The Financial Accounting Foundation’s first formal “post-implementation review” of a FASB standard is complete with this morning’s report that FASB Interpretation no. (FIN) 48, Accounting for Uncertainty in Income Taxes, generally achieves its purpose. According to a FAF announcement, the review concluded that FIN 48 increases relevance and comparability in
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Taxpayer advocate cites underfunding as cause of IRS’ most serious problems
The national taxpayer advocate, Nina Olson, in her annual report to Congress for 2011, cited the IRS’ lack of adequate funding, expanding workload and overreliance on automation as the most serious problems facing taxpayers. She said that, as a result, the IRS cannot adequately meet the needs of taxpayers, cannot
IRS PTIN system continues to accept 2011 renewals
The IRS online system to apply for a new preparer tax identification number (PTIN) is back up and running after a two-week hiatus for maintenance. In addition, the system is continuing to accept 2011 PTIN renewals even though the Dec. 31, 2011, renewal deadline has passed. The IRS has also
IRS announces third offshore voluntary disclosure program
In a press release trumpeting the successful collection of more than $4.4 billion in its 2009 and 2011 voluntary disclosure programs, the IRS announced it is starting its third program designed to help people hiding offshore accounts get current with their taxes in the U.S. (IR-2012-5). The new program, unlike
More-generous rules proposed for equitable innocent spouse relief
In response to court decisions and the IRS’ claim that its experience applying equitable relief has given it new insight, the IRS issued a proposed revenue procedure changing the way it will treat requests for equitable innocent spouse relief under Secs. 66(c) and 6015(f) (Notice 2012-8). The three most significant
Guidance provided on electronic health record incentives
The federal government’s promotion of electronic health records has created financial incentives for medical professionals and hospitals that make meaningful use of certified electronic health record (EHR) technology. But medical providers must comply with standards for use of the technology and properly account for the incentive payments in an area
The 20 most popular stories of 2011
We tallied the traffic on journalofaccountancy.com to determine 2011’s most popular JofA articles and news. Use the lists below to catch up on important news and professional developments you may have missed in the past year. Here are the most popular feature articles of 2011 from the JofA’s monthly print
CPA exam prep innovator Newton D. Becker dies at 83
Newton D. Becker, whose preparatory course led to CPA exam success for hundreds of thousands of accountants, died Monday in Los Angeles after a lengthy illness. He was 83. Becker was the founder and driving force behind Becker CPA Review, which he started in his hometown of Cleveland and grew
IRS issues new guidance on W-2 reporting of health plan costs
The IRS released new guidance on the requirement that employers provide information to employees on the cost of employer-provided group health plan coverage (Notice 2012-9). The guidance comes in the form of 39 questions and answers. It supersedes Notice 2011-28 and makes changes to requirements that were issued in Notice
New tax provisions for 2012
With the ringing in of the new year, several new tax provisions took effect. While the list of new items does not compare with the number of tax provisions that expired at the end of 2011 (see “Many Tax Provisions Set to Expire at Year-End”), practitioners should be aware of
Featured Online Content for January 2012
FEATURED VIDEO Changes Ahead for Revenue, Lease AccountingA new revenue recognition proposal is out, and an exposure draft is expected in the coming months on the convergence project for leases. Hear Bill Schneider, CPA, director of accounting for AT&T and a member of the AICPA board of directors, discuss the
Board of education: Client advisory board implementation action plan
Editor’s note: Also read “Board of education: CPA firms, businesses can profit from clients’ advice,” in the Jan. 2012 issue of the JofA. Here is a step-by-step client advisory board implementation plan developed by the AICPA’s Private Companies Practice Section. More client advisory board tools are available to PCPS members
Comment Periods for Volcker Rule, ABS Conflicts Proposal Extended
Government officials on Friday approved a 30-day extension of the public comment period for a proposal to implement regulation known as the Volcker Rule. In addition, the SEC issued the same extension for a regulation known as the ABS Conflicts Proposal. Both proposals are part of the implementation of the
Regulations Issued on Repair Expenditures
On Friday, the IRS issued long-awaited temporary and identical proposed regulations (T.D. 9564; REG-168745-03) regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements. The temporary regulations affect all taxpayers
FASB Defers Part of Comprehensive Income Standards Update
FASB on Friday released an update that defers a portion of new accounting requirements for comprehensive income issued earlier this year. The update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other
Congress Passes Temporary Payroll Tax Cut Extension
The reduced 4.2% Social Security tax rate will remain in effect at least through February. The Senate and the House of Representatives on Friday both agreed by unanimous consent to extend the reduced rate, and President Barack Obama signed the bill—the Temporary Payroll Tax Cut Continuation Act of 2011 (H.R.
Many Tax Provisions Set to Expire at Year-End
Congress has reportedly broken its impasse and agreed to extend the payroll tax cut for two months, so the reduced Social Security tax rate will not expire as scheduled at midnight on Dec. 31. While Congress’ negotiations over extending the reduced payroll tax rate have garnered a lot of media
SEC Amendments Change Net Worth Calculation for “Accredited Investors”
The value of a person’s home will not count as an asset when calculating net worth to determine whether that person may invest in certain unregistered securities offerings, according to SEC rules amendments released Wednesday. Final Rule Release No. 33-9287 explains changes made to conform the SEC’s definition of an
IRS PTIN Application System to Go Down for Maintenance
The IRS announced on its website that it will not be accepting new applications for preparer tax identification numbers (PTINs) from 5 p.m. EST Friday, Dec. 23, until approximately 6 a.m. EST on Monday, Jan. 9. The IRS PTIN system will be available for renewals during that time. The IRS
PCAOB Reproposes Standard on Communications with Audit Committees
The PCAOB on Tuesday reproposed for comment an audit standard, Communications with Audit Committees, and related amendments to PCAOB standards. Initially, the standard was proposed on March 29, 2010. According to a PCAOB news release, the reproposed standard is designed to align communications requirements with performance demands in other PCAOB
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