In a July 7 letter to IRS Commissioner Doug Shulman, the AICPA offered its perspective on the agency’s development of the registered tax return preparer examination. The IRS anticipates that it will begin offering the exam this fall to prospective candidates. In general, CPAs and employees under their supervision will
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Polish What’s Dull, and Wax What Shines
For managers, the one activity more dreaded than receiving a performance review is writing one. So it’s no wonder many reviews fall short of their real intention: to provide a springboard for further growth and accomplishment. How can the performance review guide a productive discussion about an employee’s potential or
PCAOB, SEC to Meet With Chinese Officials on Auditing Oversight
The PCAOB said Wednesday that a joint PCAOB-SEC delegation will meet next week in Beijing with representatives of China’s Ministry of Finance and the China Securities Regulatory Commission (CSRC) to discuss issues relating to auditing oversight. “This meeting is the commencement of our accelerated efforts with the People’s Republic
FASAB Delays Oil and Gas Standard, Clarifies Application
The Federal Accounting Standards Advisory Board (FASAB) on Wednesday issued a technical bulletin that clarifies how federal entities should report the value of the federal government’s estimated royalties and other revenue from federal natural resources. The board also issued a final standard that delays for one year the effective date
Tax Court Allows Deduction for Payment to Long-Term Caregivers
The Tax Court held that payments made to an elderly woman’s caregivers for personal care that she required due to her diminished capacity qualified as long-term-care services and were therefore deductible under IRC § 213(d)(1)(C) (Estate of Baral, 137 TC no. 1 (2011)). Lillian Baral was diagnosed by her physician
ASB Seeking Feedback on U.S. Auditor Reporting
The AICPA Auditing Standards Board (ASB) is requesting input from members and other stakeholders to help form its comments on the consultation paper, Enhancing the Value of Auditor Reporting: Exploring Options for Change (Consultation Paper), issued by the International Auditing and Assurance Standards Board. The IAASB paper is aimed at
Featured Online Content for July 2011
FEATURED CONTENT The Most Popular JofA Stories of 2011 (So Far) Use this list of the most popular articles to catch up on important news you may have missed in the first half of 2011. It includes the Top 10 most-read articles from the JofA’s January through June print editions,
IRS Makes Dodd-Frank Mandated Language Changes to Regulations
To comply with requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (PL 111-203), the IRS has issued temporary and proposed regulations that remove all references to “credit ratings” from the Treasury regulations (TD 9533 and REG-118809-11). The regulations provide substitute standards of credit-worthiness. The Dodd-Frank Act requires
PCAOB Chairman Calls for More Global Cooperation on Audit Regulation
When national regulators cooperate and share information, investors everywhere benefit from the enhanced protection such communication provides, said PCAOB Chairman James Doty in a speech Thursday to the Federation of European Accountants (FEE) Conference on Audit Policy in Brussels. “In a crisis, when a nation’s (or a region’s) economic well-being
Special Focus Report: Going Paperless
Sponsored by: CCH, a Wolters Kluwer business, Concur Technologies, Doc.It, Fujitsu Computer Products of America More than 30 years ago—even before the proliferation of personal computers—information technology experts predicted the advent of paperless offices. Flash forward to 2010, when the PCPS/TSCPA National MAP Survey asked CPA firms about their
SEC’s Casey Pushes to Incorporate IFRS
Calling the risks of not moving forward with IFRS for U.S. issuers “simply too great,” SEC Commissioner Kathleen Casey said the SEC “must decide to incorporate IFRS for U.S. issuers.” Addressing the Society of Corporate Secretaries and Governance Professionals’ 65th Annual Conference on Wednesday, Casey said that the SEC “can
The Most Popular Stories of 2011 (So Far)
Use this list of the most popular articles to catch up on important news you may have missed in the past six months. Here are the Top 10 most popular articles from the JofA’s January through June print editions, based on the clicks they received on journalofaccountancy.com: “Maximizing Tax Season
AICPA Conference Tackles Hot Global Business Issues
As the world continues to grow closer together, the role that accountants play in helping companies develop and manage new global business opportunities will increase. This was a key theme of the AICPA’s International Business Conference held June 13–15 in New York City. Attended by more than 200 accounting and
National Taxpayer Advocate Warns Against IRS Budget Cuts
National Taxpayer Advocate Nina E. Olson warned Congress on Wednesday that cuts in the IRS budget could hurt the federal government’s ability to collect revenue and may result in harm to taxpayers. In her Fiscal Year 2012 Objectives Report to Congress, Olson asserts that recession-related legislation such as the
IRS Addresses Tax Treatment of Tax-Free Exchanges of Annuities
The IRS, in Revenue Procedure 2011-38, has given taxpayers guidance on the tax treatment of exchanges of annuity contracts under IRC §§ 72 and 1035. Under IRC § 1035(a)(3), taxpayers generally recognize no gain or loss when they exchange one annuity contract for another annuity contract. Congress provided this tax-free
FASAB: Changes Would Fix Confusion Over “Earmarking”
The Federal Accounting Standards Advisory Board (FASAB) issued a proposal Wednesday that would modify the definition of earmarked funds in Statement of Federal Financial Accounting Standards (SFFAS) no. 27. One key amendment in the exposure draft would change the term “earmarked funds” to “funds from dedicated collections.” The ED, Revisions
SEC Issues Rules on Investment Advisers Act Amendments, “Family Offices”
The SEC on Wednesday approved two sets of proposed rules to implement amendments to the Investment Advisers Act of 1940 that were included in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The first set of rules requires advisers to hedge funds and other private funds to register with
IRS Finalizes Automatic Five-Month Extension for Partnership, Trust and Estate Returns
Final regulations set the time for automatic extensions of partnership, trust and estate income tax returns at five months (TD 9531). Under this rule, the extended returns and Schedules K-1 for partners and beneficiaries will generally be due Sept. 15. The regulations also provide for an automatic six-month extension for
IASB Proposes Several IFRS Amendments
The International Accounting Standards Board (IASB) on Wednesday published an exposure draft of proposed amendments to five IFRSs under its annual improvements project. The IASB said in a press release that the proposed amendments reflect issues discussed by the IASB in the project cycle that began in 2009. The ED
House Passes Bill With Tax Patent Provision, Sends Back to Senate
On Thursday, by a vote of 304–117, the House of Representatives passed the America Invents Act (H.R. 1249), which includes a provision intended to stop the granting of patents for tax strategies. The bill would deem any “strategy for reducing, avoiding, or deferring tax liability” to be prior art, and
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