President Barack Obama released his proposed FY 2014 budget on Wednesday. In it, he aims to raise approximately $580 billion in revenue through new taxes, limits on deductions, and other tax proposals. The revenue-raising portion of the proposed budget generally mirrors the president’s proposals made during the fiscal cliff negotiations
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FASB lease proposal moves forward despite dissenting views
FASB decided Wednesday to move forward with a re-proposal on financial reporting for leases that will be converged with that of the International Accounting Standards Board (IASB). FASB Chairman Leslie Seidman cast the deciding vote in a 4–3 decision. Board members Tom Linsmeier, Marc Siegel, and R. Harold Schroeder dissented.
New SEC rules aim to prevent identity theft
The SEC on Wednesday adopted rules jointly with the Commodity Futures Trading Commission (CFTC) that require broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the SEC to adopt programs to prevent identity theft. SEC Chairman Mary Jo White, who was sworn in Wednesday, cast a vote in
Incorrect expert advice about estate return filing deadline does not excuse penalty
An executor of an estate who relied on his accountant’s mistaken advice that he had obtained a one-year extension of the filing due date for Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, was nonetheless liable for a large late-filing penalty (Knappe, No. 10-56904 (9th Cir. 4/4/13)). Knappe’s
Senate confirms ex-prosecutor White as SEC chairman
The Senate on Monday confirmed the nomination of Mary Jo White as chairman of the SEC. White, a former prosecutor who was the first woman to hold the venerated position of U.S. attorney for the Southern District of New York, brings a pedigree that could raise the SEC’s reputation for
Survey shows how Americans plan to use tax refunds this year
Americans have some decidedly unsexy plans for their tax refunds this year. Forget about impulse buys or impromptu holidays. These days, taxpayers expect to use the money for the basics: savings, day-to-day expenses, and paying down debt. A new survey conducted for the AICPA by Harris Interactive found that 46%
Iowa’s auditor of state, David Vaudt, named GASB chairman
David Vaudt, who has been Iowa’s state auditor since January 2003, has been named GASB’s new chairman. Vaudt, 59, will take his post on July 1 following the retirement of current chairman Robert Attmore. In Vaudt’s current position, he is responsible for auditing Iowa’s comprehensive annual financial report and single
IRS announces pre-approval program for Sec. 403(b) plans
The IRS has released a revenue procedure establishing a program for the pre-approval of Sec. 403(b) plans. Under the program, beginning June 28, 2013, it will accept applications for opinion and advisory letters as to whether the form of “prototype plans” and “volume submitter plans” meet the requirements of Sec.
Proposal seeks proper ingredients in federal financial reporting
New standards proposed by the Federal Accounting Standards Advisory Board (FASAB) are designed to make sure the appropriate agencies and organizations are included in the federal government’s financial reporting. Under the proposed standards, the governmentwide general purpose federal financial report (GPFFR) would include organizations that are: Budgeted for by elected
SEC describes how social media can be used to distribute company info
U.S. public companies can use social media to make company announcements as long as they inform investors of the channels they will use to distribute the information, according to a new pronouncement by the SEC. The SEC on Tuesday released a report that makes it clear that companies can use
New FASB discontinued operations proposal aims for relevance
Investors told FASB that current GAAP calls too often for disposals of assets to be presented as discontinued operations. FASB has responded to those concerns by issuing a proposal that would redefine “discontinued operation” in such a way that discontinued operations disclosures would be required only for disposals that are
Appeals court reverses $2.6 million penalty against tax shelter promoter
The Fourth Circuit Court of Appeals reversed and remanded a district court decision because the lower court permitted the jury to hear evidence of a taxpayer’s failure to file his personal income tax returns and to pay his taxes as evidence of his bad acts in determining whether he should
IRS’s identity theft liaison pilot program with law enforcement expands to 50 states
The IRS announced the expansion of its Law Enforcement Assistance Program on identity theft to 50 states and the District of Columbia (IR-2013-34). The expansion was effective Friday. Under the program, state and local law enforcement officials with evidence of identity theft involving fraudulently filed tax returns obtain permission from
IRS extends suspension of examinations of tangible property capitalization issues
On Wednesday, the IRS posted an updated Large Business & Industry (LB&I) Directive for field examinations on the repair vs. capitalization issue that extends the suspension of examinations (LB&I-04-0313-001). The effective date of the tangible property temporary regulations (T.D. 9564) (in amendments published Dec. 17, 2012) has been extended to
Appeals court denies IRS request for stay in return preparer regulation case
The IRS lost another round in its court battle to regulate tax return preparers when the U.S. Court of Appeals for the District of Columbia Circuit denied its motion to stay an injunction halting its return preparer regulation program, pending appeal of a lower court’s decision (Loving, No. 1:12-cv-00385-JEB (D.C.
FASB provides more time to compare credit loss proposals
FASB on Thursday voted to extend to May 31 the deadline for comments on its Proposed Accounting Standards Update (ASU), Financial Instruments—Credit Losses (Subtopic 825-15). The comment period originally was scheduled to end April 30. In comment letters, a handful of organizations asked FASB to extend the comment period to
PCAOB attempting to make auditing standards easier to navigate
The PCAOB on Tuesday took the first step toward what’s intended to be a comprehensive reorganization of its auditing standards. Board members unanimously voted to publish a proposal for a framework that would place the PCAOB’s auditing standards into a topical structure with a single, integrated numbering system. The board
Identity theft, phishing top IRS’s “Dirty Dozen” tax scams
The IRS issued its “Dirty Dozen” list of tax scams Tuesday, highlighting fraudulent schemes commonly committed by and upon taxpayers. The annual warning, released to coincide with tax filing season, emphasizes the most egregious schemes involving filing false returns or return items, but it also advises yearlong vigilance against practices
“Sovereign citizens” promoter faces up to 164 years in prison
A proponent of the “sovereign citizens” movement and self-proclaimed president of the “Republic for the United States” has been convicted of conspiracy to defraud the United States through a series of seminars in which attendees were taught to pay their federal income taxes by filing fictitious bonds (Turner, No. 1:12cr169-MHT
Technical practice aids address questions on audits of group financial statements
Nonauthoritative guidance arising from implementation issues is provided in 16 additional Technical Questions and Answers (TPAs) included as paragraphs .24 to .39 of TIS Section 8800, “Audits of Group Financial Statements and Work of Others.” Implementation issues, particularly regarding equity investments, are addressed in the guidance for AU-C Section 600,
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