The nation’s home mortgage portfolio continued a trend of slight improvements as the share of “current and performing” first-lien mortgages serviced by large national banks and thrifts ticked up in the fourth quarter of 2010, according to a joint report from the Office of the Comptroller of the Currency and
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IRS Delays Due Date for Choosing Basis Allocation for Decedents Dying in 2010
The IRS announced that it is delaying the due date for Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, past its original April 18 due date, but did not announce what the new due date will be (IR-2011-33). Therefore, for decedents who died in 2010,
FASB Not-for-Profit Panel’s Subgroups to Study Possible Improvements
FASB’s Not-for-Profit Advisory Committee (NAC) has established three working groups to study ways for FASB or others to improve financial reporting for nonprofit entities and to develop recommendations and alternatives for consideration by the full committee. FASB established the NAC in 2009 to serve as a standing resource for the
AICPA Highlights Need for IASB Funding, Independence
The AICPA called on the SEC to contribute funds to support the International Financial Reporting Standards Foundation, the parent organization of the International Accounting Standards Board (IASB). In a comment letter to the IFRS Foundation Monitoring Board, the Institute wrote, “We believe any solution by the SEC would go a
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Taxpayer Assistance Order Regulations Issued
On Thursday, the IRS issued final regulations governing national taxpayer advocate (NTA) taxpayer assistance orders when a taxpayer is suffering hardship because of the way the IRS is administering the tax laws (TD 9519). Under IRC § 7811 the NTA can issue a taxpayer assistance order if the NTA “determines
Guidance Issued on 100% Bonus Depreciation Rules
The IRS issued guidance on how taxpayers can deduct 100% of the cost of qualified business property placed in service in 2011 under rules enacted last year (Revenue Procedure 2011-26). The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (PL 111-312) allows taxpayers to deduct 100% of
FinCEN: Commercial Real Estate Fraud Poses Risks to Economy
The Financial Crimes Enforcement Network (FinCEN) said reported incidences of suspicious activity in commercial real estate (CRE) financing almost tripled between 2007 and 2010. The analysis of suspicious activity reports (SARs) from depository institutions said a key concern in this area is the fact that an estimated $1.4 trillion in
AICPA Calls for Safeguards for Electronic Data Provided for IRS Exams
The AICPA called on the IRS to start a dialogue to fix what it views as an important problem for some small businesses under audit examination: providing electronic records to the IRS while protecting confidential information that is not relevant to the IRS’ request. The IRS maintains that the
FASB Chairman Provides Update on Financial Instruments
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”
IRS Issues Final Regs and Guidance on Mandatory E-Filing Requirements
The IRS issued final regulations (TD 9518) and several pieces of guidance relating to the requirement that return preparers e-file tax returns, starting this year. The final regulations adopt, with minor amendments, proposed regulations (REG-100194-10) that were published last December, and they require specified tax return preparers to e-file if
FinCEN: Bankruptcy Fraud, Mortgage Loan Fraud Increasingly Intertwine
Mortgage loan fraud was cited in 54% of suspicious activity reports (SARs) referencing bankruptcy fraud in 2010, up from 42% in 2009, the Financial Crimes Enforcement Network reported Monday. The division of the U.S. Treasury Department also noted growth in reports of real estate “flopping” over the course of 2010,
FASB Balances Revenue Recognition Guidance With Principles
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”
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
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