Despite an appellate court opinion that struck down a disclosure requirement in the SEC’s new conflict minerals rule, experts say companies need to continue tracing the origins of the gold, tantalum, tin, and tungsten in their supply chains and preparing to file their disclosures. The SEC’s conflict minerals rule was mandated
Advertisement
NEWS
Taxpayers must reveal tax shelter opinion letters despite attorney-client privilege
By attempting to establish good-faith and state-of-mind defenses, taxpayers put their legal knowledge and understanding into contention, and therefore they waived attorney-client privilege, the Tax Court held on Wednesday (Ad Investment 2000 Fund LLC, 142 T.C. No. 13 (2014)). As a result, the court will order the taxpayers to produce
Foreign housing expense limitations issued for 2014
According to the IRS, Hong Kong, Moscow, and Geneva are the three most expensive foreign cities to live in, for purposes of the Sec. 911 foreign housing exclusion. On Monday, the IRS provided its annual list of inflation-adjusted limitations on foreign housing expenses for 2014 (Notice 2014-29). Sec. 911(a) allows
GASB establishes approaches for measurement
Newly defined approaches for measuring assets and liabilities issued Monday by GASB will guide the board as it sets accounting standards for U.S. state and local governments. Concepts Statement No. 6, Measurement of Elements of Financial Statements, establishes two approaches for measuring assets and liabilities: Initial amounts: These are determined
How preparers can cut down on disclosures in financial reports
Changes to disclosure requirements are on the horizon as the SEC ponders updating its rules in an effort to make information more useful for investors. The commission is reviewing specific sections of regulations S-K and S-X to see if requirements can be updated, SEC Division of Corporation Finance Director Keith
Horse breeder materially participated
The Tax Court held that a taxpayer materially participated in his horse-breeding activity for 2002 through 2004 and therefore was not barred from deducting his losses as passive activity losses under Sec. 469 (Tolin, T.C. Memo. 2014-65). Although the case involved horse-breeding activities, the IRS did not seek to disallow
FASB changes discontinued operations reporting guidance
New guidance issued Thursday by FASB will reduce the number of disposals of assets that should be presented as discontinued operations in organizations’ financial reporting. Only disposals representing a strategic shift in operations that have a major effect on the organization’s operations and financial results will be required to be
Regulators suggest firms take deep dive into audit quality
While acknowledging that auditors are under unprecedented scrutiny, an international association of audit regulators is asking audit firms to analyze causes of problems in audits globally in hopes of finding remedies. Lewis Ferguson, chair of the International Forum of Independent Audit Regulators (IFIAR), said he believes audit quality has improved
Companies lagging in conflict minerals process
Conflict minerals reporting may be a significant challenge for executives this spring as many companies are just in the early stages of compliance exercises as the May 31 SEC filing deadline approaches, according to a report released Wednesday. The SEC’s new conflict minerals rule grew out of the Dodd-Frank Wall
Guidance issued on application of Windsor to retirement plans
Administrators of qualified retirement plans must recognize the same-sex spouses of legally married participants as of June 26, 2013, under guidance issued by the IRS but will not be required to amend their plans to retroactively recognize participants’ legal same-sex marriages before that date (Notice 2014-19). The Supreme Court, in
Tax filing resources—Tax year 2013
This is the one-stop shop for all the updates you need to know for this year’s tax filing season. Find resources from the Journal of Accountancy, plus tax return checklists and tax savings tips from the AICPA, categorized by tax topic. INDIVIDUAL TAX Taxpayers can claim charitable contributions for typhoon
Taxpayers can claim charitable contributions for typhoon relief on 2013 returns
On Friday, the IRS announced the procedures for taxpayers to follow to take advantage of the recently enacted Philippines Charitable Giving Assistance Act, P.L. 113-92, which allows taxpayers to take deductions for cash contributions to qualified charities for the relief of victims of Typhoon Haiyan on their returns for the
EU audit firm rotation clears another hurdle
Mandatory audit firm rotation cleared another hurdle in the European Union on Thursday when the European Parliament endorsed proposed new audit regulations. Under the draft agreement, public-interest entities—which include listed companies, banks, and insurance companies—will be allowed to keep the same auditor for up to 10 years. That period could
How would auditors’ reporting affect “other information”?
Reporting on information outside the audited financial statements could empower auditors and educate investors, but it could also reduce useful disclosures from management, experts told the PCAOB on Thursday. During the second of two days of public hearings on the PCAOB’s auditor’s reporting model proposal, panelists debated the merits of
Plan administrators can assume certain rollovers are valid
In Rev. Rul. 2014-9, the IRS ruled that a plan administrator for a plan that is qualified under Sec. 401(a) may reasonably conclude in the situations described in the ruling that a potential rollover contribution is valid under Regs. Sec. 1.401(a)(31)-1, Q&A-14(b)(2), which governs the treatment of a plan that
PCAOB trying to help auditors find their voice
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
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
How confident are you in your corporate tax strategy?
Four professionals discuss if it may be time to transform the tax department. Register to download the free whitepaper and learn more. Sponsored by BNA Software.
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.
Features
FROM THIS MONTH'S ISSUE
AI risks CPAs should know
Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
