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
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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
FASB, IASB Propose Common Standard for Fair Value Measurement and Disclosure
FASB and the IASB on Tuesday issued separate exposure drafts intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. GAAP and IFRS. The EDs are the result of the boards’ joint efforts to ensure that fair value will have the
High Court Denies Business-Method Patent
The U.S. Supreme Court ruled Monday that a method of hedging against fluctuations in the price of energy or other commodities was an unpatentable abstract idea. The court, however, rejected the idea that a business method could never be patentable. The case, Bilski v. Kappos (08-964), has been widely followed
Little Change for PCAOB Under High Court Ruling
The Supreme Court’s 5–4 decision Monday in the constitutional challenge to the PCAOB will leave the agency virtually unchanged. The court’s ruling will not affect day-to-day operations of the PCAOB, the agency said. Chief Justice John Roberts wrote the majority opinion. In it, he said the court was isolating, or
President Signs Bill Providing Temporary Funding Relief for Pension Plans
President Barack Obama signed HR 3962, the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010, on Friday. The bill includes the so-called “doc fix,” increasing Medicare reimbursement to physicians by 2.2% through the end of November, in place of a scheduled 21% cut. The
Banking Regulators Issue Final Guidance for Safe and Sound Compensation Practices
The Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the FDIC issued final guidance to ensure that incentive compensation arrangements at financial organizations take risk into account and are consistent with safe and sound practices. The guidance is designed to ensure that
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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.
