U.S. organizations gave internal auditors slightly more generous base-salary increases in the past 12 months, but the magnitude of raises fell slightly in Canada, according to a new survey report. The percentage of U.S. organizations that gave internal auditors base salary increases of 4% or more grew to 16% from
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Orthodontist sues to reinstate employer mandate in health care law
While many large employers welcomed the IRS’s recent delay of the so-called employer mandate, requiring them to provide health coverage for their employees, an orthodontics practice in Florida filed suit on Tuesday to force the federal government to reinstate the original effective date of the Sec. 4980H shared-responsibility penalty that
Survey shows division over FASB, IASB credit loss proposals
Investment professionals are hungry for international convergence of financial reporting standards for estimating credit losses, but they are divided on the best method for reporting, according to a new global survey. Despite numerous calls for a converged standard following the financial crisis, FASB and the International Accounting Standards Board (IASB)
U.S. CFOs confident in finance teams’ compliance skills
Accounting and finance teams possess the skills to handle current regulatory compliance tasks, according to a new survey. Nearly half (45%) of 2,100 U.S. CFOs said their accounting and finance teams possess “excellent” regulatory and compliance expertise, according to a survey developed for finance, accounting, and business systems talent provider
Tax Court holds assumption of estate tax liability may reduce value of gift
Holding that there was a genuine issue of material fact, the Tax Court on Monday denied an IRS motion for summary judgment in an estate and gift tax case where the 89-year-old taxpayer, Jean Steinberg, made gifts to her daughters while requiring them to pay any tax liability that would
Payroll: Ready to boost your bottom line and client relationships?
Download this Special Focus Report here. Wage and tax calculations, IRS requirements, treatment of 401(k) and other contributions, and filing deadlines are only a few of the arduous tasks that can make payroll administration and management a challenge for even the most dedicated business owners—and a thriving service area for
PCC to ask FASB to endorse first private company GAAP exceptions
The Private Company Council (PCC) on Tuesday approved its first GAAP exceptions for private companies and will forward them to FASB for final endorsement. If FASB endorses the exceptions, they will be written into GAAP. These would be the first GAAP exceptions approved by the PCC, which was formed last
Six techniques for building a strategic finance department
Finance teams want to perform strategic duties in their organizations, but new research shows many of them are not building the right competencies to fulfill these duties. Typical finance teams are weak in the nontechnical competencies that matter the most, according to a white paper reporting results of a survey
Tax Court closed during government shutdown; IRS announces no refunds
With the federal government shutting down at midnight on Sept. 30, the Tax Court announced that it is closing during the shutdown. Unlike the other federal courts, which will remain open for at least 10 days, the Tax Court stopped accepting petitions, motions, and other papers, and electronic filings at
How the government shutdown affects taxpayers and tax practitioners
The failure of Congress to agree on a continuing spending resolution on Monday led to the first federal government shutdown since 1995–1996. The shutdown involves a large number of federal government functions, including many affecting taxpayers and tax practitioners. As this item was posted, it was not clear how long
IRS releases government shutdown contingency plan
The IRS on Friday released its contingency plan for what it will do if the federal government shuts down Oct. 1. The 61-page plan covers preparation for a shutdown, implementation, and reactivation of functions, but it anticipates a government shutdown of no more than five days. A longer shutdown would
FinREC, CAQ: Management should make going-concern assertion
Going-concern assertions are appropriately made by management, the AICPA’s Financial Reporting Executive Committee (FinREC) and the Center for Audit Quality (CAQ) said in comment letters supporting a FASB proposal. The comment period ended Tuesday for FASB’s proposed Accounting Standards Update, Presentation of Financial Statements (Topic 205), Disclosure of Uncertainties About
IRS updates special per diem rates for 2013–2014 travel expenses
On Wednesday, the IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2013 and 2014 (Notice 2013-65).The notice provides the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and
CPA services mostly exempt from SEC municipal adviser registration
Many CPA services are excluded from the activities that would require registration as a municipal adviser under new rules approved by the SEC last week. Under the regulations, which were scaled back from a previous proposal, CPAs would not be required to register as municipal advisers if they are providing
Type A or Type B? Lease concerns emerge at round table
The economics of cellphone towers was cited Monday as one of the many challenges FASB and the International Accounting Standards Board are encountering as they attempt to build one, converged, principles-based financial reporting model for leases. The boards proposed a standard that would mandate a dual approach to recognition, measurement,
Streamlined procedures for post-Windsor FICA refunds are released
In Notice 2013-61, the IRS announced the procedures employers should follow for filing refund claims for overpaid Federal Insurance Contributions Act (FICA) and income taxes paid on employer-provided benefits for same-sex spouses that, because of the Supreme Court’s Windsor decision, are now tax free. The notice provides two streamlined administrative
New York state proposes to regulate tax return preparers
Stepping into the void left when a federal court threw out the IRS’s registered tax return preparer program (see article here), the New York State Department of Taxation and Finance has proposed amendments to its Personal Income Tax Regulations and Procedural Regulations to regulate tax return preparers (N.Y. Comp. Codes
Businesses voice stiff opposition to lease proposal
The converged proposal on financial reporting for leases faces significant opposition from businesses from around the globe. Friday was the final day for the public to submit comment letters on the reproposal to FASB and the International Accounting Standards Board (IASB). An analysis of comment letters on the proposed standard
SEC proposes rules to compare pay of CEO, median employee
A rule proposed Wednesday by the SEC would require U.S. public companies to disclose the ratio between what companies pay their CEOs and their median employee. SEC commissioners voted 3–2 to propose the rule, which was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203. If
Walker issues final report, asks CPAs to lead in fiscal responsibility
Former U.S. Comptroller General David Walker is closing a chapter in his campaign against the rising tide of government debt, but he is urging his fellow CPAs to help fight against what he calls fiscal irresponsibility by elected leaders. Walker on Tuesday released the final report of his Comeback America Initiative,
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