Some executors who missed a deadline to apply a decedent’s unused estate and gift tax exclusion amount to a surviving spouse received an extension Friday. The IRS announced the extension in Notice 2012-21. It applies to estates of decedents dying in the first six months after provisions for “portability” of
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SEC changes performance fee thresholds, net worth calculation
Investors no longer will include the value of their home in the net worth calculation that can determine whether registered investment advisers can charge them performance fees, the SEC announced Wednesday. SEC rules allow registered investment advisers to charge performance fees if the client’s assets managed by the adviser or
Three financial reporting standards to get FAF reviews
The Financial Accounting Foundation (FAF) will conduct post-implementation reviews on standards regulating financial reporting for business combinations, operating segments and investment disclosures. Standards selected for review, as announced in a FAF news release, are: FASB Statement No. 141R, Business Combinations, which requires an acquiring organization to recognize the assets acquired,
FinCEN once again extends FBAR filing deadline for certain financial professionals
The Financial Crimes Enforcement Network (FinCEN) announced a further extension of the deadline for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), to June 30, 2013, for a small group of financial professionals (FinCEN Notice 2012-1). In 2011, FinCEN announced that three small groups of
IRS proposes PTIN regs. for supervised, nonsigning and non-1040 preparers
The IRS issued proposed regulations on Tuesday regarding the availability of preparer tax identification numbers (PTINs) for supervised nonsigning preparers and for preparers of forms other than Form 1040. They also address what tax forms are considered returns for purposes of the PTIN rules (REG-124791-11). The proposed regulations do not
Partnerships can issue Schedules K-1 electronically
The IRS issued Rev. Proc. 2012-17, which contains rules partnerships must follow if they want to supply Schedules K-1, Partner’s Share of Income, Deductions, Credits, etc., electronically. The guidance is effective Feb. 13, 2012. Failure to furnish the Schedule K-1 as required in Rev. Proc. 2012-17 can be deemed a
President’s budget proposes AMT elimination, tax reform
President Barack Obama unveiled his proposed budget for fiscal year 2013 on Monday. Included in its 256 pages are several tax reform proposals, including plans to eliminate the alternative minimum tax (AMT), to repeal LIFO, and to tax dividends of high-income taxpayers at ordinary income rates. The budget estimates that
Foreign tax credit regs. on splitter arrangements and determining who is liable for foreign tax
Late Thursday, the IRS issued final regulations on determining who has the legal liability to pay the foreign tax for foreign tax credit purposes (T.D. 9576) and temporary regulations on the application of the “anti-splitter” rules of Sec. 909 (T.D. 9577). The rules are related because the legal liability to
Oversight groups report on steps to enhance IASB governance, financing
In a move that will be closely scrutinized in the United States, the IFRS Foundation Monitoring Board and trustees announced Thursday joint plans for improving the governance and financing of the IASB’s parent organization and setting its strategy. The monitoring board, a group of public authorities, will begin making the
Employer health coverage questions addressed
The IRS and Treasury Department, along with two other federal departments, on Thursday further described planned guidance on provisions for employer-sponsored health coverage mandated by the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148, scheduled to take effect in 2014. Treasury and the IRS issued Notice 2012-17 covering frequently
Guidance issued on work opportunity credit for veterans
The IRS issued a notice on Thursday that gives employers guidance on two new tax credits for qualified veterans and provides extra time to comply with some of the credits’ requirements (Notice 2012-13). The Three Percent Withholding Repeal and Job Creation Act, P.L. 112-56, extended the work opportunity tax credit
The most popular videos of 2011
Here’s the list of the JofA’s most-watched videos of 2011: 1. Why the iPad Is a Game ChangerDebbie Lambert, CPA, managing partner of Johnson Lambert & Co. LLP, details why she thinks Apple’s iPad, when combined with advantages of moving accounting software to the cloud, will change the way CPAs
Proposed FATCA regs. take comprehensive approach to foreign financial institution reporting
The IRS on Wednesday issued proposed regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities (REG-121647-10). Under the Foreign Account Tax Compliance Act of 2009 (FATCA), part of the Hiring Incentives to Restore Employment (HIRE) Act of
TIGTA: Revise Form 1099-R to improve taxpayer compliance
In a report released on Tuesday, the Treasury Inspector General for Tax Administration (TIGTA) recommended the IRS change its Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to improve taxpayer compliance with reporting and paying tax on this type of income (TIGTA, Opportunities Exist
Couples who filed joint returns must now file separate powers of attorney
Starting March 1, the IRS will no longer accept old versions of Form 2848, Power of Attorney and Declaration of Representative, and will accept only the version released in October 2011. The new version of the form requires a husband and wife who filed a joint tax return to each
Regulation tops concerns for small and medium-size accounting firms and their clients
The burden of standards and regulations is the most significant issue facing small and medium-size accounting practices (SMPs) worldwide, an International Federation of Accountants (IFAC) survey suggests. Forty-one percent of the 2,441 SMP respondents in the IFAC SMP Quick Poll for the fourth quarter of 2011 said keeping up with
January job cuts, led by retail, rise from year-ago low
Job cuts announced by U.S. employers increased in January, a month that traditionally sees significant post-holiday retail layoffs, according to a report released Thursday. The 53,486 job cuts announced last month was the highest monthly total since 115,730 layoffs were announced in September, global outplacement firm Challenger, Gray & Christmas
IRS, Labor Department proposals aim to increase retirement options and transparency
Federal initiatives designed to broaden options and increase transparency in retirement plans were announced Thursday. The IRS issued proposed regulations that would make it easier for defined benefit pension plans to offer combinations of lifetime income and single-sum cash payments (REG-110980-10). Other proposed regulations released on Thursday would relax the
Prop. regs would ease required minimum distribution rules for older retirees who purchase certain annuities
The IRS issued proposed rules (REG-115809-11) that would permit IRA participants to enter into contracts for annuities that begin at an advanced age (often called longevity annuities), using a certain amount of their account balances without having these amounts count for calculating required minimum distributions from the IRAs under Regs.
Heads in the cloud
Editor’s note: This is the expanded version of the cloud computing round-table discussion from “Heads in the cloud: Part 1,” Feb. 2012, and “Heads in the cloud: Part 2,” March 2012. To help CPAs better understand the benefits and challenges of the cloud, the JofA invited five CPAs to
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