Volunteer Income Tax Assistance (VITA) is an IRS program that provides free, reliable income tax return preparation to low- to moderate-income taxpayers. Many nonprofit organizations sponsor sites, including colleges and universities, which often integrate the program into teaching taxation to give students some practical experience. I was privileged to help
Advertisement
NEWS
Featured Online Content for January 2011
FEATURED VIDEO Changes Ahead for the CPA Exam January marks the start of some of the biggest changes to the CPA exam since it moved from paper and pencil to computers. In this video, Colleen Conrad, past chair of the AICPA Board of Examiners, highlights some of the differences test
Board of education: Other client advisory board models
Editor’s note: Also read “Board of education: CPA firms, businesses can profit from clients’ advice,” in the Jan. 2012 issue of the JofA. The client advisory board model recommended by the PCPS is far from the only format used by CPA firms and other businesses. Buffalo, N.Y.-based Dopkins & Co.
Congressional Hot Tax Topics
This page tracks developments in five hot tax topics affecting taxpayers in 2010 and 2011 that Congress has had under consideration. On Dec. 17, President Barack Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853), which deals with four of the
IRS Exempts CPA-Supervised Nonsigners From New Preparer Rules
On Thursday, the IRS released guidance on the implementation of new regulations governing tax return preparers (Notice 2011-6), and provided an exception to its return preparer regulation plan for nonsigning preparers supervised by a CPA, attorney, enrolled agent or other Circular 230 practitioner. The notice also provides an exception for
IRS Updates Guidance on Adequate Disclosure of Positions
The IRS has released updated guidance identifying when a taxpayer’s disclosure of an item or position in an income tax return is adequate for purposes of reducing the understatement of tax penalty and the tax return preparer penalty for understatement due to unreasonable positions (Revenue Procedure 2011-13). The IRS regularly
Tax Law Changes Will Delay Start of Filing Season for Some Taxpayers
The IRS is warning taxpayers that it will not accept certain 2010 individual tax returns until mid- or late February due to tax law changes recently enacted by Congress (IR-2010-126). Taxpayers affected include all those who itemize deductions on Schedule A, as well as those who take certain recently extended
Seidman Named FASB Chairman
Leslie F. Seidman on Thursday was appointed chairman of FASB, effective immediately. Seidman, who had been acting chairman since the retirement of Robert H. Herz on Sept. 30, has been a FASB member since 2003. Her appointment comes as FASB deals with an unprecedented workload to complete priority convergence projects
IRS Releases 2011 Tax Tables and Other Inflation Adjustments
On Thursday, the IRS released the 2011 tax rate tables and other inflation adjustments, which it had been holding while waiting for Congress to resolve various tax issues (Revenue Procedure 2011-12). With the enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act
Congress Resolves Many Tax Issues During Lame-Duck Session
Congress adjourned its year-end lame-duck session on Wednesday after passing legislative fixes for several pending tax issues, including the estate tax, the expiration of the 2001 and 2003 tax cuts, an alternative minimum tax (AMT) patch, and extensions of many expired provisions. However, it failed to repeal the expanded Form
FASB Aims for Consistency in Business Combination Pro Forma Disclosures
FASB on Wednesday issued an Accounting Standards Update (ASU) that it said should end a “diversity in practice” in the disclosure of pro forma revenue and earnings for business combinations. The ASU says that, if comparative financial statements are presented, the pro forma revenue and earnings of the combined entity
CPAs Gain Statutory Exemption From Red Flags Rule
Following years of advocacy efforts and a legal battle, CPAs received a permanent exemption from the Federal Trade Commission’s Red Flags Rule with President Barack Obama’s signing of the Red Flag Program Clarification Act of 2010 on Saturday. The Red Flags Rule, which was released Nov. 9, 2007, under the
GASB Clarifies Accounting for Partnership Arrangements
GASB issued a pair of new standards last week, one that addresses how to account for and report service concession arrangements (SCAs) and another that the board said is designed to improve financial reporting for governmental entities by amending the requirements of Statement no. 14 and Statement no. 34. Statement
IASB Amends Income Tax, IFRS Adoption Rules
The International Accounting Standards Board (IASB) on Monday issued amendments to IAS 12, Income Taxes, and what it called “narrow amendments” to IFRS 1, First-time Adoption of International Financial Reporting Standards. The amendments to IAS 12 were proposed in an exposure draft in September. IAS 12 requires an entity to
Revised Rules for Goodwill Impairment, New Health Care Proposals
The most recent work of FASB’s Emerging Issues Task Force resulted in a new update and two proposed updates to the FASB Accounting Standards Codification (ASC). ASC Update no. 2010-28, Intangibles—Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero
IRS Releases 2011 Withholding Tables
In the wake of Thursday night’s passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act, the IRS released the withholding tables for employers to use in 2011. The IRS was unable to issue the tables earlier because of uncertainty over whether the current tax rates would be
Survey: Large Companies Heavily Engaged in Sustainability Strategies
More than three-fourths of large companies surveyed have a formal sustainability strategy compared to a third of smaller companies, according to findings released Thursday by the AICPA, the Chartered Institute of Management Accountants (CIMA) and the Canadian Institute of Chartered Accountants (CICA). On a comparative basis, 88% of CIMA respondents
Tax Cut Extension Enacted
The House of Representatives on Thursday by a vote of 277–148 passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, HR 4853, which postpones the sunset of the 2001 and 2003 tax cuts, reduces the estate tax, extends a large number of expired provisions, and extends
Firm Survey Shows Profitability Preserved Amid Flat Revenues
Despite flat revenues, CPA firms managed to maintain profitability during the past two years, according to the 2010 PCPS/TSCPA National Management of an Accounting Practice (MAP) Survey, a biennial survey conducted by the AICPA’s Private Companies Practice Section and the Texas Society of CPAs. The survey results provide a comprehensive benchmarking
IRS Maintains Stance on Omissions from Gross Income and Overstatement of Basis
The IRS on Wednesday released final regulations defining an omission from gross income for purposes of the six-year minimum period for assessment of tax attributable to partnership items and the six-year period for assessing tax (TD 9511). The regulations are designed to resolve the question of whether an overstatement of
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
