On Monday, the IRS finalized temporary regulations regarding the determination of the basis of stock or securities in all-cash D reorganizations where no stock or securities of the issuing corporation is issued and distributed in the transaction (T.D. 9702). The regulations clarify that in these transactions, only a shareholder that
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Former AICPA chair named IFAC president
Olivia Kirtley, CPA, CGMA, a member of the AICPA’s governing council and former chair of the AICPA board of directors, has been elected to a two-year term as president of the board of the International Federation of Accountants, a global organization dedicated to strengthening the accounting profession. IFAC announced the
Final rules determine how E&P is treated in corporate reorganizations
New rules under Sec. 381 will change which corporation succeeds to the tax attributes, including the earnings and profits (E&P), of the transferor or distributor corporation in certain acquisitions. T.D. 9700, issued on Friday by the IRS, also finalizes other related proposed regulations under Sec. 312 clarifying that, in certain
A hidden reason women struggle to make it to top leadership roles
While accounting firms have made advances in diversity and inclusion in recent years and women have pushed harder to be promoted into senior leadership positions, research shows that one alarming factor still keeps women from getting to the top leadership positions: a lack of distinct, critical leadership experience in key
11 suggestions for making corporate disclosures more effective
Better search and visualization capabilities, more discussion of company strategy, and ranking of risk factors would make corporate financial reporting more useful to investors, according to a report released Thursday. Prepared with the help of a broad spectrum of experts, the report provides recommendations for improving the effectiveness of corporate
How to take a forward-looking approach to cybersecurity
Although many companies are seeing cybersecurity threats rise, many lack the resources to handle these risks, a new global survey shows. Two-thirds (67%) of organizations report facing rising threats in their information security risk environment, according to EY’s Global Information Security Survey, which polled 1,825 organizations in 60 countries. More
Filing season complications loom, IRS commissioner tells AICPA
The 2015 tax filing season “will be one of the most complicated filing seasons we’ve ever had,” IRS Commissioner John Koskinen said in a keynote address Tuesday to hundreds of attendees at the AICPA National Tax Conference in Washington. He also held out hope of penalty relief for taxpayers affected
Data security, regulation spark investor confidence in US stock exchanges
Data security and regulatory oversight are the top factors contributing to rising investor confidence in U.S. stock exchanges, according to a Center for Audit Quality (CAQ) pulse poll released Tuesday. Seventy percent of investors responding to the CAQ’s 2014 Main Street Investor Survey, which was released Oct. 9, said they
2014 MAP survey: Firms experience growth, stock up on cash
U.S. accounting firms are storing up equity as they prepare for a number of financial challenges over the next few years. That’s one of the findings of the 2014 National Management of an Accounting Practice (MAP) Survey, released Monday by the AICPA Private Companies Practice Section (PCPS) and the Texas
Proposed rules would change partners’ treatment of unrealized receivables and inventory items
On Friday, the IRS issued proposed regulations under Sec. 751 that would amend the rules governing how a partner measures its interest in a partnership’s unrealized receivables and inventory items and the tax consequences of a distribution to a partner reducing that interest (REG-151416-06). Sec. 751 was enacted to prevent
GASB proposes disclosures for tax abatements by governments
State and local government financial statements would be required to reflect agreements that state and local governments make to attract businesses to their areas under new accounting rules GASB proposed Friday. In an effort to stimulate economic development, governments often agree to abate or reduce the taxes of businesses and
2015 inflation-adjusted items and tax tables issued
The IRS issued the annual inflation adjustments for 2015 for more than 40 tax provisions as well as the 2015 tax rate tables for individuals and estates and trusts (Rev. Proc. 2014-61). Among the inflation-adjusted amounts that have increased are the personal exemption, which increases from $3,950 in 2014 to
District court dismisses AICPA lawsuit against IRS
The U.S. District Court for the District of Columbia issued a memorandum opinion dismissing the AICPA’s lawsuit against the IRS seeking to halt the IRS’s Annual Filing Season Program for tax return preparers (AICPA v. IRS, No. 14-1190 (JEB) (D.D.C. 10/27/14)). The AICPA’s complaint, filed in July, had asked the
How SSARS No. 21 became a standard
It took years of deliberation and professionwide collaboration to produce Statement on Standards for Accounting and Review Services (SSARS) No. 21. Here’s how the AICPA Accounting and Review Services Committee (ARSC) developed the standard, which was issued Oct. 23: Initial exposure draft On June 29, 2012, ARSC initially exposed for
Defined contribution plans can offer deferred annuities to older participants
Under guidance released on Friday, qualified defined contribution plans will be allowed to provide lifetime income to plan participants by offering funds including deferred annuities among their assets, even if some of the funds are available only to older plan participants (Notice 2014-66). In the notice, the IRS explained how
Social Security Administration announces 2015 wage base
On Wednesday, the Social Security Administration (SSA) announced that the wage base above which taxes for old age, survivors, and disability insurance (OASDI) are not due will increase from $117,000 to $118,500 in 2015. The new rate means employees will pay a maximum of $7,347 of OASDI in 2015, with
Pension plan limitations are increased for inflation
Taxpayers will be allowed to contribute more money to their retirement savings in 2015 under new pension plan limits announced by the IRS on Thursday. The IRS annually adjusts the limitations on pension plan contributions in cases where cost-of-living increases meet the statutory requirements for inflation adjustment. A list of
Standards revised for reviews, compilations, engagements to prepare financial statements
Clarified and revised standards for compilations and engagements to prepare financial statements released Thursday create a bright line between accounting (preparation) and reporting (compilation) services. The AICPA Accounting and Review Services Committee (ARSC) released Statement on Standards for Accounting and Review Services (SSARS) No. 21, which contains significant changes for
When does Section 70 of SSARS No. 21 apply?
Section 70, Preparation of Financial Statements, of Statement on Standards for Accounting and Review Services No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, applies when an accountant in public practice is engaged to prepare financial statements. The following table provides examples of services that the
Global Management Accounting Principles seek to guide better benchmarking, decision-making
Effective management accounting practices can improve decision-making in organizations, which need sound fundamentals but also speed when trying to decide which strategic paths to follow. In short, organizations need principles that can be applied to help produce favorable outcomes. The Global Management Accounting Principles, released Wednesday, represent the first set
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Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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