With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs. Participating in the call
Advertisement
NEWS
Witnesses Tell Congressional Subcommittee Small Business Health Tax Credit Is Too Complicated
A tax credit enacted to encourage small businesses and tax-exempt organizations to provide health insurance coverage for employees is too complicated and is not meeting its goal, witnesses told a congressional panel Tuesday. The credit, passed as part of the Patient Protection and Affordable Care Act, P.L. 111-148, in 2010,
Final Regs Issued on Debt Satisfied by a Partnership Interest
The IRS on Tuesday issued final regulations on the application of Sec. 108(e)(8) to partners and partnerships (T.D. 9557). The regulations provide rules for determining a partnership’s discharge of indebtedness (DOI) income when it transfers a partnership interest to a creditor to satisfy a partnership debt. The regulations also discuss
FAF Weighs in on IFRS, Condorsement
The Financial Accounting Foundation (FAF), the parent organization of the U.S. standard setter FASB, has outlined its preferred path for incorporating IFRS into U.S. GAAP. In a letter to the SEC, FAF Chairman John Brennan described a number of recommended changes to the approach dubbed “condorsement.” The SEC floated the
Revised Revenue Recognition Proposal Unveiled
FASB on Monday released a revised exposure draft on the financial reporting requirements for recognizing revenue from contracts with customers. The proposed standard, which was released for public comment jointly with the International Accounting Standards Board (IASB), makes a number of changes to a joint ED issued in June 2010
Senate Passes Amended Bill Repealing 3% Withholding on Government Contracts
The U.S. Senate on Thursday approved a bill (H.R. 674) to repeal 3% income tax withholding on payments to vendors by federal, state and local governments. The vote was 95-0, with one senator voting “present.” Immediately before the vote, the Senate added an amendment that would allow a tax credit
Final Regulations Govern Listed Transactions for GST Tax
The IRS issued final regulations on Thursday that add transactions that reduce or eliminate the generation-skipping transfer (GST) tax as listed transactions or transactions of interest and require the disclosure of those transactions under Sec. 6011 (T.D. 9556). The final regulations adopt without change proposed regulations issued in 2009 (REG-136563-07).
Social Media
With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs. Participating in the call
FASB Agenda Projects to Focus on Issues Unique to Nonprofits
FASB said Wednesday it added two agenda projects—a standard-setting project and a research project—intended to improve financial reporting of nonprofit organizations. The objectives of these projects encompass suggestions from FASB’s Not-for-Profit Advisory Committee (NAC) at that panel’s September 2011 meeting. The NAC recommended action in these areas after its September
Shulman Announces Delay in Fingerprinting Requirement
The IRS will delay and reconsider its fingerprinting requirement for tax return preparers, IRS Commissioner Doug Shulman told the AICPA National Tax Conference on Tuesday. “We have decided to hold off fingerprinting while we consider issues that have been raised and have further discussions with interested parties,” Shulman said during
Final Regs Clarify Estate Tax Treatment of Grantor Retained Interests
The IRS issued final regulations providing guidance on the portion of property (held in trust or otherwise) includible in the grantor’s gross estate if the grantor has retained the use of the property or the right to an annuity, unitrust, graduated retained interest, or other payment from the property for
Goodwill Impairment Guide Released for Feedback
The AICPA’s Financial Reporting Executive Committee (FinREC) has issued a working draft of the AICPA Accounting and Valuation Guide Testing Goodwill for Impairment. The guide, developed by the AICPA Impairment Task Force, provides nonauthoritative guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors regarding goodwill impairment
FASB Mulls Changes to Financial Reporting for Consolidations
FASB issued a Proposed Accounting Standards Update (ASU) it said is intended to increase transparency and consistency of financial reporting about consolidations. The proposed amendments would affect all companies required to evaluate whether they should consolidate another entity, according to a FASB press release. But the changes are expected to most
Clifton Gunderson, LarsonAllen to Merge, Create Top 10 Firm
Top 20 accounting firms Clifton Gunderson and LarsonAllen said Tuesday that they plan to merge Jan. 2, 2012, creating one of the 10 largest CPA firms in the country. The new firm would take the name CliftonLarsonAllen (CLA) and boast more than $550 million in combined revenue. CLA would have
New Revenue Sources for CPA Firms
With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs. Participating in the call
Featured Online Content for November 2011
FEATURED VIDEO Brazil’s Transition to IFRS In Brazil, all listed companies, small and medium-size enterprises (SMEs), banks and insurance companies are required to file using IFRS starting with their 2010 financial statements. In this video, Ana Maria Elorrieta, president of IBRACON (the Institute of Independent Auditors of Brazil), shares her
Special Focus Report: Payroll Solutions
Sponsored by: AccountantsWorld, ADP, Paychex, Inc. Long gone are the days when administering payroll meant writing a simple check for hours worked. CPAs are involved in a host of complex payroll and employee benefits issues. This special report discusses hot topics including regulatory changes and technology trends with executives from
Regs Extend Religious and Family Member FICA, FUTA Exceptions to Disregarded Entities
The IRS on Monday issued temporary and proposed regulations that extend the religious and family member FICA and FUTA tax exceptions to disregarded entities (T.D. 9554; REG-136565-09). The regulations also clarify the rule that owners of disregarded entities—except for qualified subchapter S subsidiaries (QSubs)—are responsible for backup withholding and information
IRS Gives Penalty Relief, Delays Backup Withholding for Payment Card Reporting
The IRS postponed for a year the effective date of the backup withholding requirement for payments in settlement of payment card and third-party network transactions. The Service also created an FAQ page explaining the new requirements. The postponement, in Notice 2011-88, applies to transactions subject to reporting under Sec. 6050W
House Passes Repeal of 3% Withholding on Government Contracts
The House of Representatives passed a bill Wednesday to repeal a law that beginning in 2013 requires tax withholding of 3% of payments to vendors and contractors providing services to federal, state and local governments and their agencies. The bill, HR 674, passed by a vote of 405-16 and now
Features
SPONSORED REPORT
How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
