FASB’s parent organization, the Financial Accounting Foundation (FAF), is considering a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies. This discussion follows the culmination of a year’s worth of work by a blue-ribbon panel, formed in December 2009 as part
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Estate Tax Protective Claim Procedures Detailed
The IRS issued guidance Friday on filing a protective claim for refund of estate tax and notifying the IRS that the claim is ready for consideration. The guidance, in Rev. Proc. 2011-48, provides details on who may file a protective claim, methods by which the claim must be prepared and
Trade Bills Pass Congress With Tax Provisions
A tax preparer penalty relating to the earned income tax credit (EITC) will increase to $500, and the IRS will receive detailed information about federal and state prison inmates, both measures in a trio of foreign trade agreements Congress passed Wednesday. The trade deals with South Korea, Colombia and Panama
Confidence in U.S. Capital Markets Down Significantly Since 2007
Investors’ confidence in U.S. capital markets continued a five-year trend of declines in 2011, according to the AICPA-affiliated Center for Audit Quality’s (CAQ) fifth annual Main Street Investor Survey, and confidence in investing in U.S. public companies declined for the first time since the survey started asking the question in
TIGTA Finds Problems With IRS Purchase Cards, Network Security
The Treasury Inspector General for Tax Administration (TIGTA) released a pair of reports on Tuesday finding problems with the security of the IRS Windows environment and a lack of control over IRS purchase cards (TIGTA Reports 2011-20-111 and 2011-10-075, respectively). Purchase Cards In Report 2011-10-075, TIGTA states that between Sept.
Favorite New Technology
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
GASB Proposes Resolution to “Conflicting Guidance”
GASB on Monday issued an exposure draft, Technical Corrections—an amendment of GASB Statements No. 10 and No. 62, that it said would resolve “conflicting guidance” that resulted from the issuance of two recent pronouncements. The pronouncements are Statement no. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and Statement
Practitioners Raise Concerns About Fingerprinting Proposal at IRS Hearing
The IRS heard a consistent chorus at a hearing Friday on proposed fees (REG-116284-11) for fingerprinting of registered tax return preparers and nonsigning staff at CPA firms: The IRS’ proposal is duplicative, expensive and can be done in a better way. The fees, estimated to cost $60 to $90 per
AICPA: Allow U.S. Companies the IFRS Option Now
AICPA President and CEO Barry Melancon called Thursday on the SEC to immediately allow U.S. companies the option of using IFRS. In a speech at the AICPA/IFRS Foundation Conference on International Financial Reporting in Boston, Melancon said having the option of using IFRS would be “an effective way for U.S.
IRS Proposes Stiffer Preparer Requirements for EITCs
The IRS issued proposed regulations Thursday (REG-140280-09) that would impose new requirements for tax return preparers and their firms for returns claiming the earned income tax credit (EITC), including submission of information regarding taxpayers’ eligibility to the IRS. The EITC provides a refundable credit to eligible taxpayers, and it has
IFRS Resources
With FASB and the IASB fast approaching their June 2011 completion deadline for major convergence projects, the CPA profession is poised to assimilate—at unprecedented speed—an array of profound changes to GAAP. As public companies watch the SEC for guidance on IFRS adoption, private companies have begun to examine whether the
Sluggish Economy, Unemployment a Drag on Mortgage Performance
The performance of first-lien mortgages serviced by large national banks and federal savings associations declined slightly during the second quarter of 2011, according to a report by the Office of the Comptroller of the Currency (OCC). The report said much of the decline was caused by an increase in early-stage
Key Technology Issues 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
FAF Proposal Falls Short of Independent Board for Private Company Standards
The Financial Accounting Foundation, FASB’s parent organization, on Tuesday issued a proposal that would create a Private Company Standards Improvement Council (PCSIC) to determine whether exceptions or modifications to U.S. GAAP are required to address the needs of users of private company financial statements. FAF proposed that the 11- to
PCAOB: Be On the Lookout for Fraud in Emerging Markets
The PCAOB on Monday published a Staff Audit Practice Alert to increase auditors’ awareness of risks when performing audits of companies with operations in emerging markets. Specifically, the alert cited a number of reports originating from audits of companies based in the People’s Republic of China. Staff Audit Practice Alert
Featured Online Content for October 2011
FEATURED DOWNLOAD Top iPad Applications for CPAs Which are the best apps for CPAs using iPads? Which other tablets merit consideration? To access a chart with details on 50 iPad applications and information on browser-based applications from major accounting-software publishers, click here; and to read capsule profiles of selected tablets,
IRS Updates, Clarifies Travel Allowances, Reinstates High-Low Method
The IRS issued an update and new guidance Friday (Revenue Procedure 2011-47) for use of a federal per diem rate to substantiate the amount of ordinary and necessary expenses for lodging, meals and incidental costs paid or incurred for business-related travel away from home. The IRS stated that this revenue
Estates Must File Form 706 to Make Portability Election
The IRS on Thursday issued Notice 2011-82 to alert executors of the estates of decedents dying after Dec. 31, 2010, of the need to file a Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, within the time prescribed by law (including extensions). Form 706 must be filed to
Mortgage Defaults Drive 88% Jump in Suspected Fraud
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said mortgage loan fraud suspicious activity reports (MLF SARs) almost doubled in the second quarter of 2011 compared with the second quarter of 2010 as 63% of all filings related to activities that occurred four or more years ago, coinciding with the
FASB Panel Recommends Areas of Improvement in Standards for Nonprofits
The NAC heard feedback from three working groups that formed recommendations for FASB to add to its standard-setting agenda. FASB has not yet considered the recommendations. The NAC created the working groups earlier this year (see previous JofA coverage, “FASB Not-for-Profit Panel’s Subgroups to Study Possible Improvements”). The NAC charged
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