Fewer than 10% of callers to the IRS’s phone line for victims of identity theft got through to an IRS assistor during some of the busiest weeks of tax season.
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Emerging tax issues cause due-diligence problems
Speaking at an IRS Nationwide Forum in Fort Washington, Md., the deputy director of the IRS Office of Professional Responsibility warned practitioners that they should exercise due diligence when advising clients on emerging tax issues.
Defined benefit plans to be prohibited from replacing annuities with lump-sum payments
The IRS announced that it would amend its regulations under Sec. 401(a)(9) to provide that qualified defined benefit plans cannot replace any joint and survivor, single life, or other annuity currently being paid, with a lump-sum payment or other accelerated distribution.
FASB delays revenue recognition effective date by one year
Citing challenges for financial statement preparers, FASB voted to delay the effective date of the new revenue recognition standard by one year, with early adoption permitted as of the original effective date.
Using three lines of defense to manage internal controls
A “three lines of defense” model can help organizations establish responsibility for duties under the COSO framework.
10 imperatives for internal audit
Internal auditors are facing many new challenges in a world where technology and globalization are leading to rapid changes.
Wanted: A flexible approach to internal audit planning
Internal auditors may need to change their approach to audit planning to keep up with unexpected and fast-paced changes in risks, a new global survey shows.
New mission, principles articulated for internal audit
An update to professional guidance is designed to help internal auditors assist their organizations in navigating risks.
SEC considers updating audit committee disclosure requirements
The SEC is evaluating whether audit committee disclosure requirements provide investors with the information they are seeking.
SEC proposal would require payback of incentive compensation awarded erroneously
New rules proposed by the SEC would require executives to repay incentive-based compensation that a subsequent accounting restatement shows was not earned.
PCAOB seeks feedback on new idea for identifying engagement partner
The PCAOB voted to seek public comment regarding a proposal for naming the engagement partner in public company audits, in addition to identifying other firms that contribute to the audit.
GASB addresses investment pools and component units
GASB issued two proposals that are designed to prevent confusion about external investment pool accounting and clarify requirements for presentation of certain component units.
GASB establishes new GAAP hierarchy for governmental accounting
The Governmental Accounting Standards Board issued new guidance that cuts in half the number of categories of authoritative GAAP for state and local government financial reporting.
Notice clarifies provider list rules for charitable hospital financial assistance policies
The IRS issued a notice that clarifies how a charitable hospital organization may comply with the requirement to include a provider list in its financial assistance policy.
PCAOB schedules open meeting on naming audit engagement partners
The PCAOB has scheduled a public meeting to consider seeking public comment on a new proposal for naming audit engagement partners.
Congress makes changes to tax code in trade preferences act
The bill modifies the Sec. 35 health coverage tax credit and the Sec. 24 child tax credit, requires payee statements for the education credits, changes the time for payment of certain corporate estimated taxes, and increases information return and payee statement penalties.
51% of Americans are putting off major life events for financial reasons
More than half of the 1,010 U.S. adults surveyed said they had put off important life goals such as buying a home, retiring, or pursuing higher education.
Supreme Court upholds health insurance subsidies in federal exchanges
In a 6–3 decision, the U.S. Supreme Court held that Sec. 36B premium tax credits are available to taxpayers who purchase health insurance on exchanges run by the federal government under the Patient Protection and Affordable Care Act.
PCAOB has new plan for naming audit engagement partners
The PCAOB plans to propose identifying the engagement partner in a new form that auditors could file with the PCAOB, the board’s chairman, James Doty, said.
Emotional harm of elder financial abuse outweighs its financial damage
More than one-third (37%) of CPA financial planners said that elder financial abuse caused “substantial” emotional harm to clients, according to the new AICPA PFP Trends Survey.
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