A Swiss court has prevented the handover of information on U.S. account holders to the IRS by the Julius Baer Group Ltd., a Swiss bank (A v. Federal Tax Administration, A-5390/2013 (Fed. Admin. Ct. 1/6/14)). The IRS requested information from the bank on its customers who are U.S. citizens based
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IRS issues final rules on sales-based royalties and vendor allowances
On Friday, the IRS issued final regulations on sales-based royalties and vendor allowance rules under Sec. 263A and Sec. 471 (T.D. 9652). The rules, which adopt the proposed regulations (REG-149335-08) issued in 2011 with some changes in response to comments, apply to tax years ending on or after Jan. 13,
New regulations among SEC’s 2014 examination priorities
Issues posed by new rules and regulations will be among the issues the SEC scrutinizes most closely in 2014 in its examination of issues at financial institutions reviewed under the Office of Compliance Inspections and Examinations’ National Examination Program. The SEC on Thursday announced its examination priorities for 2014, which
Preparers oppose PCAOB’s plan for more auditor disclosures
The message from financial statement preparers to the PCAOB about the content of audit reports is clear. Preparers don’t want their responsibilities usurped by auditors. “While some investors may desire improvements in disclosures, the proper source of this information is management and not the auditor,” Fedex Corp. told the PCAOB
TPA addresses use of current auditing standards for audits of prior periods
The AICPA has issued nonauthoritative guidance addressing the use of current auditing standards for audits of prior periods. According to Technical Question and Answer (TPA) 8100.03, when an auditor is engaged to perform an audit of financial statements that are as of or for a period that ended prior to
New procedures for reinstatement of tax-exempt status are introduced
Tax-exempt organizations that have had their tax-exempt status automatically revoked because they failed to file required annual returns for three consecutive years have new procedures for getting their exempt status reinstated, under guidance issued by the IRS on Thursday (Rev. Proc. 2014-11). Earlier guidance providing methods for reinstating exempt status
Six developments for CPAs to watch in 2014
If you enjoy change, 2014 should be a good year. The months ahead will see the accounting profession gearing up for new regulations and handling significant financial reporting developments, including preparing to implement changes in accounting for revenue. Here are a few of the likely financial reporting and regulatory developments
Procedures for IRS rulings, technical advice, etc., updated for 2014
As 2013 drew to a close, the IRS was busy issuing annual updates to the revenue procedures that govern its operations and interactions with taxpayers. In particular, the IRS issued Rev. Procs. 2014-1 through 2014-6, all on Dec. 30, 2013. These include the list of “no ruling” areas in which
Top tax news developments in 2013
The past year featured a large number of tax developments, some of which got extensive coverage in the media, and many of which got less coverage but affect almost all taxpayers and practitioners. As we get ready to welcome a new year, here’s a look back at the most important
Seven changes new revenue standard may bring
The prospect of preparing for a historic, game-changing revenue recognition standard at a huge, global public company is a bit daunting for GE Technical Controller Russell Hodge, CPA. “I’ll admit to it being a little bit overwhelming to us,” Hodge said. “We have $150 billion of revenue and so many
2013 accounting news quiz answers
Here are the answers to the 2013 JofA news quiz. 1. Question: What did the PCAOB propose that public company auditor’s reports should include? Answer: (b) The engagement partner’s name. Full story: “PCAOB Proposal Could Result in Public Tracking of Auditors” 2. Question: Which converged standard did members of FASB and the
Take the 2013 accounting news quiz
Technology and globalization have created a business environment of nearly constant change, and accounting trendsetters have worked hard to keep up with the pace. Take this 12-question quiz and see how well you kept up with the news in the accounting profession in 2013. If you find yourself struggling with
FASB, PCC issue rules for private-company GAAP alternatives
The rules for providing alternative financial reporting guidance for private companies were formally established Monday when FASB and the Private Company Council (PCC) issued their Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies. FASB also issued its definition of a public business entity,
IRS announces automation of taxpayer resources, start of business filing season
The IRS announced on its website that, beginning in 2014, it will stop providing a number of taxpayer assistance services in person or over the phone and will shift those services online. The move is designed to free up IRS employees to help taxpayers deal with issues, such as identity
Financial instruments convergence in doubt after FASB decisions
FASB took what appears to be two steps back from convergence with the International Accounting Standards Board (IASB) last week with a pair of major tentative decisions in its project on accounting for financial instruments. In the classification and measurement portion of the project, the board decided not to continue
SEC to update rules for corporate disclosures
SEC Chairman Mary Jo White directed the commission’s staff to develop recommendations for updating the rules for what a company must disclose in its public filings, according to an SEC news release. The SEC staff issued a report to Congress on Friday recommending that the commission’s disclosure requirements be reevaluated
Senate confirms John Koskinen as IRS commissioner
The Senate on Friday voted 59–36 to confirm the nomination of John Koskinen to be the next IRS commissioner. Koskinen was nominated by President Barack Obama on Aug. 1. The previous commissioner, Douglas Shulman, stepped down in November 2012 at the end of his term. Since May 22, Daniel Werfel
EU audit reforms “raise serious concerns” for the CAQ
Audit market changes that were preliminarily agreed upon by European Union policymakers this week “raise serious concerns for audit quality,” Center for Audit Quality (CAQ) Executive Director Cindy Fornelli said in a statement. Mandatory audit firm rotation and prohibition of most nonaudit services by audit firms to their audit clients
Grant reform increases single-audit threshold, changes audit rules
New guidelines unveiled Thursday by the Office of Management and Budget (OMB) raise a key threshold for compliance audits of entities that receive federal award money from $500,000 per fiscal year to $750,000 per fiscal year. Among other things, the new rules raise the federal awards threshold that triggers compliance
Six more countries sign FATCA agreements with U.S.
The Treasury Department announced on Thursday that the United States has signed six more bilateral agreements to implement the reporting and withholding provisions of the Foreign Account Tax Compliance Act (FATCA), P.L. 111-147. The agreements with the Netherlands, Malta, Bermuda, Jersey, Guernsey, and the Isle of Man bring the number
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