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PCC to ask FASB to endorse first private company GAAP exceptions
The Private Company Council (PCC) on Tuesday approved its first GAAP exceptions for private companies and will forward them to FASB for final endorsement. If FASB endorses the exceptions, they will be written into GAAP. These would be the first GAAP exceptions approved by the PCC, which was formed last
Six techniques for building a strategic finance department
Finance teams want to perform strategic duties in their organizations, but new research shows many of them are not building the right competencies to fulfill these duties. Typical finance teams are weak in the nontechnical competencies that matter the most, according to a white paper reporting results of a survey
Tax Court closed during government shutdown; IRS announces no refunds
With the federal government shutting down at midnight on Sept. 30, the Tax Court announced that it is closing during the shutdown. Unlike the other federal courts, which will remain open for at least 10 days, the Tax Court stopped accepting petitions, motions, and other papers, and electronic filings at
How the government shutdown affects taxpayers and tax practitioners
The failure of Congress to agree on a continuing spending resolution on Monday led to the first federal government shutdown since 1995–1996. The shutdown involves a large number of federal government functions, including many affecting taxpayers and tax practitioners. As this item was posted, it was not clear how long
IRS releases government shutdown contingency plan
The IRS on Friday released its contingency plan for what it will do if the federal government shuts down Oct. 1. The 61-page plan covers preparation for a shutdown, implementation, and reactivation of functions, but it anticipates a government shutdown of no more than five days. A longer shutdown would
FinREC, CAQ: Management should make going-concern assertion
Going-concern assertions are appropriately made by management, the AICPA’s Financial Reporting Executive Committee (FinREC) and the Center for Audit Quality (CAQ) said in comment letters supporting a FASB proposal. The comment period ended Tuesday for FASB’s proposed Accounting Standards Update, Presentation of Financial Statements (Topic 205), Disclosure of Uncertainties About
IRS updates special per diem rates for 2013–2014 travel expenses
On Wednesday, the IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2013 and 2014 (Notice 2013-65).The notice provides the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and
CPA services mostly exempt from SEC municipal adviser registration
Many CPA services are excluded from the activities that would require registration as a municipal adviser under new rules approved by the SEC last week. Under the regulations, which were scaled back from a previous proposal, CPAs would not be required to register as municipal advisers if they are providing
Type A or Type B? Lease concerns emerge at round table
The economics of cellphone towers was cited Monday as one of the many challenges FASB and the International Accounting Standards Board are encountering as they attempt to build one, converged, principles-based financial reporting model for leases. The boards proposed a standard that would mandate a dual approach to recognition, measurement,
Streamlined procedures for post-Windsor FICA refunds are released
In Notice 2013-61, the IRS announced the procedures employers should follow for filing refund claims for overpaid Federal Insurance Contributions Act (FICA) and income taxes paid on employer-provided benefits for same-sex spouses that, because of the Supreme Court’s Windsor decision, are now tax free. The notice provides two streamlined administrative
New York state proposes to regulate tax return preparers
Stepping into the void left when a federal court threw out the IRS’s registered tax return preparer program (see article here), the New York State Department of Taxation and Finance has proposed amendments to its Personal Income Tax Regulations and Procedural Regulations to regulate tax return preparers (N.Y. Comp. Codes
Businesses voice stiff opposition to lease proposal
The converged proposal on financial reporting for leases faces significant opposition from businesses from around the globe. Friday was the final day for the public to submit comment letters on the reproposal to FASB and the International Accounting Standards Board (IASB). An analysis of comment letters on the proposed standard
SEC proposes rules to compare pay of CEO, median employee
A rule proposed Wednesday by the SEC would require U.S. public companies to disclose the ratio between what companies pay their CEOs and their median employee. SEC commissioners voted 3–2 to propose the rule, which was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203. If
Walker issues final report, asks CPAs to lead in fiscal responsibility
Former U.S. Comptroller General David Walker is closing a chapter in his campaign against the rising tide of government debt, but he is urging his fellow CPAs to help fight against what he calls fiscal irresponsibility by elected leaders. Walker on Tuesday released the final report of his Comeback America Initiative,
Stakeholders seek simplification, better information from FASB standards
A FASB advisory committee asked stakeholders what they thought the board’s standard-setting priorities should be. Respondents said they wanted simplicity and better information. The top three reasons improvements are needed to financial reporting standards, according to 105 respondents participating in a Financial Accounting Standards Advisory Council (FASAC) survey, are: Simplification
New procedures for equitable innocent spouse relief are released
On Monday, the IRS issued Rev. Proc. 2013-34, providing the rules under which taxpayers can obtain equitable innocent spouse relief from joint liability under Sec. 66(c) or 6015(f). Married couples who file joint returns are jointly liable for their federal income tax liability, while married couples who live in community
Repair regulations are finally issued
On Friday, the IRS issued long-awaited final (T.D. 9636) and proposed regulations regarding the treatment of expenditures incurred in acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements. The IRS noted that it had received many comments
Big changes in store for FASB, Golden says
FASB Chairman Russell Golden on Thursday described plans to increase the efficiency and effectiveness of the board’s operations. Golden provided wide-ranging remarks about FASB’s future as he spoke at a one-day conference in New York City celebrating the board’s 40th anniversary. He said the board needs to evaluate its agenda
FASB seeks to simplify reporting for development-stage entities
FASB voted Wednesday to propose changes designed to improve the relevance and reduce the complexity of development-stage entity financial reporting. The board expects to issue an exposure draft (ED) by the end of October that would apply to public and private entities. During a July 16 meeting, the Private Company
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