The IRS on Tuesday issued proposed regulations that would clarify when a substantial risk of forfeiture exists on the transfer of stock to an employee that is treated as compensation under Sec. 83 (REG-141075-09). When a substantial risk of forfeiture exists, the employee does not yet have to recognize the
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FASB and IASB narrow lessee accounting model options
FASB and the International Accounting Standards Board (IASB) have narrowed their focus in anticipation of a vote next month on a lessee accounting model in their joint convergence project on leases. During deliberation Thursday, the boards ceased consideration of two of the four lessee accounting models that had been proposed.
IRS issues guidance, requests comments on smart cards and debit cards used for transit fares
The IRS asked for comments on Friday on issues regarding the use of smart cards and debit or credit cards to pay transit fares (Notice 2012-38). It also announced that its previous guidance on the use of electronic media to provide employees with qualified transportation fringe benefits (Rev. Rul. 2006-57)
IRS to close offices as part of administration’s cost-cutting efforts
In a cost-cutting move projected to save $17.2 million in FY 2012 and $23.5 million in FY 2013, the IRS announced on Tuesday that 43 smaller offices will be closed and space in many larger facilities will be reduced (IR-2012-54). IRS Commissioner Douglas Shulman, in announcing the reductions, said, “Cutting
New private company council includes FASB, but in reduced role
The Financial Accounting Foundation (FAF) voted Wednesday to create a Private Company Council (PCC) to identify and vote on differences in U.S. GAAP for private companies. FASB will be responsible for “endorsement” rather than “ratification” of the newly created council’s decisions. The PCC will decide on exceptions and modifications to
Offer in compromise rules made more flexible in expansion of Fresh Start program
The IRS on Tuesday announced that it is making the terms under which it will accept offers in compromise more flexible (IR-2012-53). The changes are part of the IRS’s expansion of its Fresh Start program and are designed to help financially distressed taxpayers clear up tax problems more quickly. The
Final regs. issued on health insurance premium tax credits
The IRS issued final regulations governing the Sec. 36B health insurance premium tax credit enacted by 2010’s health care legislation (T.D. 9590). They are scheduled to be published in the Federal Register on May 23. The final regulations provide guidance to individuals who enroll in qualified health plans through Affordable
FAF trustees expected to rule on private company reporting standards
The much-debated future of private company financial reporting is expected to be decided this week. Proponents of differential financial reporting standards for private companies—and advocates of uniform reporting rules—will turn their attention to Washington on Wednesday as 2 ½ years of formal discussion appear ready to end. The Financial Accounting
Long-awaited private company decision expected Wednesday
Private company standards After receiving more than 7,300 comment letters and participating in four roundtable discussions, the Financial Accounting Foundation (FAF) appears prepared to decide on one of the most pressing U.S. financial reporting issues. During the open portion of its board meeting—from about 10:10 a.m. to 12:15 p.m. on
Accounting firm payments to owners flunk independent investor test
The Seventh Circuit held that an accounting and consulting firm organized as a C corporation could not deduct payments to related entities because they were dividends, not compensation for services rendered by the company’s owners (Mulcahy, Pauritsch, Salvador & Co., No. 11-2105 (7th Cir. 5/17/12), aff’g T.C. Memo. 2011-74). The
Panel: Leveraging data, collaborating across business units critical skills for corporate finance leaders
The corporate finance professionals who climb the value chain will be interpreters and collaborators able to leverage data as a strategic asset while working across functional areas to solve problems and innovate, according to executives speaking Friday at the AICPA’s Council meeting in Washington. “Information is the new currency,” said
Eight steps for implementing a technological overhaul
Author, venture partner, and consultant Geoffrey Moore made a pitch for a technological revolution Friday afternoon in the closing speech at the AICPA’s spring Council meeting. Consumer-facing business processes in professional services need to be re-engineered to accommodate the digital needs of clients and employees who already are using consumer
Secrets to surviving four technology storms ahead
George Colony sees a technology future in which the web fades in prominence to something akin to AM radio, society maxes out on social media, younger consumers’ habits radically depart from those of even the closest generation, and mobile engagement with customers could mean life or death for business models.
Finance and accounting workers feel secure in jobs, according to survey
Workers in finance and accounting feel secure in their jobs, but more than half say the economy has hurt their careers and nearly half plan to explore other positions when the job market opens up, according to a new survey. Finance and accounting employees are among the least likely professionals
FASB nearing release of invitation to comment on disclosure framework
A disclosure framework project that FASB has been developing for almost two years is scheduled to reach a milestone in June or July with the issuance of invitation for public comment, FASB Chairman Leslie Seidman said Thursday. Seidman said the three main objectives of the framework project are determining what
Entrepreneur brings attitude to economic discussion
When panelists at the AICPA’s spring Council meeting in Washington were asked Wednesday how to fix the economy, business leaders and politicians talked about familiar themes: balancing the federal budget and avoiding deficit spending. They said complex regulations are crippling some businesses. But Traci Lynn, CEO and founder of Traci
Leaders from large accounting firms bullish but monitoring regulation, complexity, human capital
Complexity and competition in the public accounting profession will rise as businesses demand more, better, faster, and cheaper. Working in teams and harnessing data will become more critical. Services in areas of assurance, audit, tax, and advisory work will remain the core, while emerging international markets will open up risk
SEC asks FASB to review accounting for hedging derivatives when counterparties change
The SEC has asked FASB to review elements of accounting for derivatives contracts designated as hedging instruments as part of FASB’s existing project on financial instruments, according to a letter posted on the SEC’s website. SEC Chief Accountant James Kroeker sent a letter dated May 11 to Dan Palomaki, chairman
Going concern evaluations, auditor’s reporting model on the week’s agenda
Auditors’ going concern evaluations and the auditor’s reporting model project will be among the topics discussed Thursday at a meeting of the PCAOB’s Standing Advisory Group (SAG). Established in 2003 to advise the PCAOB on the development of standards, the SAG includes auditors, investors, public company executives, and others. The
Farm debtors must pay capital gain tax in full, the Supreme Court holds
The U.S. Supreme Court ruled on Monday that farmers who sold farm assets during a bankruptcy reorganization under Chapter 12 of the Bankruptcy Code were liable for the full amount of the capital gains tax that resulted from the sale (Hall, Sup. Ct. Dkt. No. 10-875 (U.S. 5/14/12), aff’g 617
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