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
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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
Coalition, AICPA Fight Government Contractor Withholding Law
The AICPA has added its voice to those calling on Congress to repeal a law that would require federal, state and local governments to withhold 3% on payments made to government contractors, and on Medicare, farm, and certain other payments. The potential impact of the withholding requirement is evident in
2011 Automobile Depreciation Limits Released
The IRS on Tuesday issued the 2011 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under IRC § 280F (Revenue Procedure 2011-21). This year, the IRS has provided the limitation amounts for vehicles placed in service in 2011 for which bonus depreciation under IRC §
SEC OKs New GAAP Taxonomy for XBRL
The SEC has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy, which is used for creating and submitting tagged interactive data files in extensible business reporting language (XBRL), the Financial Accounting Foundation (FAF) said in a press release Tuesday. The taxonomy contains updates for accounting standards and other improvements to
CPA Exam Slated for International Debut in August
The Uniform CPA Examination will be offered internationally for the first time during August in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates. It will thereafter be administered every third month—in November, February, May and August. Registration for the international exam will begin on May 1, and applications may
Featured Online Content for March 2011
FEATURED INTERVIEW Combating IT Security Threats IT security threats are constantly evolving, so an organization’s response must also evolve and stay ahead of the game. In this interview, David Cieslak, CPA/CITP, principal at Arxis Technology, explores current security threats and discusses how the latest products and technologies can be applied
Tax-Exempt Bond Voluntary Closing Agreement Program Announced
On Monday, the IRS announced a program to provide certain issuers that purchase and hold their own tax-exempt bonds relief from debt extinguishment (Announcement 2011-19). In 2008, during the financial crisis, the IRS issued two notices providing relief from liquidity constraints in the tax-exempt bond market. The notices allowed state
IRS Lists Countries With Adverse Conditions for IRC § 911 Purposes in 2010
The IRS has waived the eligibility requirements under IRC § 911(d)(1) for certain taxpayers who did not meet the requirements because of adverse conditions in the foreign country in which they lived (Revenue Procedure 2011-20). The affected countries for 2010 are Haiti and Côte d’Ivoire (also known as Ivory Coast).
FinCEN Amends BSA Regs on FBAR Filings
The Financial Crimes Enforcement Network (FinCEN) on Thursday issued a final rule that amends the regulations under the Bank Secrecy Act (BSA) regarding Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), to clarify when an account is foreign and therefore reportable as a foreign financial account
IRS Announces Changes to Lien Process
The IRS has announced a set of new policies designed to help taxpayers pay their back taxes and avoid liens (IR-2011-20). The changes to the IRS’ lien filing practices include: Increasing the dollar threshold above which liens are generally filed. Making lien withdrawals easier after the taxes have been paid.
IRS Delays 990 Filing Deadline for Tax-Exempt Hospitals
The IRS on Wednesday announced that certain tax-exempt hospitals will be granted an automatic three-month extension to file their 2010 Forms 990, Return of Organization Exempt From Income Tax (Announcement 2011-20). The automatic extension applies to Forms 990 with a due date before Aug. 15, 2011; the IRS is also
FDIC: Banks Earned $87.5B in 2010, But “Problem List” Grew
FDIC-insured commercial banks and savings institutions reported an aggregate profit of $21.7 billion in the fourth quarter of 2010 and $87.5 billion for the full year, a gain largely attributed to large declines in loan-loss provisions. But not all the news was good. Loan and lease balances fell for the
IRS Provides Transitional Relief for Some Stock Basis Reporting Requirements
On Tuesday, the IRS provided transitional relief from the information reporting requirements that apply to issuers of stock regarding organizational actions that affect stock basis (Notice 2011-18). IRC § 6045B, enacted by the Energy Improvement and Extension Act of 2008, PL 110-343, instituted a number of new information reporting requirements
House Committee Sends 1099 Repeal to the Floor; Senate Passes Its Own Version of Repeal
The House Ways and Means Committee approved a bill Thursday that would repeal the expanded Form 1099 reporting requirements, voting 21–15 to send the measure to the full House of Representatives. Late on Thursday, the Senate passed the FAA Air Transportation Modernization and Safety Improvement Act (S 223) by a
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FROM THIS MONTH'S ISSUE
Tax Court allows cattle ranch deductions
The Tax Court held that a Texas rancher operated with a profit motive, despite “troublingly large” losses more than 77 times his gross receipts from farming and ranching. Learn more in this Tax Matters article.
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