax season startsJan. 16, 2012Tuesday, Jan. 17,
New Form 990 has a few significant changes for 2011
The IRS posted the final 2011 Form 990, Return of Organization Exempt From Income Tax, and instructions on its website. Form 990 has become more and more complex as the role of nonprofit organizations has evolved in the United States. The latest version of the form contains a few significant
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