On Thursday, the IRS announced that it will soon introduce a voluntary program for tax return preparers called the Annual Filing Season Program (IR-2014-75). This program will permit return preparers to obtain a record of completion when they voluntarily complete 18 hours of continuing education, including a six-hour refresher course
Advertisement
NEWS
Final rules involve disregarded entities, indoor tanning tax, and FICA and FUTA exemptions
The IRS issued T.D. 9670 on Wednesday, which finalizes rules on the disparate topics of disregarded entities that collect the excise tax on indoor tanning and how certain exceptions from Federal Insurance Contributions Act (FICA) and Federal Unemployment Tax Act (FUTA) taxes work when a disregarded entity is involved. Indoor
Critical skills needed for finance to cut through complexity
The roles of finance professionals are expanding at a fast pace in a constantly changing global economic environment, new AICPA research shows, creating an urgent need for accounting and finance professionals to grow their skills. An overwhelming majority (85%) of CPAs who participated in a recent survey said the role
AICPA reiterates its strong concerns about IRS voluntary certification program
The AICPA on Tuesday sent a 14-page letter to the IRS, expressing its strong concerns that a proposed IRS voluntary certification program for unenrolled tax return preparers “would cause significant legal problems that may ultimately frustrate the IRS’s goals, confuse the public, and lead to litigation.” The IRS is expected
New rules allow one-month orientation period before 90-day health plan waiting period begins
The IRS, the Labor Department, and the Department of Health and Human Services jointly issued final regulations (REG-122706-12) governing the maximum length of time an employee orientation period can last consistent with the 90-day waiting period under the Patient Protection and Affordable Care Act, P.L. 111-148, which prohibits employers from
Five barriers restricting risk management progress
Organizations continue to be aware of the risks in their midst, yet barriers remain for implementing enterprise risk management (ERM) initiatives. More than half (57%) of companies acknowledge that the volume and complexity of risks has increased “mostly” or “extensively” in the past five years, but the number of mature
FASB updates accounting for stock compensation
FASB has updated accounting standards on stock compensation to resolve diverse accounting treatments of awards linked to performance targets, such as an initial public offering or a specific profitability metric, that could be longer-term than the recipient’s employment. Current U.S. GAAP does not contain explicit guidance on how to account
CAQ’s field-testing yields further recommendations to auditor’s reporting model
Field-testing by the Center for Audit Quality (CAQ) of proposed changes to the auditor’s reporting model yielded four key observations related to the identification of “critical audit matters.” The CAQ expressed support for the PCAOB’s effort to update the auditor’s reporting model. The CAQ said in a news release Friday
New streamlined procedures and changes to the Offshore Voluntary Disclosure Program are announced
Just in time for the Foreign Account Tax Compliance Act (FATCA), which goes into effect July 1, the IRS announced changes to its streamlined filing compliance procedures and its Offshore Voluntary Disclosure Program (OVDP) designed to make it easier for taxpayers to comply with their obligations to report offshore assets and
Supreme Court issues decision on IRS summons enforcement
On Thursday, the U.S. Supreme Court vacated and remanded a decision of the Eleventh Circuit, in which the appeals court held “that a bare allegation of improper purpose [in issuing a summons] … entitle[s] a taxpayer to examine IRS officials” (Clarke, No. 13-301 (U.S. 6/19/14), slip op. at 1). Instead,
International forum aims for cohesion in corporate reporting
A new international forum is bringing together key players in corporate reporting to promote more coherence, consistency, and comparability between corporate reporting frameworks, standards, and related requirements. The Corporate Reporting Dialogue was introduced Tuesday by the International Integrated Reporting Council (IIRC). Along with the IIRC, participants in the Corporate Reporting
GASB’s OPEB proposals may have big impact
Proposed new accounting standards for other post-employment benefits (OPEB) published Monday by GASB are expected to have a significant impact on state and local government financial statements. GASB’s work on OPEB is intended to complement its development of new standards issued in 2012 on pensions. The goal is to present
FASB revises standard for accounting of repurchase agreements
FASB on Thursday issued a revised standard that addresses investors’ concerns with the financial reporting of repurchase agreements and brings U.S. GAAP accounting for such transactions into closer alignment with IFRS. Under the updated standard, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, these transactions would be
Six key developments for not-for-profit CPAs
The missions not-for-profits (NFPs) follow do not make them immune to the business difficulties faced in other sectors. Complexity, regulation, globalization, and economic trends all are creating challenges for NFPs, their leaders, and the CPAs who work with them. New accounting standards for NFPs are under development, and NFPs face
Supreme Court holds inherited IRAs are not retirement funds
In a unanimous opinion written by Justice Sonia Sotomayor, the U.S. Supreme Court on Thursday held that funds from an inherited IRA were not retirement funds that were exempt from the debtor’s bankruptcy estate (Clark v. Rameker, No. 13-299 (U.S. 6/12/14), aff’g 714 F.3d 559 (7th Cir. 2013)). The Supreme
Substantial new disclosures required by revenue standard
A wide assortment of new disclosures is expected to be one of the biggest challenges for financial statement preparers as they implement the new revenue recognition guidance issued last month by FASB and the International Accounting Standards Board (IASB). Public companies today voluntarily provide investors with many disclosures about revenue
Two tips CFOs can use to cut costs
Nearly every industry has had to deal with dizzying changes in business models over the past couple of decades because of the technological revolution that is the internet. The hospitality industry is no exception. Hotels, for instance, once counted on having to pay travel agents a 10% commission for bookings.
New rules for providing written tax advice are finalized
The IRS issued final regulations under Circular 230, Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R. Part 10), on the rules for practitioners to provide written tax advice and certain other related provisions (T.D. 9668), adopting the proposed regulations (REG-138367-06) issued in September 2012 with some modifications. The
PCAOB approves new related-party auditing requirements
New PCAOB rules approved Tuesday are designed to strengthen auditors’ scrutiny of related-party transactions and significant unusual transactions. Auditing Standard No. 18, Related Parties, requires the auditor to perform specific procedures to evaluate a company’s identification of, accounting for, and disclosure of the transactions and relationships between a company and
FASB adds narrow-scope projects; aims to simplify GAAP
FASB will attempt to simplify measurement of inventory and eliminate extraordinary items from income statement presentation as part of its ongoing initiative to reduce complexity in accounting standards. The board has added two narrow-scope projects to its agenda in hopes of quickly simplifying U.S. GAAP and reducing cost and complexity
Features
SPONSORED REPORT
Get your clients ready for tax season
Help clients avoid surprises with year-end planning strategies for managing taxable income, maximizing deductions, and adjusting to OBBBA changes affecting individuals and businesses.
From The Tax Adviser
September 30, 2026
Navigating the QSBS rules in pass-through structures
September 30, 2026
Sec. 338(h)(10) elections in business acquisitions
August 31, 2026
