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”
Advertisement
NEWS
Unfair Lending Practice Settlement Does Not Result in Income to Borrower
In Chief Counsel advice, the IRS stated that adjustments to loan principal amounts under a settlement to reform unfair lending practices do not result in income to the borrower, even though the adjustments result in a reduction in the amount the borrower will pay under the loan (CCA 201112008). The
FinREC Releases Working Draft of Revised “Cheap Stock” Practice Aid
The AICPA’s Financial Reporting Executive Committee (FinREC) on Monday released a working draft of the revised practice aid Valuation of Privately Held Company Equity Securities Issued as Compensation, also known as the “Cheap Stock” practice aid. This is an update of the practice aid, which was originally issued in April
Free File Program Expanded to Include Returns Filed From Overseas
The IRS on Friday announced that taxpayers who live in foreign countries can now use the Free File program to prepare and e-file their federal tax returns (IR-2011-30). The program is available to both U.S. citizens and resident aliens, and currently five of the Free File software providers can accept
Tax Filing Season Resources—Tax Year 2010
This is the one-stop shop for all the updates you need to know for this year’s tax filing season. Find resources from the Journal of Accountancy, plus tax return checklists and tax savings tips from the AICPA, categorized by tax topic. INDIVIDUAL TAX Free File Program Expanded to Include Returns Filed
Uncertain Tax Position FAQs Posted
The IRS has posted a series of questions and answers (FAQs) about the new requirement for large corporations to report their uncertain tax positions. The seven FAQs address both reporting requirements for Schedule UTP, Uncertain Tax Position Statement, and the IRS’ policy of restraint. For the 2010 tax year, corporations
GASB Offers $5K Grants to Stimulate Research on Standards
GASB issued its 2011 request for research through the Gil Crain Memorial Research Grant. The board offers grants of up to $5,000 annually to encourage academic research relevant to the board’s standard-setting activity. The board intends to award at least one $5,000 research grant and possibly more, depending on the
First-Time Homebuyer Credit Recapture Causing IRS Processing Problems
On Wednesday, the IRS announced that it is having problems processing tax returns that involve repayment of the IRC § 36 first-time homebuyer credit for 2008 home purchases. The IRS stated that it has assigned additional staff and resources to the issue to resolve it promptly. One group of affected
IRS Releases 2010 Gift Tax Return
The IRS on Friday released the final 2010 version of Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and its instructions. The updated form reflects changes made by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (PL 111-312), which was enacted Dec. 17, 2010.
IRS Proposes Permanently Extending Period for Receiving Authorization to Disclose Return Information
The IRS on Thursday issued a proposed regulation that would permanently extend from 60 days to 120 days the permitted period for submission of taxpayer authorizations allowing disclosure of returns and return information to third-party designees (REG-153338-09). IRC § 6103(c) authorizes the IRS to disclose a taxpayer’s returns or return
AICPA, CIMA Joint Venture Would Offer New Management Accounting Designation
The AICPA and the London-based Chartered Institute of Management Accountants (CIMA) are proposing forming a joint venture to develop and promote a new global management accounting designation. The joint venture is designed to give management accounting a higher profile in the United States, advance the science of management accounting worldwide,
PCAOB: Audits of Chinese Reverse Mergers Create Compliance Concern
A PCAOB research note released on Tuesday attributes instances of noncompliance with AU section 543 to the increasing prevalence of transactions the regulator classified as Chinese reverse mergers (CRMs). The PCAOB’s research assessed data from a July 2010 audit alert that had raised a concern that some U.S.-registered accounting firms
IRS Issues Final Regs on Disclosing Return Information to Whistleblowers
On Monday, the IRS released final regulations regarding disclosure of return information by the Treasury Department in connection with written contracts among the IRS, whistleblowers and, if applicable, their legal representatives (TD 9516). The new IRS Whistleblower Office may determine during the course of an investigation that it needs the
Proposed International Standards Seek to Help Financial Market Infrastructures Withstand Financial Shocks
The SEC, the Commodity Futures Trading Commission (CFTC) and the Federal Reserve are drawing attention to the release of a consultative report on Principles for financial market infrastructures, which contains new and more demanding international standards for payment, clearing and settlement systems, the Bank for International Settlements (BIS) said on
IRS Issues First Guidance on Nonprofit CO-OP Health Insurers
The IRS issued its first guidance on the requirements for new qualified nonprofit health insurance issuers under IRC § 501(c)(29) and has requested comments on specific issues (Notice 2011-23). The notice clarifies that the IRS is not yet accepting applications for recognition of tax-exempt status under section 501(c)(29) and will
Senate Passes Bill Addressing Tax Strategy Patents
The Senate voted 95–5 Tuesday to pass the America Invents Act (S 23), which was formerly called the Patent Reform Act. Included in the bill is a provision intended to stop the granting of patents for tax strategies. That provision, in section 14 of the bill, would deem any “strategy
Pass-Throughs Dominate Tax Reform Conversation
While lawmakers and the Obama administration both support simplifying an Internal Revenue Code described by one witness as “grotesque in its complexity,” lines in the sand are quickly being drawn on how it should be done. These lines were evident in a March 3 House Ways and Means Select Revenues
FASB Parent Creates Working Group on Private Company Reporting
FASB’s parent organization, the Financial Accounting Foundation (FAF), said Friday it is forming a working group to review the adequacy and effectiveness of FASB’s efforts in setting standards for the private company and nonprofit sectors. The creation of the working group follows the release earlier this year of a report
Optimism Growing Despite Rising Inflation Concerns
Economic outlook is brightening this quarter, with optimism for the U.S. economy up sharply and expectations for hiring and business expansion improving as well, according to results from the AICPA/UNC Kenan-Flagler Business & Industry Economic Outlook Survey Q1 2011. However, optimism was slightly tempered by an increase in concern over
House Passes 1099 Repeal
On Thursday, the House of Representatives passed the Small Business Paperwork Mandate Elimination Act of 2011 (HR 4) by a 314–112 vote. The bill would repeal the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation. It would also repeal the new 1099 reporting requirements imposed
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
