IRS Commissioner Doug Shulman addressed the National Press Club on Wednesday, and after his prepared remarks he answered questions regarding the IRS’ preparations for a possible shutdown of the federal government, which could happen Friday. The first question asked what people can expect if the government shuts down. Shulman said
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FASB Updates Treatment of Troubled Debt Restructurings
FASB on Tuesday issued an Accounting Standards Update that the board said improves financial reporting by creating greater consistency in the way GAAP is applied for various types of debt restructurings, which FASB’s chairman said have become more common since the most recent recession. FASB said in a press release
New Rule Takes Aim at “Flawed Compensation Practices”
Several federal financial regulatory agencies proposed a new rule, pursuant to section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, that would prohibit certain financial institutions from creating incentive compensation arrangements that could encourage inappropriate risks. The rule takes aim at preventing what the agencies called “flawed
Senate Approves 1099 Repeal, Sends Bill to President
The Senate on Tuesday passed legislation to repeal both the expanded Form 1099 information-reporting requirements mandated by last year’s health care legislation and also new 1099 reporting requirements imposed on taxpayers who receive rental income. The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR
Final Regulations Issued on Validity, Priority of Federal Tax Liens
On Monday, the IRS published final regulations (TD 9520) that govern the validity and priority of federal tax liens under IRC § 6323. Under IRC § 6321, the federal government has an automatic lien against any person who does not pay federal tax for which they are liable after the
ASB Issues Exposure Draft to Amend Various Clarified Auditing Standards
The AICPA’s Auditing Standards Board (ASB) issued Proposed Statement on Auditing Standards, Omnibus Statement on Auditing Standards—2011, resulting from its Clarity Project. The comment period ends May 15. The proposed SAS contains amendments to the following: SAS no. 117, Compliance Audits (AICPA, Professional Standards, AU sec. 801). The amendment conforms
Condorsement: FASB’s Potential New Role Under IFRS
In part three of this exclusive JofA interview, FASB Chairman Leslie Seidman shares her thoughts on how FASB might function in an IFRS world. JofA: Last fall at the AICPA National Conference on Current SEC and PCAOB Developments, Paul Beswick, one of the SEC’s deputy chief accountants, introduced the concept of
AICPA: Financial Instruments Compromise Potentially Flawed
The AICPA’s Financial Reporting Executive Committee (FinREC) on Thursday expressed a number of concerns on the supplementary document, Accounting for Financial Instruments and Revisions to the Accounting for Derivatives Instruments and Hedging Activities-Impairment published Jan. 31 by FASB and the IASB. “Although we recognize the need for convergence, the current
Mortgage Performance Improves; Scrutiny of Bank Procedures Slows Foreclosures
The nation’s home mortgage portfolio continued a trend of slight improvements as the share of “current and performing” first-lien mortgages serviced by large national banks and thrifts ticked up in the fourth quarter of 2010, according to a joint report from the Office of the Comptroller of the Currency and
IRS Delays Due Date for Choosing Basis Allocation for Decedents Dying in 2010
The IRS announced that it is delaying the due date for Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, past its original April 18 due date, but did not announce what the new due date will be (IR-2011-33). Therefore, for decedents who died in 2010,
FASB Not-for-Profit Panel’s Subgroups to Study Possible Improvements
FASB’s Not-for-Profit Advisory Committee (NAC) has established three working groups to study ways for FASB or others to improve financial reporting for nonprofit entities and to develop recommendations and alternatives for consideration by the full committee. FASB established the NAC in 2009 to serve as a standing resource for the
AICPA Highlights Need for IASB Funding, Independence
The AICPA called on the SEC to contribute funds to support the International Financial Reporting Standards Foundation, the parent organization of the International Accounting Standards Board (IASB). In a comment letter to the IFRS Foundation Monitoring Board, the Institute wrote, “We believe any solution by the SEC would go a
Featured Online Content for April 2011
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Taxpayer Assistance Order Regulations Issued
On Thursday, the IRS issued final regulations governing national taxpayer advocate (NTA) taxpayer assistance orders when a taxpayer is suffering hardship because of the way the IRS is administering the tax laws (TD 9519). Under IRC § 7811 the NTA can issue a taxpayer assistance order if the NTA “determines
Guidance Issued on 100% Bonus Depreciation Rules
The IRS issued guidance on how taxpayers can deduct 100% of the cost of qualified business property placed in service in 2011 under rules enacted last year (Revenue Procedure 2011-26). The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (PL 111-312) allows taxpayers to deduct 100% of
FinCEN: Commercial Real Estate Fraud Poses Risks to Economy
The Financial Crimes Enforcement Network (FinCEN) said reported incidences of suspicious activity in commercial real estate (CRE) financing almost tripled between 2007 and 2010. The analysis of suspicious activity reports (SARs) from depository institutions said a key concern in this area is the fact that an estimated $1.4 trillion in
AICPA Calls for Safeguards for Electronic Data Provided for IRS Exams
The AICPA called on the IRS to start a dialogue to fix what it views as an important problem for some small businesses under audit examination: providing electronic records to the IRS while protecting confidential information that is not relevant to the IRS’ request. The IRS maintains that the
FASB Chairman Provides Update on Financial Instruments
Editor’s note: On April 14, FASB and the IASB said the priority projects on revenue recognition, leases and financial instruments, scheduled to be completed in June, would require a few more months of work. No specific deadline was set for the projects. Read “FASB, IASB Announce Delay on Priority Projects”
IRS Issues Final Regs and Guidance on Mandatory E-Filing Requirements
The IRS issued final regulations (TD 9518) and several pieces of guidance relating to the requirement that return preparers e-file tax returns, starting this year. The final regulations adopt, with minor amendments, proposed regulations (REG-100194-10) that were published last December, and they require specified tax return preparers to e-file if
FinCEN: Bankruptcy Fraud, Mortgage Loan Fraud Increasingly Intertwine
Mortgage loan fraud was cited in 54% of suspicious activity reports (SARs) referencing bankruptcy fraud in 2010, up from 42% in 2009, the Financial Crimes Enforcement Network reported Monday. The division of the U.S. Treasury Department also noted growth in reports of real estate “flopping” over the course of 2010,
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