The IRS proposed (REG-139343-08) Thursday to begin charging all authorized tax preparers a $50 user fee to obtain or renew annually a preparer tax identification number (PTIN). The fee would be on top of a “reasonable fee” charged by a third-party vendor that will administer the application and renewal process.
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FASB Requires Expanded Disclosures on Credit Quality of Financing Receivables
FASB issued Accounting Standards Update (ASU) no. 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses, which FASB said in a press release will improve transparency in financial reporting by public and nonpublic companies that hold financing receivables, which include loans, lease receivables and
Obama Signs Dodd-Frank Reform Bill
President Barack Obama on Wednesday signed the Dodd–Frank Wall Street Reform and Consumer Protection Act into law. The act, which was approved by the House on June 30 before narrowly clearing the Senate last week, will create new regulations for companies that extend credit to consumers, exempt small public companies
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
A blue-ribbon panel weighed in on seven alternative models for private company financial reporting at its meeting Monday, eliminating models that were based on IFRS and a model that effectively would have maintained the status quo. All of the remaining models under consideration by the panel would result in differences
Blue-Ribbon Panel to Air Alternative Models for Private Company Financial Reporting
A blue-ribbon panel will meet Monday in Chicago to discuss possible alternative models and structures related to GAAP standard setting for private companies. This is the third meeting of the 18-member panel, which was announced in December 2009 and is tasked with providing recommendations by the end of the year
Regulations Issued on Preventive Services
As part of ongoing guidance on this spring’s health reform legislation, the IRS, Department of Labor, and Department of Health and Human Services have issued interim final and proposed regulations implementing the preventive health services rules in the acts (TD 9493; REG-120391-10). The Patient Protection and Affordable Care Act (PL
Financial Regulatory Reform Bill Clears Congress
Update: Obama Signs Dodd-Frank Reform Bill, July 21, 2010 The Senate on Thursday approved a major financial regulatory reform package that President Barack Obama is expected to quickly sign into law. The Dodd–Frank Wall Street Reform and Consumer Protection Act, which was approved by the House on June 30
New Leader to Review Post-Implementation of FASB, GASB Standards
The Financial Accounting Foundation, the parent organization of FASB and GASB, has named Mark Schroeder, a recently retired senior partner at Deloitte & Touche LLP, to the newly created position of post-implementation review leader. In this role, Schroeder will assume responsibility for the development, implementation and management of the post-implementation
PCAOB Proposes Higher Evidence Standards in Audit Confirmations
The PCAOB released for comment a proposed auditing standard that it says would update and expand the requirements related to the auditor’s use of confirmations, requiring a high level of evidence. In a statement issued with the proposed new standard on Tuesday, PCAOB Acting Chairman Daniel L. Goelzer said the
IRS Launches Gulf Oil Spill Hotline, Plans Special Assistance Day
The IRS announced that it has set up a special toll-free telephone line for taxpayers affected by the oil spill in the Gulf of Mexico. The phone number is 866-562-5227, and it will operate on weekdays from 7 a.m. to 10 p.m.local time, the IRS said. The phone line is
Former PCAOB and Fed Official Joins Center for Audit Quality
The Center for Audit Quality (CAQ) on Wednesday announced that former PCAOB and Federal Reserve Board official Angela Desmond has joined the center as senior director of external relations. Desmond comes to the AICPA-affiliated CAQ from Corporate Risk Advisors LLC, a Washington-based consulting and strategic advisory firm specializing in the
Closing Date Deadline for Homebuyer Credit Extended to Sept. 30
President Barack Obama signed the Homebuyer Assistance and Improvement Act of 2010 (HR 5623) on July 2. The bill extends the closing date deadline to qualify for the first-time homebuyer credit under IRC § 36 from June 30, 2010, to Sept. 30, 2010. To offset the cost of the extension,
Scott Francis: Scanners Offer Out-of-the-Box Productivity
Where does a scanner fit in the accounting workflow? With the continued momentum and focus on the “paperless” office, Fujitsu scanners have become an integral component of modern accounting and tax firms, streamlining workflow and enhancing business efficiencies. Many CPAs require a scanner to digitize documents so they can avoid
Howard Brown: Doc.It Does What Most Engagement Software Can’t
How does Doc.It work? Within Doc.It Suite, we have replaced the paper file room with the Doc.It Archive. We have replaced the paper document with PDFs. Every client engagement is finalized and stored as a PDF in the Doc.It Archive. Every PDF is secure, searchable, properly named, assigned a retention
Regular IRA to Roth IRA Conversion: Evaluating the Income Recognition Options
Editor’s note: Also read “Deferral and Spreading of Roth Conversion Income Not Always Best,” in the July 2010 issue of the Journal of Accountancy. Click here to download “Regular IRA to Roth IRA Conversion: Evaluating the Income Recognition Options,” an illustrative spreadsheet that allows planners to choose between two possible
Mike Sabbatis: Beyond Paperless – Cloud Computing and Powerful Suites
What’s “the next big thing” in going digital? Two of the biggest things are cloud computing and highly integrated suites. Some firms are already taking advantage of what’s being offered today, but these will become industry standard in the next few years. Cloud computing is the next technology paradigm. The
Special Focus Report: Paperless Office
Sponsored by: CCH, a Wolters Kluwer business, Doc.It, Fujitsu and SurePrep. Scott Francis: Scanners Offer Out-of-the-Box ProductivityFujitsu VP pinpoints the ROI Mike Sabbatis: Beyond Paperless – Cloud Computing and Powerful SuitesCCH president sees a future beyond merely “paperless” David Wyle: The Next Frontier of Tax WorkpapersSurePrep president and CEO says a
David Wyle: The Next Frontier of Tax Workpapers
How far along is the profession in adopting “paperless” solutions? We see paperless as having three main components, the first being storage and retrieval. Most firms have implemented scanners and some type of document management system. In this area, the industry is at least 70% of the way there, probably
The Tax Adviser Resource Guide
The Tax Adviser is the AICPA’s monthly journal of tax planning, trends and techniques. Find the latest issue of The Tax Adviser at AICPA.org. For information on how you can place your ad in this section, please contact AICPA Advertising Sales at advertisingsales@aicpa.org or call 800-873-1677. BUSINESS
G-20 Reiterates Call for Convergence
For the fourth time in less than two years, the Group of 20 (G-20) leaders called for a single set of global accounting standards and urged FASB and the IASB to complete their convergence projects. “We re-emphasized the importance we place on achieving a single set of high quality improved
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