Comprehensive final regulations issued Thursday provide rules for whistleblower awards under Secs. 7623(a) and (b), as well as rules governing the disclosure of return information under Sec. 6103(h) to pursue these claims (T.D. 9687). The regulations provide the rules for submitting information to the IRS, define key terms, provide rules
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Proposed new guidance outlines 12 principles for internal auditing
Proposed changes to guidance followed by internal auditors include a new mission statement and a set of 12 core principles that highlight what effective internal auditing looks like in practice. The Institute of Internal Auditors (IIA) on Monday announced the proposed changes to the International Professional Practices Framework, which is
2014 tax software survey: Individual product survey responses
In this year’s survey by the JofA and The Tax Adviser, more than 3,800 CPAs assessed the software they used to prepare 2013 tax returns. The survey was conducted in May–June 2014. Overall, respondents rated their software an average of 4.3 out of 5. Users of three products, Lacerte, ProSystem
AICPA advises CPA firms to review state registration and compliance
CPA firms are being urged by the AICPA State Regulation and Legislation team to review their registration compliance procedures to ensure that they are complying with out-of-state registration requirements when performing attest engagements. The AICPA advisory was issued after recent activity by some state boards of accountancy to ensure that
IRS provides guidance for Sec. 6707 material adviser penalty
On Wednesday, the IRS issued final regulations under Sec. 6707, which imposes a large penalty on any material adviser who fails to file a return required under Sec. 6111(a) disclosing a reportable transaction or who files a false or incomplete return (T.D. 9686). The regulations adopt the proposed regulations issued
ASB issues SAS No. 129 to amend letters for underwriters auditing standard
The AICPA Auditing Standards Board (ASB) has amended its auditing standard on letters for underwriters and certain other requesting parties. The ASB did not originally intend to significantly change or expand AU Section 634, Letters for Underwriters and Certain Other Requesting Parties, when it was redrafted and issued as AU-C
IRS issues guidance on health insurance premium tax credits
The IRS issued regulations and revenue procedures Thursday addressing how to calculate the Sec. 36B premium tax credit, including how the credit is calculated in conjunction with the Sec. 162(l) deduction for health insurance premiums of self-employed individuals. The temporary regulations (T.D. 9683) also provide rules for taxpayers who are
Convergence unachieved after IASB publishes financial instruments standard
The International Accounting Standards Board (IASB) on Thursday issued a new financial instruments standard that introduces an expected-loss impairment model. But the standard falls short of the goal of convergence with financial instruments guidance being developed by FASB. IFRS 9, Financial Instruments, is the final element of the IASB’s response
Restatements dropped after initial post-SOX surge, study shows
The number of restatements announced per year by SEC-registered companies has fallen significantly since the early era of post-Sarbanes-Oxley implementation, according to research released Thursday by the Center for Audit Quality (CAQ). Restatements, which surged in 2005 and 2006, fell to a 10-year low in 2009 and remained relatively low
New IRS rules simplify compliance for money market fund shares
In response to new SEC pricing rules for shares in certain money market funds (MMFs), the IRS on Wednesday issued guidance that allows a simplified method for calculating gain or loss on shares in MMFs subject to the new rules and exempts redemptions of shares in these MMFs from the
Technology plays a role in board members’ top two concerns
In a business environment where a damaging Twitter post can have disastrous effects on a company’s financials, reputational risk remains the top nonfinancial concern for corporate directors, according to a new survey report. Another risk rooted in technology—cybersecurity and information technology risk—is rising quickly among directors’ concerns, according to the
Federal courts disagree on health care credits for federal exchanges
The appellate courts for the D. C. Circuit and the Fourth Circuit issued conflicting decisions on Tuesday regarding the availability of the Sec. 36B premium tax credit for taxpayers who purchase health insurance on exchanges set up by the federal government. The D.C Circuit held that the regulation permitting taxpayer’s
Final rules issued on bona fide indebtedness and terminating partnership’s startup expenses
On Tuesday, the IRS issued T.D. 9682, which finalized proposed regulations relating to basis of indebtedness of S corporations to their shareholders that provide that S corporation shareholders increase their basis of indebtedness of the S corporation to the shareholder only if the indebtedness is bona fide, which is determined
What the PCAOB’s new related-party standard means for auditors
A new PCAOB related-party auditing standard may cause audit firms to revise their audit plans and methodologies to ensure that newly required procedures are fully incorporated into all phases of the audit. The PCAOB issued Auditing Standard (AS) No. 18, Related Parties, on June 10 along with amendments to auditing
Big Data tops issues facing forensic and valuation accountants
Electronic data analysis, also known as “Big Data,” is the most pressing issue that forensic and valuation services (FVS) accountants expect to face in the near future, according to survey results released Tuesday by the AICPA. A quarter of respondents to the 2014 AICPA Survey on International Trends in Forensic
New rules on covered asset acquisitions will shut down transactions to avoid Sec. 901(m)
In Notice 2014-44, the IRS announced that it would issue regulations to prevent taxpayers from misapplying the statutory disposition rule in cases where the gain or loss from the disposition of the relevant foreign asset (RFA) is recognized for U.S. income tax purposes but not for foreign income tax purposes.
PCAOB reaches agreement with audit regulator in Denmark
The PCAOB and Denmark’s audit regulator have entered into a cooperative arrangement for oversight of audit firms in their respective jurisdictions, the PCAOB announced Friday. A framework for joint inspections is provided in the agreement with the Danish Business Authority. The agreement allows for the exchange of confidential information and
Revenue transition group debates difficult implementation issues
A lively discussion by a new revenue recognition transition resource group gave FASB and the International Accounting Standards Board (IASB) plenty of views to consider as they ponder how to help preparers with implementation questions related to the revenue recognition standard issued in May. The resource group, which met for
Definitions of R&E expenditures are amended under final rules
The IRS issued final regulations on which amounts paid or incurred in connection with the development of tangible property, including pilot models, qualify for the Sec. 174 deduction (or amortization) for research and experimental expenditures (T.D. 9680). The regulations finalize proposed rules issued last September (REG-124148-05), with a few changes
Effective date of fiduciary fee unbundling rules delayed until 2015
In response to a comment that the current effective date of the new rules on fiduciary fees does not give fiduciaries enough time to implement them, the IRS amended T.D. 9664 to delay the date. As a result, the new rules governing which costs of trusts and estates are subject
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