FASB on Thursday voted to extend to May 31 the deadline for comments on its Proposed Accounting Standards Update (ASU), Financial Instruments—Credit Losses (Subtopic 825-15). The comment period originally was scheduled to end April 30. In comment letters, a handful of organizations asked FASB to extend the comment period to
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Appeals court denies IRS request for stay in return preparer regulation case
The IRS lost another round in its court battle to regulate tax return preparers when the U.S. Court of Appeals for the District of Columbia Circuit denied its motion to stay an injunction halting its return preparer regulation program, pending appeal of a lower court’s decision (Loving, No. 1:12-cv-00385-JEB (D.C.
IRS extends suspension of examinations of tangible property capitalization issues
On Wednesday, the IRS posted an updated Large Business & Industry (LB&I) Directive for field examinations on the repair vs. capitalization issue that extends the suspension of examinations (LB&I-04-0313-001). The effective date of the tangible property temporary regulations (T.D. 9564) (in amendments published Dec. 17, 2012) has been extended to
“Sovereign citizens” promoter faces up to 164 years in prison
A proponent of the “sovereign citizens” movement and self-proclaimed president of the “Republic for the United States” has been convicted of conspiracy to defraud the United States through a series of seminars in which attendees were taught to pay their federal income taxes by filing fictitious bonds (Turner, No. 1:12cr169-MHT
Identity theft, phishing top IRS’s “Dirty Dozen” tax scams
The IRS issued its “Dirty Dozen” list of tax scams Tuesday, highlighting fraudulent schemes commonly committed by and upon taxpayers. The annual warning, released to coincide with tax filing season, emphasizes the most egregious schemes involving filing false returns or return items, but it also advises yearlong vigilance against practices
PCAOB attempting to make auditing standards easier to navigate
The PCAOB on Tuesday took the first step toward what’s intended to be a comprehensive reorganization of its auditing standards. Board members unanimously voted to publish a proposal for a framework that would place the PCAOB’s auditing standards into a topical structure with a single, integrated numbering system. The board
FASB gives more detail on expected credit loss proposal
FASB is providing additional explanation of a proposal in one of its most challenging projects. A 16-page FAQ document posted on FASB’s website Monday is designed to educate those interested in the standard the board is developing on expected credit losses in its financial instruments project. The Proposed Accounting Standards
Technical practice aids address questions on audits of group financial statements
Nonauthoritative guidance arising from implementation issues is provided in 16 additional Technical Questions and Answers (TPAs) included as paragraphs .24 to .39 of TIS Section 8800, “Audits of Group Financial Statements and Work of Others.” Implementation issues, particularly regarding equity investments, are addressed in the guidance for AU-C Section 600,
IASB proposes simplified accounting for certain defined benefit contributions
An International Accounting Standards Board (IASB) proposal published Monday is designed to simplify certain aspects of accounting for contributions to defined benefit plans under IAS 19, Employee Benefits. The proposed amendments were created in response to concerns about the complexity of applying requirements related to accounting for contributions from employees
Auditors required to modify New York City form
Auditors providing an opinion on operating income and expenses for New York City Tax Commission certiorari filings are required to modify a certification form to comply with new standards, according to the AICPA. Under those conditions, auditors are required to modify Form TC309, Accountant’s Certification, to comply with new generally
CAQ educational guide describes internal control process
A new guide released Thursday by the Center for Audit Quality (CAQ) is designed to educate investors and the general public on a process that reinforces reliable financial reporting at U.S. public companies. The CAQ’s Guide to Internal Control Over Financial Reporting describes how companies enhance the reliability of their
PCAOB may propose reorganization of auditing standards
The PCAOB is considering proposing a reorganization of its auditing standards that would be designed to present them in a logical order that generally follows the flow of how an audit is conducted. An open meeting of the board has been scheduled for 9:30 a.m. Tuesday to consider issuing for
Tax filing resources—Tax year 2012
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 All 2012 tax returns can now be
Eagerly anticipated COSO framework set for May release
The wait for the eagerly anticipated update of a popular framework for internal control is almost over. The board of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has approved its updated Internal Control—Integrated Framework and expects to issue it May 14, according to a news release distributed
Taxpayers filing delayed forms get late-payment penalty relief
On Wednesday, the IRS announced that it will waive the penalty normally assessed for late payment of income tax, for taxpayers who have requested an extension of time to file their return and who are filing one of the 31 forms that were delayed until March because of the last-minute
FASB among 12 participants in IASB advisory forum
FASB is one of 12 national and regional standard setters that will participate as an inaugural member of a group that has been formed to provide technical advice to the International Accounting Standards Board (IASB). The group, known as the Accounting Standards Advisory Forum (ASAF), was formed to improve cooperation
Tax reform prospects good, say veterans of 1986 reform
Developments since the 1986 Tax Reform Act was signed favor a successful outcome for the current reform effort, said two experts who worked for congressional committees producing the earlier legislation. But they also agreed that a tax reform bill probably won’t be enacted until next year. Don Longano and Mel
Regs. issued on asset transfers to foreign corporations
The IRS on Monday issued final, temporary, and proposed regulations governing outbound asset transfers under Sec. 361. T.D. 9614 contains final regulations that apply to transfers of certain property (including stock and securities) by a domestic corporation to a foreign corporation in certain nonrecognition exchanges and to distributions of stock
ASB corrects clarified auditing standard AU-C 920
The AICPA Auditing Standards Board (ASB) has made a correction to an auditing section in the AICPA Professional Standards to reinforce the board’s intentions not to change practice and to avoid unintended consequences. The auditing (AU) sections were redrafted as part of the clarity project to reflect the ASB’s established
Tax Court stops taxpayers from avoiding 40% penalty by conceding on alternative grounds
In a big win for the IRS, the Tax Court refused to grant partial summary judgment to a partner who had conceded his tax shelter case on grounds other than valuation in an attempt to avoid the 40% gross valuation misstatement penalty under Sec. 6662(a) (AHG Investments, LLC, 140 T.C.
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