The IRS issued guidance on the correct tax treatment of payments taxpayers receive under the National Mortgage Settlement when their house is foreclosed on (Rev. Rul. 2014-2). The National Mortgage Settlement is an agreement reached in 2012 between the U.S. government and the attorneys general of 49 states and the
Advertisement
NEWS
U.S. GAAP taxonomy for 2014 available
The 2014 U.S. GAAP Financial Reporting Taxonomy is available, pending final acceptance by the SEC, FASB announced Wednesday. The taxonomy, available at FASB’s website, contains updates for accounting standards and other improvements to the 2013 taxonomy. FASB is responsible for developing and maintaining the taxonomy that is used by public
EU member states approve mandatory audit firm rotation
The European Union took another step toward a mandatory audit firm rotation requirement Wednesday when member states approved new audit regulations. The new regulations and amendments approved include a requirement that audit firms rotate engagements with public-interest entities every 10 years—with provisions for longer periods when engagements are put out
IRS reveals start date for 2014 tax filing season
The IRS has finally announced an official start date for the 2014 filing season: It will start accepting returns on Jan. 31. This date is 10 days later than the originally planned starting date of Jan. 21. “The late January opening gives us enough time to get things right with
SEC proposal aims to aid small businesses
Rules proposed Wednesday by the SEC would build upon the Regulation A exemption with the intention of increasing smaller companies’ access to capital. The proposed rules would implement part of the Jumpstart Our Business Startups (JOBS) Act of 2012, P.L. 112-106, by making the Regulation A exemption more useful to
SEC sanctions total a record $3.4 billion in FY 2013
SEC enforcement actions resulted in a record $3.4 billion in monetary sanctions in fiscal year 2013, the commission announced Tuesday. The total was 10% higher than in FY 2012 and 22% higher than in FY 2011, when the SEC filed the most actions in agency history. The SEC filed 686
Six key risk areas merit attention in 2013 audit cycle
Auditing of internal control over financial reporting, a topic that has received a lot of attention from the PCAOB this year, is among the key risk factors for the 2013 audit cycle, according to a new Center for Audit Quality (CAQ) alert. The alert describes six key areas of potential
Notice answers many post-Windsor questions on cafeteria plans, FSAs
The IRS continues to consider the effects of the Supreme Court’s Windsor decision on federal tax law, and its most recent guidance deals with elections and reimbursements for cafeteria plans, health savings accounts (HSAs), and health, adoption, and dependent care flexible spending arrangements (FSAs) (Notice 2014-1). Windsor, 133 S. Ct.
Preliminary EU agreement includes audit firm rotation
European Union leaders have reached preliminary agreement on audit reforms that would include a requirement for audit firms of public-interest entities to rotate after an engagement of 10 years—with provisions that could extend that period if the engagement is put out for bid or joint audits are performed. The Lithuanian
FASAB seeks feedback on annual report
The Federal Accounting Standards Advisory Board (FASAB) is seeking stakeholders’ feedback on its Annual Report for Fiscal Year 2013 and Three-Year Plan. “This is an opportunity for stakeholders to consider our progress and offer input to the board about its plans,” FASAB Chairman Tom Allen said in a news release
Align your controls with COSO’s principles
A mapping exercise is one of the most important activities for any organization implementing the updated 2013 internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), experts say. The updated framework includes 17 newly described principles across the five components of internal control that were
What accounting fraud risk factors will attract SEC’s attention?
Rising stock prices may be correlated with increased risk of financial reporting fraud, the SEC’s David Woodcock said this week, and that creates urgency for him and the new task force he chairs at the agency. Woodcock chairs the SEC Financial Reporting and Audit Task Force, which was unveiled in
Immediate year-end planning opportunity for existing CRTs
On Dec. 2, the Treasury Department issued final regulations addressing the 3.8% net investment income tax under Sec. 1411 (T.D. 9644). Regs. Sec. 1.1411-3 addresses estates and trusts, including charitable remainder trusts (CRTs). The final regulations include an additional accounting method to tax CRT distributions. Distributions of income from a
IRS releases rules for in-plan rollovers of Roth accounts
The IRS released rules in question and answer format for in-plan rollovers to designated Roth accounts in retirement plans (Notice 2013-74). The most significant part of the guidance concerns the mechanics of making an in-plan rollover of funds from Sec. 401(k), 403(b), or 457(b) governmental plans, which is now permitted
Five tips for successful revenue recognition implementation
The top line on financial statements around the world is about to change. And companies need to move quickly to determine which personnel will be responsible for implementing the new revenue recognition standard, said Dusty Stallings, CPA, a member of PwC’s national professional services group. “Companies need to get their
Final rules permit agents to withhold FUTA for home care service recipients
The IRS on Wednesday issued final regulations permitting an agent authorized by the IRS under Sec. 3504 to perform certain acts normally required of employers to withhold Federal Unemployment Tax Act (FUTA) taxes owed by home care service recipients (T.D. 9649). Under prior regulations, agents that paid wages to home
CAQ suggests streamlining proposed auditor reporting duties
The Center for Audit Quality (CAQ) is urging the PCAOB to streamline a proposed process for auditors to provide investors more information on the audit. The PCAOB in August proposed sweeping changes to the auditor’s reporting model and requested comments that are due today. The proposal would require auditors to
PCAOB to consider quality-control standard
Audit firms’ quality controls will be the subject of PCAOB discussion in 2014 that could lead to a new auditing standard, board Chief Auditor and Director of Professional Standards Martin Baumann said Tuesday. The PCAOB plans to issue a concept release seeking comment on ways to address audit firm quality
FASB aiming to make preparers’ jobs easier
FASB is trying to make financial statement preparers’ jobs easier without diminishing the useful information they provide to investors, board Chairman Russell Golden said Tuesday. The board is in the final stages of developing an internal policy that would guide the board in considering complexity as it develops and amends
Beswick: Rule-making preventing SEC from deciding on IFRS
Rule-making duties related to federal legislation have prevented the SEC from devoting time to deciding on the future of IFRS in the United States, SEC Chief Accountant Paul Beswick said Monday. “I think from my perspective, everyone in the commission thinks about the decision on IFRS and what the next
Features
SPONSORED REPORT
How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
From The Tax Adviser
April 30, 2026
Current developments in taxation of individuals: Part 2
April 30, 2026
Hedge funds: Tax structuring, planning, and compliance
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
