Identity theft and telephone scams top this year’s list of the “Dirty Dozen” fraudulent tax schemes released by the IRS on Wednesday. The annual list contains various common scams that taxpayers may be subjected to at any time, but the IRS says many of them reach a peak during tax
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The scoop on group audits: You may have them, even though you think you don’t
As Vince Lombardi said, “Individual commitment to a group effort—that is what makes a team work, a company work, a society work, a civilization work.” I would add to this that an individual firm’s commitment to group audit considerations makes audit planning work. Simply stated, group audits are audits of
Can you draw a perfect score in the accounting game?
More than 1,000 questions inspired by content in accounting textbooks are featured in a new online game created for high school students. The AICPA helped develop the game, called “Bank On It,” which is available at startheregoplaces.com. The game is intended to be a fun, engaging way for educators to
ASB proposes amendments to clarified auditing standard on letters for underwriters
The AICPA Auditing Standards Board (ASB) proposed amendments Thursday to AU-C Section 920, Letters for Underwriters and Certain Other Requesting Parties. AU-C Section 920 was issued as part of the ASB’s clarity project and is a redrafting of AU Section 634 of the same title. When the clarified standard was
ASB issues clarified auditing standard on using the work of internal auditors
With the release of a new auditing standard addressing the external auditor’s responsibilities if using the work of internal auditors, the AICPA Auditing Standards Board has completed the clarity redrafting of its final AU section in AICPA Professional Standards. Developed using International Standard on Auditing 610 (Revised 2013), Using the
Five key defenses against risk
When does a company pull the trigger on an acquisition or investment? When is expanding into a new market a prudent choice? And when is the right time to hire additional personnel or change employee benefits? These are among the many questions organizations consider through a lens of strategic opportunities
D.C. Circuit affirms decision striking down tax return preparer regs.
The IRS’s attempt to regulate unenrolled tax return preparers was dealt another blow on Tuesday as the D.C. Circuit Court of Appeals held that the agency exceeded its statutory authority when it issued regulations imposing various requirements on tax return preparers (Loving, No. 13-5061 (D.C. Cir. 2/11/14), aff’g No. 1:12-cv-00385
Unnecessary disclosures targeted by SEC
A targeted, step-by-step approach is the best way for the SEC to review and overhaul its financial disclosure requirements under securities laws, SEC Commissioner Daniel Gallagher said Monday. In a speech at the Forum for Corporate Directors in California, Gallagher said he hopes the SEC can “make real headway” in
New IDR procedures postponed until March 3
The IRS announced in an email to practitioners that it is pushing back the effective date for its new information document request (IDR) procedures to March 3 (e-News for Tax Professionals 2014-6 (Feb. 7, 2014)). The new procedures had been scheduled to start Jan. 2. The new IDR procedures were
IRS announces additional one-year delay in health coverage penalty for midsize employers
The IRS announced on Monday that it is delaying the so-called shared-responsibility requirement under Sec. 4980H for employers who have 50 to 99 full-time equivalent employees in 2014 (T.D. 9655). These employers will now have until 2016 to offer health care coverage to their employees or be subject to the
Crowdfunding poses benefits, risks
Financial return crowdfunding does not pose systemic risks to the world economy yet, according to a report issued Wednesday by staff researchers working for the International Organization of Securities Commissions (IOSCO). But in the marketplace, crowdfunding—which is growing in popularity—poses both benefits and risks, according to the report. Crowdfunding involves
New proposed rules determine UBTI of certain exempt employee benefit organizations
The IRS on Wednesday issued proposed regulations to implement Sec. 512(a)(3)(E), which limits the amount of exempt function income that can be set aside when calculating the unrelated business taxable income (UBTI) of Sec. 501(c)(9) voluntary employee beneficiary associations (VEBA) and Sec. 501(c)(17) supplemental unemployment benefit trusts (SUBs) (REG-143874-10). This
How the lease accounting proposal may change
Acknowledging that the converged leases project poses difficulties for standard setters, International Accounting Standards Board (IASB) Chairman Hans Hoogervorst described some possible solutions Wednesday during a speech in Tokyo. The IASB and FASB are involved in new deliberations on their converged leases project after receiving feedback from financial statement preparers
Regulation leads list of top 10 risks for 2014
Regulatory changes and scrutiny are the risks business leaders are most concerned about for 2014, according to a new survey conducted by N.C. State University’s Enterprise Risk Management Initiative and consultant Protiviti. “It’s a message for policymakers,” said Jim DeLoach, CPA, a Protiviti managing director. “… The bottom line is,
Seven ways for small businesses to rein in health care costs
Editor’s note: On Feb. 10, the IRS delayed the penalty for employers with 50 to 99 full-time equivalent employees. Click here for details. New health care regulations in the United States have small business leaders bracing for increased costs and eager to save where they can. Although it was delayed
SEC plans to consider whether global standards are achievable
The SEC plans to consider whether a single set of high-quality global accounting standards is achievable, according to one initiative described in a draft of the commission’s strategic plan for 2014 to 2018. An initiative described on page 8 of the 39-page document, which was released Monday, says the SEC
PCAOB extends comment period on engagement partner ID proposal
The PCAOB has extended the comment period on its reproposed standard that would require the engagement partner and certain other participants in the audit to be identified in the audit report. The new deadline is March 17; the original deadline was Feb. 3. The board reproposed the amendments in December.
IASB gives rate-regulated activities guidance, reviews business combinations rules
The International Accounting Standards Board (IASB) on Thursday issued an interim standard on rate-regulated activities for use by first-time IFRS adopters while the board works to develop a permanent standard. Previously, IFRS did not contain any guidance for rate-regulated activities. The IASB has a plan to consider the broad issue
Why employers may consider public health care exchanges
New public health care insurance exchanges may provide more affordable coverage than plans employers currently use, according to a new report. An analysis by PwC’s Health Research Institute showed that the median 2014 premium on 51 public exchanges nationally is $5,844 for a plan with coverage similar to that of
Details of new myRA retirement savings vehicle revealed
Following up on announcement made by President Barack Obama in his annual State of the Union speech on Tuesday, the White House released details of a new retirement savings account to be made available to employees through their employers. These accounts, myRAs (presumably an abbreviation for “my retirement account”), which
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