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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Stop using “audit failure” term in PCAOB reports, Hanson says
The PCAOB’s use of the term “audit failure” in its inspection reports of audit firms appears to have caused confusion and misunderstanding about the severity of inspection findings among investors, audit committees, and others, PCAOB member Jay Hanson said Wednesday. Hanson said he is troubled by the PCAOB’s use of
FASB issues private company VIE alternative
A GAAP alternative issued by FASB on Thursday will allow a private company to elect—under certain circumstances—not to consolidate variable-interest entities (VIEs) in common-control leasing arrangements. The exemption, described in FASB Accounting Standards Update No. 2014-07, Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, is the third GAAP
IRA rollover guidance issued: IRS will follow the Tax Court
To settle the question of whether the limitation on rolling over one IRA per year under Sec. 408(d)(3)(B) applies to taxpayers on an aggregate basis or on an IRA-by-IRA basis, the IRS announced it will follow the Tax Court’s recent decision in Bobrow, T.C. Memo. 2014-21, applying the rule on
Internal auditors racing to keep pace with technology
Internal auditors have a strong desire to know more about emerging technologies and improve the way they use technology to perform their duties, a new survey shows. Mobile applications and social media are among the top areas of technical knowledge that internal auditors most need to improve, according to a
Boards remain split on lease expense recognition
FASB and the International Accounting Standards Board (IASB) failed to reach a consensus for new lease accounting guidance Wednesday but vowed to continue working together in pursuit of consistency. During two days of meetings at FASB’s headquarters in Norwalk, Conn., the boards failed to reach common answers on key areas
No easy answers in key leases standard debate
FASB and the International Accounting Standards Board (IASB) are struggling to find common ground in their efforts to create a converged standard for financial reporting on leases. While meeting together Tuesday at FASB’s headquarters in Norwalk, Conn., the two boards came to different conclusions in preliminary votes on financial reporting
11 issues that could flare up at the next shareholder meeting
U.S. public companies are operating in an environment full of both risk and opportunity as they prepare for their annual shareholder meetings. Cyberthreats, disaster planning, and political and economic unrest are among many factors that make the current climate hazardous for many companies. Although high values in the stock market
IRS expands use of electronic signatures
With the updated version of IRS Publication 1345, Handbook for Authorized IRS e-File Providers of Individual Income Tax Returns (rev. 3/11/14), the IRS provides new methods for taxpayers to electronically sign Form 8878, IRS e-file Signature Authorization for Form 4868 and Form 2350, the e-file signature authorization form. Taxpayers can
Regulatory issues requiring more attention from some CFOs
Managing regulatory compliance has become a more arduous task in the past 12 months for one-fifth of U.S. CFOs, a new survey shows. In the aftermath of the financial crisis, new regulations have been added through legislation such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203,
New procedure permits automatic recognition of consolidated return filing status
The IRS announced that it will permit an affiliated group of corporations that did not file the required Form 1122, Authorization and Consent of Subsidiary Corporation to Be Included in a Consolidated Income Tax Return, for all of its subsidiaries, to be treated as if its subsidiaries had filed Form
FASB to research fair value standard’s relevance for certain investors
FASB plans to research concerns about the usefulness of its fair value measurements standard for users of financial statements of employee benefit plans, not-for-profits, and private companies. The concerns arose during a post-implementation review conducted for the board’s parent body, the Financial Accounting Foundation (FAF). The review was completed last
Spending and sentiment on the rise for U.S. finance professionals
Businesses show a sustained desire to spend on technology and employee training while expecting profits to increase—signs that economic sentiment among U.S. finance professionals is improving. Respondents in the AICPA Business and Industry Economic Outlook Survey previously have projected rising profits. Until now, that expectation hasn’t been mixed with much
Simplified employer health care coverage reporting announced
On Wednesday, the IRS released final regulations to implement simplified reporting requirements under the Patient Protection and Affordable Care Act, P.L. 111-148, which requires employers to report health care coverage information under Secs. 6055 and 6056 starting in 2015 (T.D. 9660 and T.D. 9661). Also Wednesday, the Department of Health
Use data privacy to gain a competitive advantage
Data privacy doesn’t have to be an issue that keeps executives awake at night. Instead, companies that approach data privacy the right way can use it to differentiate themselves, said Carolyn Holcomb, CPA, the leader of PwC’s data protection and privacy practice in the United States. “We see companies that
FASB takes step forward in streamlining of disclosures
FASB took a step forward Tuesday in its effort to make disclosures in notes to financial statements more useful to investors. The board is building a framework that is intended to reduce unnecessary disclosures and highlight information that investors need most. On Tuesday, FASB issued a proposed concepts statement that
GASB proposes new GAAP hierarchy for state and local governments
A new GASB proposal is designed to help state and local governments clearly identify the appropriate guidance to apply to their financial reporting. GASB on Thursday issued the proposal, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, as an exposure draft. The proposed statement would change
Guidance on repair regs. updates accounting method change procedures
The IRS issued the second part of the guidance on accounting method changes under the so-called repair regulations, which govern the treatment of expenditures incurred in acquiring, producing, or improving tangible assets (Rev. Proc. 2014-17, modifying and superseding Rev. Proc. 2012-20). The first part of the updated procedures on accounting
PCAOB to hold round table on auditor’s reporting model
The PCAOB will seek feedback on its auditor’s reporting model proposal during a public meeting to be held April 2–3 in Washington. Panelists will be invited to share their views with the board on the proposal, which would include a requirement for auditors to identify and describe “critical audit matters”
Plans bear responsibilities in multiple-employer pension reporting
Transparency is increasing in state and local government employee pension reporting, and financial statement preparers and auditors need to be ready for the changes new GASB pension standards will bring. GASB Statement No. 67, Financial Reporting for Pension Plans, and GASB Statement No. 68, Accounting and Financial Reporting for Pensions,
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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.
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