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
Advertisement
NEWS
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
Effects of nonaudit services at audit firms concern PCAOB, SEC
Regulators are asking whether the increasing provision of nonaudit and consulting services by audit firms poses risks to audit quality, and the PCAOB plans a formal examination of the issue in 2014. The PCAOB plans to hold round-table discussions on the issue next year with audit firm leaders and other
IIRC releases International Integrated Reporting Framework
The International Integrated Reporting Council (IIRC) on Sunday made public an approved framework for integrated reporting. The group intends for the framework to guide companies on how to best communicate with their stakeholders. The release represents a key step forward for integrated reporting (IR). The aim of IR is to
PCAOB seeks improvement in engagement quality reviews
A PCAOB report released Friday instructs audit firms to take steps to ensure that engagement quality reviews detect the audit deficiencies they are meant to identify. Although firms’ methodologies reviewed by the PCAOB were generally consistent with the requirements of Auditing Standard No. 7, Engagement Quality Review, the report says
Proposed rules would require terminating partnerships to amortize startup expenditures
On Friday, the IRS issued proposed regulations aimed at preventing partnerships from using technical terminations to accelerate their deductions of startup and organizational expenses (REG-126285-12). When finalized, the regulations will apply to technical terminations of partnerships that occur on or after Dec. 9, 2013. Under Sec. 708(b)(1), a partnership terminates
Standard mileage rates go down slightly in 2014
Optional standard mileage rates for use of a vehicle will go down by one-half cent per mile for 2014, the IRS announced (Notice 2013-80). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. For business use of a car, van, pickup truck,
Finance executives show increasing optimism about their companies
U.S. finance executives’ optimism about the domestic economy cooled in the past three months, but they were more bullish about the near-term prospects of their own businesses. CPA decision-makers are increasingly positive about their own businesses’ revenue and profit, especially when compared with a year ago. That sunny view offsets
Numerous provisions expire at year end
Taxpayers and practitioners breathed a sigh of relief in January when Congress passed the American Taxpayer Relief Act of 2012 (ATRA), P.L. 112-240, at the last minute, bringing some certainty to a host of provisions that had been uncertain. Many expired and expiring provisions were extended by ATRA, including the
PCAOB proposal could result in public tracking of auditors
At first, the names of audit engagement partners disclosed in public company audit reports might not mean much to investors, PCAOB Associate Chief Auditor Jessica Watts said Wednesday as she described a new board proposal. Initially, little public information about engagement partners would be available, Watts said, under a PCAOB
Supreme Court resolves circuit split on 40% gross valuation misstatement penalty
On Tuesday, the U.S. Supreme Court held that the 40% penalty for a gross valuation misstatement applied when the partnerships at issue had been determined to be shams that lacked economic substance, and, as a result, the partners’ outside basis in the partnerships was zero (Woods, No. 12-562 (U.S. 12/3/13),
AICPA groups seek consistency in insurance contract standards
Comment letters to accounting standard setters submitted jointly by an AICPA committee and expert panel urge convergence on at least some critical issues in financial reporting rules for insurance contracts. The AICPA Financial Reporting Executive Committee and Insurance Expert Panel advised FASB and the International Accounting Standards Board (IASB) that
FASB to seek feedback on accounting for income taxes
FASB plans to ask financial statement users, preparers, auditors, and others for feedback on how to best address concerns about its standard on accounting for income taxes. The board also plans to ask stakeholders whether addressing those concerns should be a priority in comparison to other projects that could be
PCAOB proposal to name engagement partner may generate debate
A vigorous debate is expected as the PCAOB prepares to repropose a rule that would require engagement partners’ names to be disclosed in public company auditor’s reports. The PCAOB has announced that it will consider making a reproposal on Wednesday. The board will welcome public comment on the issue, and
IASB proposes amendments to IAS 27 to allow equity method
Narrow-scope amendments to IAS 27 proposed Monday by the International Accounting Standards Board (IASB) would allow entities to use the equity method to account for investments in subsidiaries, joint ventures, and associates in their separate (parent-only) financial statements. The proposed changes are designed to reduce compliance costs while providing information
Features
FROM THIS MONTH'S ISSUE
Want to thrive in an AI world? Power up your people skills
Learn how CPAs can strengthen their human relationships by developing their communication, curiosity, and self-awareness. Artificial intelligence can’t replicate these people skills.
From The Tax Adviser
April 30, 2026
Current developments in taxation of individuals: Part 2
April 30, 2026
