Auditing standard setters are trying to find a way for auditors to communicate with investors but are struggling to find the proper mechanism. During the first of two days of public hearings on the PCAOB’s proposal for changing the auditor’s reporting model, a handful of panelists said Wednesday that the
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Alignment is key for internal audit to deliver more value
The demands on internal audit have increased significantly in recent years as technology has advanced, regulation has become more rigorous, risks have emerged, and companies have sought more business insights from internal audit teams. “That bar continues to rise,” FedEx Chief Audit Executive Robert King, CPA, said Tuesday during a
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How to calculate employer health care responsibilities
In compliance with new health care employer responsibility regulations, two halves indeed equal a whole for employers when they determine their number of full-time employees. To determine whether a business is subject to the employer mandate penalty under the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148, the business
AICPA recommends changes to net investment income tax rules
The AICPA submitted a comment letter to the IRS recommending a number of changes to the Sec. 1411 regulations on the application of the net investment income tax to charitable remainder trusts (CRTs), when final regulations are issued. First, the AICPA noted that the final regulations issued last year (T.D.
PCAOB reaches agreement with Swedish audit regulator
The PCAOB and the Supervisory Board of Public Accountants of Sweden have entered a cooperative agreement in their oversight of audit firms, the PCAOB announced Monday. The agreement takes effect immediately and provides for joint inspections while allowing for the exchange of confidential information. An agreement on data protection also
Trust materially participated in real estate business
In a case of first impression, the Tax Court held that a trust materially participated in its rental real estate business and therefore could deduct the losses it incurred in conducting those activities in 2005 and 2006 as losses from nonpassive activities (Frank Aragona Trust, 142 T.C. No. 9 (2014)).
Final rules issued on employment tax responsibilities of designated payer agents
Final regulations issued on Friday contain rules on the liability for employment taxes when an employer designates an agent under a “service agreement” to pay its employees and to satisfy its employment tax obligations instead of following normal IRS procedures to designate an agent (T.D. 9662). The new rules affect
Abuse victims who file separate returns are eligible for premium tax credit
Victims of domestic violence who are afraid or unable to contact their spouse to file a joint return may be able to claim the Sec. 36B premium tax credit using procedures announced by the IRS (Notice 2104-23). The new procedures, which apply to 2014 tax returns, will allow eligible taxpayers
TPAs address new private company accounting alternatives
Three new AICPA Technical Questions and Answers (TPAs) provide nonauthoritative guidance regarding application of some accounting alternatives FASB issued in January for private entities that are not classified as public business entities, as defined in Accounting Standards Update (ASU) No. 2013-12. AICPA Technical Questions and Answers (TPAs) 9150.32–.33 and 9160.29
Gambler’s luck turns in second trip to Tax Court
A taxpayer who consistently lost money playing the slots at two casinos in California was found not to have an actual and honest profit objective and could not deduct her gambling losses on Schedule C, Profit or Loss From Business (Sole Proprietor) (Chow, T.C. Memo. 2014-49). Because losses from gambling
Six cybersecurity basics
The steady barrage of headlines about cybersecurity underscores a topic viewed with wary eyes by many executives, board members, and investors. Employees may have access to sensitive data through smartphones that they carry everywhere. Globalization has increased the geographic reach of companies – making them visible to ever more hackers.
New guidance clarifies tax treatment of bitcoin and other virtual currencies
While bitcoin and other virtual currencies are becoming more popular and have garnered a lot of attention in the media, the tax rules that apply to them have been unclear, including the basic question of whether they are treated as a currency or as property. The IRS on Tuesday issued
Regulation demanding increased internal audit focus
The push continues for internal auditors to focus on strategic risks, but regulatory compliance duties are standing in the way, a new survey shows. More than two-thirds (69%) of 433 internal audit professionals in the United States surveyed by Grant Thornton said regulation is increasing internal audit costs in their
The Supreme Court rules severance payments are subject to FICA
In a decision involving over $1 million in FICA taxes paid, the Supreme Court on Tuesday held in an 8–0 decision that severance payments to terminated employees are taxable wages for FICA tax purposes (Quality Stores, Inc., No. 12-1408 (U.S. 3/25/14)). Justice Anthony Kennedy’s opinion overturned a decision of the
IASB proposal designed to improve disclosures
Amendments proposed by the International Accounting Standards Board (IASB) on Tuesday are designed to play a role in the board’s effort to reduce disclosure overload. Proposed amendments to IAS 1, Presentation of Financial Statements, are the result of one of several short-term projects under the IASB’s broader Disclosure Initiative. The
Auditors have important role in cybersecurity
The steady stream of headlines about data breaches has the business community and regulators on high alert with regard to cybersecurity. An online PwC survey of global executives and IT directors conducted early in 2013 found that detected cybersecurity incidents rose 25% over the previous year. And 31% of executives
Pension standard remains on schedule after GASB vote
GASB’s new standard governing financial reporting for state and local government pensions will be implemented as scheduled after the board voted unanimously Monday not to delay the implementation date. As a result of the vote, the requirements of Statement No. 68, Accounting and Financial Reporting for Pensions, will still go
Conflict minerals audit guidance available
With the May 31 deadline approaching for companies to file their first conflict minerals reports with the SEC, new guidance is available to practitioners as they perform the required independent private-sector audits of these reports. Examples of practitioners’ reports are illustrated in new questions and answers developed by the AICPA
IRS clarifies: Electronic signatures permitted for Form 8879
Correcting an oversight, the IRS on Thursday updated the online version of Publication 1345, Handbook for Authorized IRS e-File Providers of Individual Income Tax Returns (rev. 3/20/14), to clarify that electronic signatures are permitted for Form 8879, IRS e-File Signature Authorization, as well as Form 8878, IRS e-file Signature Authorization
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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.
From The Tax Adviser
November 30, 2025
Digital asset transactions: Broker reporting, amount realized, and basis
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Recent developments in estate planning
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