The IRS on Monday announced plans to require mandatory registration of all paid, signing tax return preparers as well as competency testing and CPE requirements for preparers other than CPAs, attorneys or enrolled agents. The plan also calls for extending Circular 230’s ethics rules to all return preparers. Following a
Advertisement
NEWS
GASB Standards Address OPEB Obligations, Bankruptcies
GASB issued two statements intended to improve consistency in the measurement and financial reporting of other post-employment benefits (OPEB) such as retiree health insurance, and the effects of municipal bankruptcy. Statement no. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, addresses issues related to measurement of OPEB obligations
PCAOB, CAQ Offer Academic Research Funds
The PCAOB and the AICPA-affiliated Center for Audit Quality (CAQ) are offering funds to support academic research on auditing and oversight topics. The PCAOB’s Academic Fellowship Program is seeking an experienced accounting researcher and academic, with an active interest in auditing and oversight matters, to serve as an academic fellow at the
New SSARS to Usher in Big Changes for Compilation and Review Engagements
The AICPA issued SSARS no. 19, Compilation and Review Engagements. Significant improvements brought about by the standard include: The introduction of the term review evidence. This change to the review literature clarifies that a review requires the accumulation of review evidence to provide a reasonable basis for obtaining limited
Get Results: Specific Steps to Process Improvement
Editor’s note: This is a Web-exclusive sidebar for “Get Results: Improve Your Accounting Firm Processes Using Lean Six Sigma,” Jan. 10. Previous attempts by Rea & Associates to develop consistent procedures didn’t always result in the most successful, efficient or effective processes. Instead, 11 offices did things 11 ways
Numerous Tax Provisions Expired at End of 2009
The ringing in of the new year at midnight on Dec. 31 also signaled the expiration of several tax provisions. The biggest was the estate and generation-skipping tax regime, which is repealed for 2010. Various bills have been introduced that would revive the estate tax in its 2009 form, but
IRS Issues Regulations on Disclosure of Tax Return Information
On Tuesday, the IRS issued temporary and proposed regulations under IRC § 7216 that increase the circumstances in which tax return preparers can disclose or use certain limited tax return information (TD 9478 and REG-131028-09). The temporary regulations amend final regulations that were issued in 2008 and were effective Jan.
IRS Provides Guidance on Return Preparer Liability Under IRC Section 7216
On Wednesday, the IRS issued two revenue rulings (Rev. Ruls. 2010-4 and 2010-5) that provide guidance to tax return preparers on situations in which they will not be liable for civil or criminal penalties under IRC § 7216 for disclosing or using tax return information. IRC § 7216 prohibits a
AICPA Offers Aids on Fair Value of Alternative Investments
The AICPA has published a set of free technical practice aids that offer nonauthoritative implementation guidance to FASB’s Accounting Standards Update 2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). These entities, often called alternative investments, include hedge, private equity and real estate funds.
FASB Issues Subsequent Events Proposal
FASB issued a Proposed Accounting Standards Update, Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements. The proposal stems from questions about whether the requirements to disclose the date that the financial statements are issued could conflict with some SEC guidance, according to FASB. FASB has proposed amendments
Tax Court Accepts IRS Method for Determining Gambling Wins and Losses
The Tax Court held in a memorandum decision released Monday that taxpayers who were casual gamblers recognized wins or losses when they redeemed their tokens and that they could not net their wins and losses across the year (Shollenberger, TC Memo 2009-306). In this decision, the court accepted the IRS’
IRS Extends Moratorium on Tax Shelter Enforcement
IRS Commissioner Doug Shulman announced in a letter to Sen. Chuck Grassley, R-Iowa, that the IRS is extending until March 1, 2010, a moratorium on collection enforcement of the IRC § 6707A penalty for failure to disclose tax shelters and other reportable transactions. Shulman first announced the moratorium July 6
Proposal: Connect Sustainable Activities and Financial Reports
Representatives of more than 20 organizations including the AICPA agreed last week on a proposal to form a committee that would oversee development of an integrated reporting model. The model would connect reporting of organizations’ strategy, risk and financial and sustainability performance. The proposals were the outcome of a London
International Assurance Standard Released for Service Organizations, U.S. Equivalent Slated for Vote in January
The International Auditing and Assurance Standards Board (IAASB) on Friday released a new standard that addresses reports on the description, design and operating effectiveness of controls relating to outsourced services ranging from assisting with processing transactions to performing one or more business functions. International Standard on Assurance Engagements (ISAE) 3402,
FDIC Insurance Fund Falls to Negative Balance
The Deposit Insurance Fund (DIF) balance decreased by $18.6 billion (180%) to negative $8.2 billion during the third quarter, the FDIC said in its Third Quarter 2009 CFO Report to the Board. The decrease was primarily due to a $21.7 billion increase in the provision for insurance losses, which was
Modified Loans Quick to Re-Default, Overall Mortgage Performance Declines
As efforts to keep borrowers in their homes continued to escalate, a report from major bank regulators said more than half of all mortgages modified in the first quarter of 2009 were in re-default in the third quarter—56.2% were 30 or more days delinquent and 42.7% were 60 or more
Panel to Address Accounting Standards for Private Companies
A new panel is poised to take on the issue of whether separate accounting standards are needed for private companies. The AICPA and the Financial Accounting Foundation, FASB’s parent organization, announced Thursday the launch of a blue-ribbon panel charged with making recommendations on the future of standard setting for private
Regulations Proposed on Basis Reporting by Brokers
The IRS issued proposed regulations (REG-101896-09) on Wednesday relating to how securities brokers report sales to the IRS and how stock basis is determined. The regulations project also proposes to set a Feb. 15 deadline for brokers to supply certain information statements. The proposed rules reflect changes made in 2008
Study of Financial Picture Reveals Struggles, Risky Habits
A study examining personal financial habits shows many Americans are struggling to cover their mortgage and other monthly bills, don’t have rainy day funds, and have yet to do the math on how much money they’ll need to retire. Roughly 49% of those surveyed reported having trouble paying their monthly
House Passes Financial Regulatory Reform Bill
House lawmakers voted Friday to approve The Wall Street Reform and Consumer Protection Act, a series of financial regulatory measures. The AICPA advocated for the profession on several provisions in the bill. The bill gives the PCAOB authority to inspect and regulate audits of all broker-dealers. It gives the PCAOB
Features
ALSO FEATURED
How to protect nonprofits from hidden fraud risks
CPAs can help not-for-profits spot the red flags of common schemes, so they can take steps to tighten controls and reduce exposure.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
