On Thursday, the IRS announced that taxpayers can find information about tax-exempt organizations in a new online search tool called Exempt Organizations Select Check (IR-2012-34). The information that is searchable online includes whether the organization: Is eligible to receive tax-deductible contributions. Had its tax exemption automatically revoked for failing to
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CPAs prioritize security, unsure how to best leverage new technologies
CPAs are confident that their organizations can secure their IT networks and manage data, but they doubt whether their employers will be able to generate revenue streams and other benefits from emerging technologies such as cloud computing and mobile devices, the AICPA reported Wednesday in releasing the results of its
Proposed regs. would require taxpayers that received EINs to update information
On Wednesday, the IRS issued proposed regulations that would require taxpayers that obtain employer identification numbers (EINs) to update their information with the IRS (REG-135491-10). The IRS issues EINs (which take the form 00-0000000) to employers, sole proprietors, corporations, partnerships, nonprofit associations, trusts, estates, government agencies, certain individuals, and other
FBAR and Foreign Financial Reporting Resources
TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), must be filed by U.S. persons having a financial interest in or signature authority or other authority over any financial account in a foreign country if the aggregate value of these accounts exceeds $10,000 at any time during the
FinREC asks FASB, IASB to continue work on revenue proposal
The AICPA’s Financial Reporting Executive Committee (FinREC) is asking FASB and the International Accounting Standards Board (IASB) for further deliberation and consideration on their joint proposal on an accounting standard for revenue recognition from contracts with customers. FinREC, in a letter to FASB and the IASB, expresses concern that certain
Tax Court disallows cost segregation of apartment building components
In a case exploring the extent of allowable cost segregation in depreciable rental real estate, the Tax Court held that all but a small handful of items identified by the building’s owner had to be depreciated over the life of the building (AmeriSouth XXXII, Ltd., T.C. Memo. 2012-67). AmeriSouth, a
Private company reporting decision could come in May, FASB chairman says
The Financial Accounting Foundation (FAF) trustees hope to vote on a final structure and plan for private company financial reporting at their meeting in May, FASB Chairman Leslie Seidman said Monday. In her “2012 Chairman’s Outlook on the FASB” webcast, Seidman explained the various private company initiatives being undertaken by
IRS issues foreign-targeted bond guidance
The IRS issued interim guidance Thursday (Notice 2012-20) on registration of foreign-targeted bonds and provided transitional relief for withholding agents on the related portfolio interest exception. The IRS said it had received questions about these and other implications of the repeal of the foreign-targeted bond rules under Sec. 163(f)(2)(B) by
Finance executives’ outlook on U.S. economy improving, survey shows
CPA financial executives displayed a more positive but still wary view of the U.S. economy in the most recent quarterly Business and Industry Economic Outlook Survey, released Thursday by the AICPA. Those indicating optimism for the U.S. economy increased from 19% in the previous quarter to 43%. Optimists outnumbered pessimists
Accounting and finance hiring expected to be flat in Q2
Hiring in accounting and finance is likely to be flat in the second quarter of 2012 in the United States even though CFOs are confident in their business prospects for that period, a Robert Half survey shows. Ninety-one percent of CFOs said they don’t expect to change their accounting and
Much-anticipated guidance issued on accounting method changes for repair regs.
In December 2011, the IRS issued long-awaited temporary regulations on the treatment of tangible property repairs. On Wednesday, it issued two revenue procedures detailing how taxpayers may obtain IRS automatic consent to the accounting method changes required by the rules. Rev. Proc. 2012-19 addresses repair and maintenance, materials and supplies,
FASB adds project to define “nonpublic entity,” as FAF private company decision looms
As its parent foundation works to develop a plan on improving private company accounting standards, FASB is trying to determine which entities can call themselves nonpublic. FASB announced Wednesday that it will undertake a project to reexamine the definition of a “nonpublic entity.” The announcement is likely to be welcome
The look ahead: FASB priorities, IASB investment company standards, and consumer confidence
FASB Chairman Leslie Seidman will discuss the board’s priorities for 2012 on Monday, and FASB and the International Accounting Standards Board (IASB) are gathering to discuss proposed standards updates for investment companies and real estate investment property next Friday. Also, several key reports will gauge U.S. consumer confidence. Here’s a
PCAOB reopens comment period on audit firm rotation concept release
The PCAOB has reopened its comment period regarding a debated concept release on auditor independence and audit firm rotation. The original comment period closed Dec. 14. The new deadline is April 22, the PCAOB said Wednesday. The board extended the deadline to incorporate comments following a March 21–22 public meeting
IRS expands “Fresh Start” initiative, provides penalty relief for unemployed
The IRS announced an expanded “Fresh Start” initiative Wednesday to help struggling taxpayers with a number of measures for relief (IR-2012-31). One of the most noteworthy of these measures is the abatement for the 2011 tax year of the failure-to-pay penalty (0.5% per month of the tax due up to
CEO of FASB’s parent foundation says Senate bill would undermine standard setting
Financial Accounting Foundation President and CEO Terri Polley told a Senate committee on Tuesday that a provision in the so-called Schumer-Toomey bill, “raises serious issues about the continued independence of the standard-setting process.” The proposal is designed to decrease the administrative burden on small and medium companies and spark job
Tax Court says limitation on deductible mortgage interest applies to unmarried co-owners
On Monday, the Tax Court held that unmarried co-owners were together subject to the $1.1 million limit on personal residence indebtedness under Sec. 163(h)(3) (Sophy, 138 T.C. No. 8 (3/5/12)). The taxpayers had argued that, for unmarried taxpayers, each owner should be subject to a separate limit, even though married
2012 automobile depreciation limits released
The IRS on Friday issued the 2012 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2012-23). For passenger automobiles (other than trucks or vans) placed in service during calendar year 2012 to which 50% first-year bonus depreciation applies, the depreciation
COSO explores common judgment traps, lays out five-step decision-making process
Many faulty business decisions can be traced to “confirmation bias” that leads people to unwittingly seek information that bolsters what they want to believe, says Brigham Young University accounting professor Doug Prawitt. “We don’t realize it when we do that, but it’s a very, very powerful human bias,” he said
IRS regulations broaden disclosures of tax-exemption determinations
In response to the D.C. Circuit’s holding that the regulations the IRS had relied on to not disclose rulings denying or revoking organizations’ tax-exempt status violated the disclosure provisions of Sec. 6110 (Tax Analysts, 350 F.3d 100 (D.C. Cir. 2003)), the IRS has issued final regulations amending the earlier regulations
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