The Eleventh Circuit Court of Appeals upheld a deficiency notice of more than $5 million against a taxpayer who reported adjusted gross income of $22,921 and taxable income of $13,221 on his late-filed 2006 return (Hoang, No. 13-14398 (11th Cir. 5/2/14), aff’g T.C. Memo. 2013-127). Diep Hoang’s 2006 tax return
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Four themes for growth-conscious CFOs
The time for accepting flat revenue numbers has passed, say the CFOs with whom Nick Araco has spoken in the past six months. And the era in which CFOs let others handle the technology initiatives also seems to be fading, reflecting the continuing change of the CFO role. Araco, the
Portions of conflict minerals rule stayed by SEC
Companies will not have to explicitly declare whether their products contain minerals that originated in mines in the Democratic Republic of Congo or its neighboring countries, according to the SEC. The SEC issued an order Friday staying the effective date for compliance with portions of its conflict minerals rule that
IRS announces two-year FATCA enforcement transition period
Foreign financial institutions that make a good-faith effort to comply with the requirements of the Foreign Account Tax Compliance Act (FATCA) will benefit from lighter enforcement during 2014 and 2015, the IRS announced on Friday (Notice 2014-33). The IRS is treating those years as a “transition period” for the implementation
FASAB proposes delay in long-term fiscal projections transition
The Federal Accounting Standards Advisory Board (FASAB) is proposing that new presentation requirements for long-term fiscal projections for the U.S. government and related disclosures be delayed one year, to take effect in fiscal year 2015 rather than fiscal year 2014. The standard requires projections and related disclosures to be presented
Revenue recognition: Do companies have enough time for implementation?
Companies may face a serious time crunch with implementation of the new, converged financial reporting standard for revenue recognition despite a seemingly long transition period, General Electric Controller and Chief Accounting Officer Jan Hauser said Thursday. The much-delayed standard, which has been approved by FASB and the International Accounting Standards
Five key issues FASB may change in financial reporting
FASB is preparing to consider foundational changes that could significantly alter financial reporting in the future as well as standards improvements that will reduce complexity, board Chairman Russell Golden said Thursday. Here are five issues that will be studied and debated by FASB in the coming years under active projects,
SEC slightly amends conflict minerals reporting requirements
The SEC has amended its conflict minerals reporting requirements after an appeals court struck down part of the rule. Under the conflict minerals rule, issuers are required to attempt to determine whether the gold, tantalum, tin, and tungsten used in their products originated in mines operated by warlords in the
Tenth Circuit throws out IRS summonses
In a decision that creates a split from five other circuit courts, the Tenth Circuit Court of Appeals quashed IRS summonses that were issued after the 23-day period required under Sec. 7609(a)(1) (Jewell, Nos. 13-6069, 13-7038 (10th Cir. 4/28/14)). When the IRS issued four summonses to banks seeking records about nursing
Two SEC commissioners call for stay of conflict minerals rule
Two SEC commissioners issued a statement Monday calling for the commission to stay its conflict minerals rule and impose no further regulatory obligations related to the rule until litigation surrounding the rule is completed. Commissioners Daniel Gallagher and Michael Piwowar said marching ahead with a rule that might be invalidated
“Killer B” anti-abuse regulations are on the way
Recognizing that taxpayers are exploiting the rules in ways it had not intended, the IRS on Friday announced that it will amend the existing regulations on cross-border reverse triangular reorganizations, popularly known as “Killer B” transactions (Notice 2014-32). Killer B transactions are designed to allow corporations to repatriate foreign subsidiary
IAASB reconsiders auditors’ “other information” duties
A new International Auditing and Assurance Standards Board (IAASB) reproposal is intended to clarify and strengthen auditors’ responsibilities related to “other information” that is included in organizations’ annual reports outside the audited financial statements. The reproposed International Standard on Auditing 720 (Revised), The Auditor’s Responsibilities Relating to Other Information, would
CAQ proposes an approach to communicating audit quality indicators
The set of potential audit quality indicators proposed by the Center for Audit Quality (CAQ) on Thursday is the result of a focused effort to find objective measurements for audit work. The CAQ paper is the culmination of a two-year effort with the CAQ’s member firms to develop perspectives regarding
New TPAs address changes to reports arising from PCC VIE alternative
New nonauthoritative guidance issued by the AICPA addresses changes to accountants’ or auditors’ reports when a client adopts a new Private Company Council (PCC) alternative that results in a change to a previously issued report. Private company clients can elect not to apply variable-interest entity guidance to certain common-control leasing
IRS issues 2015 inflation adjustments for HSAs
The IRS issued the calendar year 2015 inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans (Rev. Proc. 2014-30). Individuals who participate in a health plan with a high deductible are permitted a
New conflict minerals guidance available
Conflict minerals reporting and auditing is a newly emerging practice, as May 31 is the submission date required by the SEC for the first reports of issuers’ efforts to track the gold, tantalum, tin, and tungsten in their supply chains. The AICPA Conflict Minerals Task Force has developed new nonauthoritative
ASB interpretations address GASB pension issues
The AICPA Auditing Standards Board (ASB) issued three auditing interpretations to help address some of the numerous accounting and auditing issues that are facing governmental cost-sharing multiple-employer pension plans and the government employers that participate in them. The interpretations are intended to help auditors of governmental cost-sharing plans and participating
IRS employees with conduct issues receive bonuses, TIGTA reports
On Tuesday, the Treasury Inspector General for Tax Administration (TIGTA) released a report concluding that the IRS’s awards program, which awards cash and compensatory time off to a large number of IRS employees, did not consider employee misconduct, including tax compliance issues, in making these awards. Although the IRS complied with federal
Accounting, finance jobs take weeks to fill
The empty desk in the accounting and finance department often doesn’t get filled overnight. Vacant accounting or finance jobs take an average of about one month to fill, according to a recent survey of 2,100 CFOs by staffing services firm Robert Half. CFOs were asked how many weeks it typically
IASB seeks improvement for macro hedging accounting
An effort to create a more accurate depiction of risk management activities known as “macro hedging” in financial reporting is reflected in a discussion paper released Thursday by the International Accounting Standards Board (IASB). The IASB is inviting comment on a possible new approach to accounting for macro hedging because
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