On Thursday, the IRS issued temporary and proposed regulations to remove the duplicate filing requirement for Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (TD 9529 and REG-101352-11). Under the current final regulations, corporations that are required
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Hong Kong, Beijing CPA Institutes Form Alliance
The Hong Kong Institute of CPAs and the Beijing Institute of CPAs signed a letter of intent May 28 to boost cooperation among small and medium-size accounting firms in both cities. By signing the letter, the institutes agreed to establish an alliance to foster communication and exchange technical knowledge, expertise,
FinCEN Clarifies Parties Entitled to FBAR Filing Extension
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a revised notice Monday that clarified that a small subset of individuals are entitled to a one-year extension of the June 30, 2011, filing deadline to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). The notice
Third Phase of XBRL Implementation Takes Effect June 15
The third phase of the SEC’s XBRL implementation program takes effect June 15, with nearly all public companies using U.S. GAAP now required to submit data in the fully searchable, digital format. Over the past two years, the largest SEC reporting companies have begun submitting financial information in XBRL. The
PCAOB Will Weigh Audit Term Limits
The PCAOB is prepared to consider all possible means of addressing audit quality, “including whether mandatory audit firm rotation would help address the inherent conflict created because the auditor is paid by the client,” Board Chairman James Doty said Thursday in a speech at the SEC and Financial Reporting Institute
Economic Optimism Drops Among CPA Financial Executives
Unemployment and increasing debt and energy prices have CPA financial executives more pessimistic about U.S. economic prospects and increasingly concerned about inflation, according to results released Thursday from the AICPA Business & Industry Economic Outlook Survey Q2 2011. One-third of respondents were optimistic or very optimistic about the U.S. economic
Regulators Extend FBAR Filing Deadline for Certain Financial Professionals
The IRS and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced Tuesday that a small group of individuals required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension beyond the upcoming filing date of June 30, 2011. FinCEN issued Notice 2011-1 that
FASAB Guidance Helps With Historical Cost Estimates
The Federal Accounting Standards Advisory Board (FASAB) issued implementation guidance in Statement of Federal Financial Accounting Technical Release (TR) 13, Implementation Guide for Estimating the Historical Cost of General Property, Plant & Equipment, to address the historical cost estimating of general property, plant and equipment (G-PP&E) as it applies to
IRS Announces “Good Faith” Extension of Voluntary Disclosure Deadline
The IRS said on Thursday that it is making available to taxpayers a 90-day deadline extension to participate in the 2011 offshore voluntary disclosure initiative (OVDI). The extension would be available to taxpayers who have made a good faith attempt to fully comply by Aug. 31, but are unable to
Featured Online Content for June 2011
FEATURED VIDEO How IFRS Could Change Corporate Finance Colleen Cunningham, CPA, global managing director of finance and accounting for Resources Global Professionals, explains how a move to IFRS in the U.S. could give rise to new litigation concerns and encourage outsourcing of certain finance functions. The video is available at
IRS Finalizes Circular 230 Regulations
The IRS issued final regulations Tuesday (TD 9527) implementing components of the IRS’ initiative to register and regulate all paid tax return preparers. The regulations, which finalize proposed regulations issued in August 2010 (REG-138637-07), revise regulations under Title 31, part 10, commonly known as Circular 230, which govern the practice
IRS Gives Relief for Late Elections to Combine Real Estate Activities
The IRS established a special procedure by which taxpayers can make a late election to treat all their real estate activities as a single activity for purposes of meeting material participation rules. The guidance, in Revenue Procedure 2011-34, allows eligible taxpayers to avoid applying for a private letter ruling to
Treasury Releases Plan to Review All Regulations
The Treasury Department on Thursday released a plan to review all existing Treasury regulations and identify those that are “obsolete, unnecessary, excessively burdensome, or ineffective.” The plan is part of a larger federal government regulatory review mandated by an executive order issued by President Barack Obama in January. Under the
SEC Staff Presents “Condorsement” as Possible Method for Move to IFRS
A staff paper published Thursday by the SEC’s Office of the Chief Accountant (OCA) presents in detail and solicits comments on the so called “condorsement” approach to incorporating IFRS into the U.S. financial reporting system. “The Staff’s discussion in this Staff Paper is not intended to suggest that the Commission
Bank Profits Up Sharply, but Revenues Falter
Commercial banks and savings institutions reported a big drop in loan-loss provisions and continued improvements in asset quality as industry profits climbed to $29 billion in the first quarter of 2011, and the FDIC’s Deposit Insurance Fund (DIF) inched closer to positive territory. However, some of that improvement was offset
AICPA, CIMA Approve Joint Venture, Clearing Way for International Management Accountant Credential
The AICPA Governing Council on Monday unanimously approved a new credential called the Chartered Global Management Accountant (CGMA), a joint venture of the AICPA and the London-based Chartered Institute of Management Accountants (CIMA). “This new credential will offer a very unique value proposition to our members,” Arleen Thomas, AICPA’s senior
CAQ Partnering to Develop Anti-Fraud Tools, Tracking PCAOB Projects
The Center for Audit Quality is partnering with Financial Executives International, The Institute of Internal Auditors and the National Association of Corporate Directors to develop fraud-fighting training and tools, including a series of fraud hypotheticals to be used as teaching tools. “We will provide a set of facts and circumstances
AICPA Speaks Out Against Proposed Model Sales and Use Tax Statute
The AICPA testified at a hearing May 18 to voice its opposition to a model statute drafted by the Multistate Tax Commission (MTC) that would authorize states to require nonresident companies to report sales transactions with in-state consumers in an effort to increase use tax compliance. The MTC is an
New “Killer B” Regulations Issued
The IRS has issued new final regulations on cross-border reverse triangular reorganizations, popularly known as “Killer B” transactions (TD 9526). The regulations finalize with some modifications proposed regulations that were issued in 2008 (REG-136020-07). Killer B transactions are designed to allow corporations to repatriate foreign subsidiary earnings tax-free, in violation
Tax Court Gives Some Petitioners Extra Time to File Motions to Vacate
During the transition to its new eAccess electronic document management system, the Tax Court failed to serve a small number of petitioners with paper or electronic notices of the documents concluding their cases (such as final decisions or orders of dismissal). The Tax Court has notified petitioners in those cases,
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