The IRS on Friday released the final 2010 version of Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and its instructions. The updated form reflects changes made by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (PL 111-312), which was enacted Dec. 17, 2010.
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IRS Proposes Permanently Extending Period for Receiving Authorization to Disclose Return Information
The IRS on Thursday issued a proposed regulation that would permanently extend from 60 days to 120 days the permitted period for submission of taxpayer authorizations allowing disclosure of returns and return information to third-party designees (REG-153338-09). IRC § 6103(c) authorizes the IRS to disclose a taxpayer’s returns or return
AICPA, CIMA Joint Venture Would Offer New Management Accounting Designation
The AICPA and the London-based Chartered Institute of Management Accountants (CIMA) are proposing forming a joint venture to develop and promote a new global management accounting designation. The joint venture is designed to give management accounting a higher profile in the United States, advance the science of management accounting worldwide,
PCAOB: Audits of Chinese Reverse Mergers Create Compliance Concern
A PCAOB research note released on Tuesday attributes instances of noncompliance with AU section 543 to the increasing prevalence of transactions the regulator classified as Chinese reverse mergers (CRMs). The PCAOB’s research assessed data from a July 2010 audit alert that had raised a concern that some U.S.-registered accounting firms
IRS Issues Final Regs on Disclosing Return Information to Whistleblowers
On Monday, the IRS released final regulations regarding disclosure of return information by the Treasury Department in connection with written contracts among the IRS, whistleblowers and, if applicable, their legal representatives (TD 9516). The new IRS Whistleblower Office may determine during the course of an investigation that it needs the
Proposed International Standards Seek to Help Financial Market Infrastructures Withstand Financial Shocks
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
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
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