On Friday, the House of Representatives passed the American Jobs and Closing Tax Loopholes Act (HR 4213) by a vote of 215–204. The bill now goes to the Senate, which will not take it up for consideration until after it returns from its Memorial Day recess on June 7. The
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IASB Asks Constituents to Comment on FASB Proposal
The International Accounting Standards Board (IASB) on Thursday asked its constituents to comment on the financial instruments accounting proposals FASB released Wednesday. The IASB said that because FASB’s proposal is part of the global convergence project, it is important for FASB to receive feedback on the proposed model from the
FASB Proposes Comprehensive Changes to Financial Instruments Accounting
FASB on Wednesday issued a much anticipated exposure draft intended to improve accounting for financial instruments. Among other changes under the proposed Accounting Standards Update (ASU), financial statements would incorporate both amortized cost and fair value information about financial instruments held for collection or payment of cash flows. The proposal
Jobs Key to Consumer Confidence
Job growth is at the heart of increasing consumer confidence and growing the economy, Quincy Krosby, chief market strategist for Prudential Financial, told AICPA Council members Tuesday in San Diego. “If we don’t bring the word ‘confidence’ in, small business owners will be afraid to hire. They are worried about
Election Analyst Questions Whether Republicans Can Take House
Republicans may not be able to secure a majority in the House this November despite the potential for a tidal wave election, political analyst Charlie Cook told AICPA Council members Monday at a meeting in San Diego. Cook addressed the Council, providing his view of the political environment in light
IASB Chairman Outlines Approach for Reconciling Financial Instrument Standards
International Accounting Standards Board Chairman Sir David Tweedie on Tuesday outlined a possible approach for reconciling the divergent IASB and FASB models for financial instruments accounting. With FASB’s comprehensive exposure draft on financial instruments expected any day, Tweedie said during a JofA exclusive interview at the AICPA Council meeting
Supreme Court Declines to Hear Textron Work Product Privilege Case
The U.S. Supreme Court on Monday declined to review the case of Textron Inc. v. United States, Sup. Ct. docket no. 09-750 (5/24/10). The decision not hear the case lets stand the First Circuit Court of Appeals’ decision that a corporation’s tax accrual workpapers were not protected from an IRS
Banks Earn $18B in First Quarter; FASB 166 and 167 Alter Balance Sheets
FDIC-insured commercial banks and savings institutions posted an aggregate profit of $18 billion in the first quarter of 2010, driven mostly by a 16.6% year-over-year drop in provisions for loan losses. It was the industry’s most profitable quarter since the first quarter of 2008, although the FDIC noted it is
Survey: CPAs Growing More Familiar With IFRS
Even though most American CPAs do not prepare or audit IFRS financial statements, many have begun learning the international standards, according to an AICPA survey released Monday. Two years ago nearly a third of AICPA members reported no familiarity with IFRS. But this year’s results show that number has been
IRS Posts Revised Form 941 and Instructions for Claiming New Hire Payroll Tax Exemption
On May 18, the IRS posted a new version of Form 941, Employer’s QUARTERLY Federal Tax Return, and its instructions for claiming the special payroll tax exemption that applies to new workers hired in 2010. The Hiring Incentives to Restore Employment Act (HIRE Act) created a payroll tax exemption for
IRS Guidance on Small Business Health Care Tax Credit
The IRS issued a notice Monday providing guidance to small businesses that are eligible to claim a tax credit for employee health insurance coverage (Notice 2010-44). The Patient Protection and Affordable Care Act (PL 111-148) enacted new IRC § 45R, which allows certain eligible small businesses to claim a tax
FDIC Clarifies Securitization Safe Harbor Prompted by New FASB Standards
The Board of Directors of the FDIC on Tuesday approved a Notice of Proposed Rulemaking (NPR) to clarify the safe harbor protection in a conservatorship or receivership for financial assets transferred by an insured depository institution in connection with a securitization or participation. (Click here for prior JofA coverage.) The
Panel Expresses ‘Broad-Based Concerns’ for Private Company Financial Reporting
There are legitimate, broad-based concerns about whether current U.S. GAAP and the underlying standard-setting process are meeting the needs of private companies, and it is time to start exploring alternatives that have surfaced in other countries, the chairman of a blue ribbon panel told panel members Friday. “There’s a reason
Automatic Revocation of Tax-Exempt Status to Start Monday
Monday, May 17, is the deadline for calendar-year tax-exempt organizations to file a Form 990 for 2009. It also marks the third filing deadline under the mandatory filing requirement instituted by the Pension Protection Act of 2006 (PL 109-280). Under the terms of that mandatory filing requirement, tax-exempt organizations that
Blue-Ribbon Panel on Private Company Financial Reporting to Meet Friday
The blue-ribbon panel established to provide recommendations on the future of U.S. accounting standards for private companies will hold its second meeting Friday at the offices of the Financial Accounting Foundation, FASB’s parent organization, in Norwalk, Conn. The public portion of the meeting will take place from 9:10 a.m. to
Economic Outlook Turns Optimistic
For the first time in more than two years, CPA financial executives were more optimistic than pessimistic about the outlook for the U.S. economy, according to a quarterly survey conducted by the AICPA and the University of North Carolina’s Kenan-Flagler Business School, but more than half don’t expect full economic
Final Interim Regulations Issued on Adult Dependent Health Coverage
On Monday, the IRS, along with the Department of Labor and Department of Health and Human Services, issued interim final regulations for group health plans and health insurers relating to dependent coverage for children under the age of 26 (TD 9482). The regulations complement guidance issued by the IRS on
Tax Court Holds Invalid Temporary Regulations on Overstatement of Partnership Basis
On Thursday, the Tax Court held that temporary regulations issued by the IRS last year that defined an overstatement of partnership basis as an omission from gross income are invalid (Intermountain Ins. Serv. of Vail, LLC, 134 TC no. 11). In an earlier round of litigation, the Tax Court had
FASAB Proposes Changes to Deferred Maintenance Reporting
The Federal Accounting Standards Advisory Board (FASAB) is seeking comment on an exposure draft that proposes amendments to Statement of Federal Financial Accounting Standards (SFFAS) 6, Accounting for Property, Plant, & Equipment (PP&E), specifically relating to deferred maintenance (DM). The ED, Definitional Changes Related to Deferred Maintenance and Repairs: Amending
AICPA Testifies About Tax Return Preparer ID Plan
Patricia Thompson, CPA/PFS, vice chair of the AICPA’s Tax Executive Committee, spoke Thursday at an IRS hearing on the IRS’ plan to require all paid tax return preparers to obtain and use a preparer tax identification number (PTIN). She said the IRS’ PTIN proposal, along with its proposal to make
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From The Tax Adviser
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