The IRS on Friday issued final regulations (TD 9496) regarding the new information reporting requirement under IRC § 6050W for payment card and third-party network transactions. Starting Jan. 1, 2011, banks and similar transaction settlement entities must file annual information returns for each participating merchant or other payee reporting aggregate
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SEC Looking for Feedback on IFRS Plan
The SEC is calling for comments on certain aspects of its IFRS work plan. In one release Thursday, the SEC asked for feedback regarding investor knowledge of the international accounting standards and what it might take–in time and logistics–to improve investor understanding of IFRS. A second release is focused on
Optimism Falls Amid Concern Over Unemployment, Government Policies
Unemployment, government regulation and availability of credit caused optimism among CPA financial executives to drop sharply this quarter, and now half of executives do not expect the U.S. economy to return to pre-recession levels until after 2012, according to a survey conducted by the AICPA and the University of North
Rules Issued for Income Deferral of Canceled Debt
The IRS issued temporary and proposed regulations Wednesday relating to taxpayer elections to defer recognition of cancellation of debt (COD) income. The American Recovery and Reinvestment Act of 2009 (ARRA, PL 111-5) enacted IRC § 108(i), providing an election to defer COD income arising from the forgiveness or reacquisition of
Members of Congress Ask Treasury to Modify Return Preparer Registration Plans
Thirty-one members of the House of Representatives wrote to Treasury Secretary Timothy Geithner on Aug. 2, expressing concerns with aspects of the IRS’ proposal to regulate paid tax return preparers. The House members asked that the plan be modified to exempt nonsigning preparers who work for a CPA firm from
Congress Votes to Limit Use of Foreign Tax Credits
The House of Representatives on Tuesday interrupted its August recess and passed H.R. 1586 by a vote of 247–161, sending the bill to President Barack Obama. The president signed the bill into law the same evening. The measure was passed by the Senate on Aug. 5. The bill is designed
FASAB Guidance Addresses Estimates of Accrued Grant Liabilities
FASAB’s Accounting and Auditing Policy Committee (AAPC) issued Statement of Federal Financial Accounting Technical Release (TR) 12, Accrual Estimates for Grant Programs, guidance that the board says provides a cost-effective framework for developing reasonable estimates of accrued grant liabilities. TR 12 applies to grants that are paid by a federal
Panel Posts Questions on Private Company Financial Reporting for Public Comment
A blue-ribbon panel tasked with providing recommendations on the future of U.S. accounting standards for private companies by the end of this year is seeking public feedback on a series of questions that will assist the panel in discussing how accounting standards can best meet the needs of U.S. users
PCAOB Focusing In on SOX Provisions
The PCAOB on Thursday issued a release discussing certain provisions of the Sarbanes-Oxley Act of 2002 (SOX). The two-part release focuses on the application of the act’s section 105(c)(6), which authorizes the PCAOB to sanction registered firms and their supervisory personnel for failing to “reasonably supervise” associated individuals who violate
IRS Will Stop Providing Debt Indicators; Exploring Ways for Taxpayers to Use Refunds to Pay Preparers
The IRS on Thursday announced that it will stop providing “debt indicators” to tax preparers and associated financial institutions (IR-2010-89). Currently, when a tax preparer e-files a client’s tax return, the IRS indicates in the acknowledgment file if the taxpayer will have any portion of the refund offset for delinquent
PCAOB Adopts Suite of Risk Assessment Standards for Audits
The PCAOB on Thursday adopted a suite of eight auditing standards, Auditing Standards (AS) no. 8 through no. 15, that the board said would enhance the effectiveness of the auditor’s assessment of, and response to, the risks of material misstatement in financial statements. The risk assessment standards address audit procedures
IRS Changes Name of LMSB Division, Expands Focus
On Wednesday, the IRS announced that it is reorganizing and changing the name of its Large and Mid-Size Business (LMSB) division as part of its ongoing effort to focus more on international tax compliance (IR-2010-88). Starting Oct. 1, the division will be known as the Large Business and International (LB&I)
Accounting Groups Back Integrating Sustainability, Financial Reports
A new international committee formed Monday by the Prince of Wales’ Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI) will work to integrate the way companies report on strategy, risk, governance, financial performance and sustainability. The International Integrated Reporting Committee (IIRC), whose high-profile members include the heads
2010 Tax Software Survey: Lacerte
Click here for detailed survey responses for Lacerte. (Opens in new window; click once to enlarge.) General Information Tax program name: Lacerte Vendor name: Intuit, Inc. Telephone (sales): 800-765-7777 E-mail (sales): APD_Sales@intuit.com Website: http://lacerte.intuit.com Number of users: N/A Pricing Price on Federal 1040 (new customers): Federal 1040: $2,799 for unlimited
2010 Tax Software Survey: Drake Software
Click here for detailed survey responses for Drake Software. (Opens in new window; click once to enlarge.) General Information Tax program name: Drake Software Vendor name: Drake Software Telephone (sales): 800-890-9500 E-mail (sales): Sales@DrakeSoftware.com Website: DrakeSoftware.com Number of users: 34,000+ Pricing Price on Federal 1040 (new customers): $1,495 (with early
2010 Tax Software Survey: TaxSlayer Pro
Click here for detailed survey responses for TaxSlayer Pro. (Opens in new window; click once to enlarge.) General Information Tax program name: TaxSlayer Pro Vendor name: TaxSlayer Pro Telephone (sales): 888-420-1040 E-mail (sales): sales@taxslayerpro.com Website: www.taxslayerpro.com Number of users: 7,000+ Pricing Price on Federal 1040 (new customers): Classic: $895Premium: $995
2010 Tax Software Survey: TurboTax for Individual Consumer Use
Click here for detailed survey responses for TurboTax for Individual Consumer Use. (Opens in new window; click once to enlarge.) General Information Tax program name: TurboTax for Individual Consumer Use Vendor name: Intuit, Inc. Telephone (sales): 888-777-3066 E-mail (sales): Submitted via TurboTax.com website Website: www.TurboTax.com Number of users: Not disclosed
Featured Online Content for August 2010
FEATURED VIDEO In a video interview with the JofA, Sir David Tweedie shares thoughts on how the IASB and FASB can reconcile accounting for financial instruments. Tweedie, who is nearing the end of his term as chairman, also discusses how his successor’s job could be different. Also on journalofaccountancy.com, read
2010 Tax Software Survey: TaxACT 2010 Preparer’s 1040 Edition
Click here for detailed survey responses for TaxACT 2010 Preparer’s 1040 Edition. (Opens in new window; click once to enlarge.) General Information Tax program name: TaxACT 2010 Preparer’s 1040 Edition Vendor name: 2nd Story Software Telephone (sales): 800-573-4287 or 319-265-6500 E-mail (sales): support@taxact.com Website: www.taxact.com Number of users: N/A Pricing
2010 Tax Software Survey: TaxSimple
Click here for detailed survey responses for TaxSimple. (Opens in new window; click once to enlarge.) General Information Tax program name: TaxSimple Vendor name: TaxSimple, Inc. Telephone (sales): 973-989-8955 E-mail (sales): sales@taxsimple.com Website: www.taxsimple.net Number of users: N/A Pricing Price on Federal 1040 (new customers): $725 Increase from last
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FROM THIS MONTH'S ISSUE
Accountancy in America: Meeting the moment for 250 years
As the United States celebrates its semiquincentennial, explore the history of the accountancy profession’s essential role in the U.S. economy.
