On Friday, 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 2014 and 2015 (Notice 2014-57).The notice provides the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and
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Regulations update hybrid defined benefit plan rules
On Monday, the IRS released final and proposed regulations providing guidance on so-called hybrid defined benefit pension plans (T.D. 9693 and REG-111839-13). The regulations deal with changes made by the Pension Protection Act of 2006, P.L. 109-280, and the Worker, Retiree, and Employer Recovery Act of 2008, P.L. 110-458. The
PCC approves private company GAAP exception for certain acquired intangible assets
The Private Company Council (PCC) voted Tuesday to approve a GAAP alternative that will allow private companies to elect not to separately recognize and measure certain intangible assets acquired in a business combination. Private companies that elect the alternative would not recognize: Noncompetition agreements. Customer-related intangible assets that are not
ASB proposes moving content of AT Section 501 into GAAS
The AICPA Auditing Standards Board (ASB) is proposing moving a section of its attestation standards into generally accepted auditing standards (GAAS). Engagements performed under existing AT Section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, as well
PFIC reporting rules do not apply to certain marked-to-market stock
On Wednesday, the IRS announced that it will amend the regulations governing the reporting requirements for U.S. persons who hold stock in passive foreign investment companies (PFICs). The amendments will provide that, if a taxpayer marks to market PFIC stock under Sec. 475 or any Code section other than Sec.
IRS explains power-of-attorney requirements for corporate taxpayers
On Tuesday, the IRS’s Office of Professional Responsibility (OPR) issued a bulletin clarifying when corporate officers or employees must have a valid power of attorney in order to represent the company before the IRS (OPR Bulletin 2014-12). The bulletin also discusses how the existence of a power of attorney may
PCAOB alert calls for auditors to focus on revenue
The PCAOB on Tuesday urged auditors to focus on the board’s standards for auditing revenue. In Staff Audit Practice Alert No. 12, Matters Related to Auditing Revenue in an Audit of Financial Statements, the PCAOB discusses board requirements for auditing revenue that are relevant to significant audit deficiencies found frequently
CPA practitioners sue to stop PTIN fees
Two CPAs have filed suit in the U.S. district court for the District of Columbia, asking the court to stop the IRS from charging fees for issuing preparer tax identification numbers (PTINs), to obtain refunds of fees paid in the past, and to enjoin the IRS from asking for more
U.S. accountants’ optimism returns to pre-recession levels
Not since 2007 have U.S. accountants in industry felt as optimistic about the future of their companies and the state of the domestic economy as they do now. While concerns about regulatory requirements linger, and some companies remain hesitant to deploy cash or hire, those potential obstacles can’t stem the
AICPA seeks comment on next format of CPA exam
The AICPA is inviting public comment as it shapes the next version of the Uniform CPA Examination, to ensure that it continues to reflect the skills that newly licensed CPAs need to protect the public interest. An Invitation to Comment, issued Tuesday, is the first document available for public comment
Worry-free payroll
Find out what top payroll vendors have to say about the latest trends and issues in payroll! This special focus report provides information on: – The changing landscape of payroll and payroll-related applications – Technology hurdles – How payroll companies work with CPA firms And more! Click here to access
Capital gain, not amount realized, determines application of 6-year collection statute
On Thursday, the Tax Court held that gross income for purposes of Sec. 6501(e) statute of limitation calculations includes only the gain from the sale of investments and not the amount realized from their sale (Barkett, 143 T.C. No. 6 (8/28/14)). The court distinguished its holding from the Supreme Court’s
FASB’s proposed 2015 GAAP taxonomy available for comment
FASB released its proposed 2015 GAAP Financial Reporting Taxonomy on Friday and asked for public review and comment. The taxonomy is a list of financial reporting labels that are machine-readable and coded in XBRL. Users of financial statements can use the tags to electronically search for and process data so
COSO transition getting a close look from auditors
The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In 2013, the framework—which had been in use since 1992—was updated to reflect changes in the business environment. U.S. public companies have been
FASB defines management’s going-concern responsibilities
FASB issued a new financial reporting standard Wednesday defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The standard provides new guidance, as current GAAP does not describe management’s responsibility to evaluate whether
Five elements of effective judgment process for auditors
The public relies on auditors to make critical professional judgments in an objective, professionally skeptical manner. Participants in capital markets who are making investment decisions place trust and confidence in the judgments made by auditors during audits of public company financial statements. A new Professional Judgment Resource released Wednesday by
Clarified, revised SSARS approved for reviews, compilations, and engagements to prepare financial statements
The AICPA Accounting and Review Services Committee (ARSC) voted during its meeting this month to approve clarified and revised standards for reviews, compilations, and engagements to prepare financial statements. The clarified and revised standards for compilations and engagements to prepare financial statements create a bright line between accounting (preparation) services
Former Deloitte exec Schnurr named SEC chief accountant
Recently retired Deloitte LLP executive James Schnurr will replace Paul Beswick and become the SEC’s third chief accountant in three years, the SEC announced Tuesday. Schnurr will begin serving in his new position in October, the SEC said in a news release. He was vice chairman and senior professional practice
Final rules clarify when issuer’s obligation under a debt instrument is part of a straddle
The IRS on Tuesday provided guidance on when an issuer’s obligation under a debt instrument may be a position in actively traded personal property, in which case it can be part of a straddle. Tuesday’s final regulations (T.D. 9691) adopt without substantive change temporary and proposed regulations on the treatment
New IRS appeals process starts Sept. 2
Starting Sept. 2, the IRS Office of Appeals is changing the way it handles appeals to examination decisions. Under the new Appeals Judicial Approach and Culture (AJAC) project, appeals officers are “no longer going to be examiners or investigators,” Appeals Team Manager Philip A. Oyoto told preparers at the IRS
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