The IRS on Tuesday released a “Taxpayer Bill of Rights” intended to better communicate to taxpayers their existing statutory and administrative protections. Modeled after the U.S. Constitution’s Bill of Rights and a document of the Organisation for Economic Co-operation and Development, the 10 broad provisions were announced at a news
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FASB relaxes rules for development-stage entities
FASB on Tuesday issued a new accounting standard that relaxes financial reporting requirements for development-stage entities. A development-stage entity devotes substantially all its efforts to establishing a new business and either: Has not commenced planned principal operations; or Has commenced planned principal operations, but has not produced significant revenue. The
Regs. tighten Form 5472 filing requirements
The IRS issued final (T.D. 9667) and proposed (REG-114942-14) regulations amending the rules for filing Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. The final regulations adopt without change temporary and proposed regulations issued in 2011 eliminating
Finance professionals are upbeat, but they have staffing concerns
U.S. finance professionals are feeling good on a number of fronts. They are optimistic about the U.S. economy and their own businesses. Most expect to make a higher profit than they did a year ago, and an increasing number say they’d like to hire additional staff. That last part is,
PCAOB to consider new rules for auditing related-party transactions
The PCAOB will meet Tuesday to consider adopting rules that would create new audit procedures that an auditor should perform when examining a company’s transactions with related parties or significant unusual transactions. Board members have sought comment twice on related-party proposals and are considering a standard and amendments to PCAOB
Revenue recognition transition issues to be tackled by new group
A new group devoted to dealing with transition issues related to the new, converged revenue recognition standard will meet twice in 2014 and four times in 2015. The Joint Transition Resource Group for Revenue Recognition will hold its first meeting on July 18 and will consist of financial statement preparers,
How preparers can make revenue recognition implementation smooth
Financial statement preparers are embarking on a daunting task as they begin to ramp up for implementation of the new, comprehensive, converged standard on revenue recognition. Reading and understanding the standard, which was released on Wednesday, is the first item of business for preparers, according to Brian Marshall, CPA, a
Regulations permit election of alternative simplified research credit on amended returns
On Monday, the IRS issued temporary regulations permitting taxpayers to elect the Sec. 41(c)(5) alternative simplified credit (ASC) on an amended return, as long as the taxpayer (or a member of its controlled group) did not make an election to use any other method of calculating the research credit on
How to reduce fraud risk at not-for-profits
Relying on fundraising, gift giving, and donations makes not-for-profits (NFPs) vulnerable to fraud in ways that other organizations are not. Click here to download our free report, which has practical tips to manage this risk. Sponsored by Abila.
GASB pension reporting: How to obtain and audit key numbers
State and local government employers who participate in multiple-employer defined benefit pension plans—and the governments’ auditors—may have difficulty obtaining data required by GASB’s new pension standards to prepare employer financial statements and auditing such information. GASB Statement No. 67, Financial Reporting for Pension Plans, provides revised guidance for the financial
Accounting may need help in revenue recognition implementation
Many companies are going to find that the attention of finance and accounting will not be enough to ensure successful implementation of the new revenue recognition standard.
FASB, IASB release historic revenue recognition standard
FASB and the International Accounting Standards Board (IASB) released a standard on the recognition of revenue from contracts with customers that is designed to create greater comparability for financial statement users across industries and jurisdictions.
New revenue guidance: Six things to consider
The release Wednesday of a long-awaited new revenue recognition standard had financial statement preparers settling in to read hundreds of pages of text, as standard setters celebrated the achievement of producing that text.
GASB proposals would address post-employment health care liabilities
New accounting rules proposals approved Wednesday by GASB would require more transparency in financial reporting about state and local government obligations for post-employment benefits (OPEB). GASB approved two exposure drafts related to OPEB and an additional exposure draft that would establish requirements for state and local government pensions and pension
Mandatory audit firm rotation rules published in EU
A mandatory audit firm rotation requirement and other audit market reforms have formally became part of European Union law. Rules published Tuesday in the Official Journal of the European Union—the authoritative source of EU law—include: A requirement that public interest entities—which include listed companies, banks, and insurance companies—change auditors after
Proposed peer review change would remove inconsistencies for engagement reviews
Changes to peer review standards proposed last week by the AICPA Peer Review Board (PRB) are designed to remove inconsistencies and improve the transparency of reports for engagement reviews. The proposal, outlined in an exposure draft, would change the impact to an engagement review report when all of the following
Practitioners suspended or disbarred from practice before the IRS can prepare tax returns
The IRS has decided that, as a result of the recent decision preventing it from regulating unenrolled tax return preparers, disbarment or suspension from practice before the IRS cannot include a ban on tax return preparation or blocking an individual’s preparer tax identification number (PTIN). Therefore, the Service announced that
Sec. 501(c)(4) regulations will be reproposed following outpouring of public comments
The IRS received an overwhelming flood of comments in response to proposed regulations it issued last November on the rules governing the political activities of Sec. 501(c)(4) social welfare organizations. As a result, the IRS announced that it will repropose the regulations, after taking the comments into account, and will
AICPA has “deep concerns” about IRS voluntary certification of return preparers
Following the defeat in federal court of the IRS’s tax return preparer regulation program, IRS Commissioner John Koskinen has commented that the IRS should consider a voluntary certification program for tax return preparers. On Wednesday, the AICPA sent the commissioner a letter, expressing its “deep concerns” about such a program.
Firm mobility and updated definition of attest included in updated UAA
Changes in the Uniform Accountancy Act (UAA) announced Tuesday will update the definition of attest and allow for CPA firm mobility across state borders. The boards of the AICPA and the National Association of State Boards of Accountancy (NASBA) have approved the changes to the UAA. While the UAA is
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