The IRS on Friday issued identical temporary and proposed regulations on basis allocation in all-cash D reorganizations (T.D. 9558; REG-101273-10). The regulations govern the determination of the basis of stock or securities in a corporate reorganization when the issuing corporation does not distribute any stock or securities in the reorganization.
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IRS Reissues Alternative Valuation Date Proposed Regulations
The IRS issued new proposed regulations Thursday (REG-112196-07) on electing an alternate valuation date for an estate and withdrew earlier ones released in 2008. The proposed regulations as reissued would limit the ability of estates to use the alternate valuation method if the value of the estate declines after the
SEC Staff Reports Assess IFRS
The SEC staff on Wednesday released reports analyzing the current reporting practices of companies using IFRS and comparing U.S. GAAP and IFRS requirements in specific areas. The first report, An Analysis of IFRS in Practice, is a 65-page joint effort by the SEC’s Division of Corporation Finance and Office of
Congress Sends Repeal of 3% Government Contractor Withholding to President
Late on Wednesday, the House of Representatives passed a bill (H.R. 674) that will repeal a 3% government contractor withholding requirement. The vote was 422-0. The Senate approved the bill on Nov. 10, and it now goes to President Barack Obama for his signature. The bill repeals Sec. 3402(t), which
Software Trends for 2012
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
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).
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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
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