FEATURED VIDEO Highlights of the 2011 Tax Software Survey Few tools of the CPA tax preparer’s trade are as important as the software used to prepare and file tax returns for individuals and businesses. In this interview, Alistair M. Nevius, editor-in-chief of The Tax Adviser, highlights the results of the
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NEWS
Taxpayers Hit by Irene Get Postponement
Taxpayers in certain areas affected by Hurricane Irene have until Oct. 31 to file certain returns and make payments normally due before then, the IRS announced Thursday (IR-2011-87). The areas eligible for relief include parts of North Carolina, New Jersey, New York and Puerto Rico; the IRS expects to provide
Survey Shows Hiring Plans Rising for Accountants, Other Professionals
Twelve percent of CFOs interviewed for the quarterly Robert Half Professional Employment Report said they planned to hire professional-level accounting and finance staff in the fourth quarter of 2011, while 7% foresaw cutbacks. CFOs were increasingly optimistic about the hiring outlook, according to the report. The net 5% of financial
GASB Proposes Reclassifying Certain Assets and Liabilities
GASB issued an exposure draft that it said applies its conceptual definitions of deferred outflows of resources and deferred inflows of resources elements to a broader range of items to enhance consistency in state and local government financial statements. The ED says it would alleviate uncertainty regarding the classification of
IRS Clarifies Sept. 9 Extension for Offshore Reporting
The IRS on Monday clarified its postponement of deadlines under the 2011 Offshore Voluntary Disclosure Initiative (OVDI). On Friday, in response to Hurricane Irene, the IRS moved the OVDI deadline to Sept. 9 (from Aug. 31), but did not address the Aug. 31 due date for information filings that are
Hurricane Postpones IRS’s Offshore Voluntary Disclosure Deadline
As Hurricane Irene was about to make landfall in North Carolina on Friday evening and head up the East Coast, the IRS announced it had postponed the deadline for its 2011 Offshore Voluntary Disclosure Initiative (OVDI). The new due date for requests is Sept. 9, 2011. Before the extension, taxpayers
PCAOB Round Table to Address Auditor’s Reporting Model
The PCAOB said it will host a public round table on Thursday, Sept. 15, to discuss its concept release on possible changes to the auditor’s reporting model. The board issued a discussion paper for the meeting. The board said in a press release that the purpose of the meeting is
IASB Proposes to Exempt Investment Entities From Consolidation Requirements
The International Accounting Standards Board (IASB) published proposals Thursday to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10, Consolidated Financial Statements. Investment entities are commonly understood to be entities that pool investments from a wide range of investors
TIGTA: IRS Does Not Timely Resolve Math Error Disputes
The Treasury Inspector General for Tax Administration (TIGTA) released a report in which it recommended that the IRS develop processes to ensure that math error disputes with taxpayers are resolved more quickly and accurately. Between Jan. 1 and July 23, 2010, TIGTA reviewed 260 taxpayer responses to IRS math error
FDIC: Insurance Fund Back in the Black as Bank Profits Rise 38%
The improved health of the nation’s banks boosted the Deposit Insurance Fund (DIF) into a positive balance ($3.9 billion) for the first time in two years, according to the FDIC’s Quarterly Banking Profile for the quarter ending June 30. The report also said profits at insured institutions rose to $28.8
Last Chance to Offer ASB Input on Strategic Plan
The AICPA’s Auditing Standards Board is developing its strategic plan for the next three to four years. The board has launched a survey that will remain open until today to collect views from constituents regarding what the ASB’s objectives and activities should be during that period. The survey is an
Final Regulations Govern Establishing Evidence of Delivery to the IRS
The IRS issued final regulations providing guidance on how taxpayers can prove the timely delivery of physical documents to the IRS or the Tax Court, absent direct proof of delivery (TD 9543). The regulations provide that proper use of registered or certified U.S. mail or a private delivery service, under
Cash Flow: How to Keep Your Small Business Booming
Sponsored by AcceptPay from American Express OPEN Managing the flow of cash in and out of your business can literally make or break its future. Learn how AcceptPay can help. If you are a CPA working for or advising a small business, cash flow is essential to keep
AICPA Recommends Allowing U.S. Public Companies to Choose IFRS
The AICPA has recommended to the SEC that U.S. public companies be allowed the option of adopting use of IFRS as the commission weighs a possible future framework for incorporating IFRS into the U.S. financial reporting system. The SEC requested the comments when it issued its staff paper, Work Plan
PCAOB Opens Discussion on Audit Firm Rotation
The PCAOB on Tuesday launched a new phase of its examination of potential limits on audit firm tenure with public companies. The board voted to issue a concept release on the topic. It plans to gather feedback by mid-December and hold a public forum on the issue in March 2012.
ASB Issues Interpretation to SAS 119, Three Clarified SASs
The AICPA’s Auditing Standards Board (ASB) issued Interpretation no. 1, “Dating the Auditor’s Report on Supplementary Information,” to SAS no. 119, Supplementary Information in Relation to the Financial Statements as a Whole. The ASB also issued three clarified Statements on Auditing Standards (SASs). The interpretation to SAS no. 119 addresses
AICPA, NASBA Propose Changes to CPE Provider Standards
The AICPA and the National Association of State Boards of Accountancy (NASBA) on Tuesday issued proposed revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs, the framework for the development, presentation, measurement and reporting of CPE programs. The revisions would be the first since 2002. The AICPA
Election to Deduct Business Startup Expenses Gets Final Rules
The IRS on Tuesday issued final regulations (TD 9542) governing elections by individual taxpayers, corporations and partnerships to deduct startup expenses or organizational expenditures. The regulations adopt with a slight change temporary regulations the Service issued in 2008 (TD 9411). The rules provide guidance on the application of section 902
When It Comes to Billing and Collecting, Customers Want to Pay Bills Online
Sponsored by AcceptPay from American Express OPEN Small firms that allow their customers to pay bills or make purchases online can stand out from the competition. Learn how AcceptPay can help. More Americans than ever before are paying bills online, research shows. Small firms and businesses that make
Health Care Premium Credit Rules Proposed
The IRS released proposed regulations Friday (REG-131491-10) implementing the health insurance premium tax credit, which was enacted last year by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act and is effective starting in 2014. The proposed regulations are part of a “next step”
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Current developments in S corporations
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