On June 10, the IRS announced that new car buyers in states with no sales tax are entitled to take the new car sales tax deduction under IRC § 164(b)(6) (IR-2009-60). The American Recovery and Reinvestment Act of 2009 introduced a deduction for taxpayers who buy new cars, light trucks,
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SEC Considering New Proxy Disclosure Rules on Executive Compensation
SEC Chairman Mary Schapiro announced Wednesday that the commission is considering a package of new proxy disclosure rules that would provide more information to investors on public companies’ compensation decisions. “At the SEC, our role has not been to set pay scales or cap compensation,” said Schapiro in a news
FBAR Voluntary Disclosure Questions Answered
The IRS has answered 51 “frequently asked questions” (FAQs) about its voluntary disclosure and settlement option for previously unreported offshore financial accounts and entities and income from them. The six-month window for making disclosures under the program ends Sept. 23. Although IRS Commissioner Doug Shulman said the program can allow taxpayers
IRS Offshore Voluntary Compliance Program Questions
The information below includes questions that IRS Criminal Investigation special agents have asked some taxpayers participating in the IRS Offshore Voluntary Compliance program. Practitioners might want to document the facts as fully as possible in a detailed summary when submitting under the program. Those considering the Offshore Voluntary Compliance program
PCAOB Chairman Resigns
Mark Olson on Monday announced his resignation as chairman of the PCAOB, effective July 31. In his letter of resignation, Olson indicated “the decision is entirely personal” and reflects his desire “at this time of life to establish new priorities,” according to a PCAOB press release. He has no immediate
SEC Staff Updates Guidance on Business Combinations and Consolidation
The SEC’s Office of the Chief Accountant last week published a Staff Accounting Bulletin (SAB) that updates previous guidance by removing material no longer necessary because of developments in U.S. GAAP regarding business combinations and noncontrolling interests in consolidated financial statements. FASB Statement no. 141(R), Business Combinations, and Statement no.
IRS Proposes New Cell-Phone Fringe Benefit Substantiation Rules
Employer-provided cell phones have gone from an exclusive perk to common equipment in the 20 years since Congress made them subject to strict substantiation requirements for business use. Monday, the IRS proposed simplifying those rules. Generally, employees must include in income the fair market value of fringe benefits provided by
IRS Changes FBAR Reporting Requirements for June 30, 2009
June 30 is the deadline for filing the current year Report of Foreign Bank and Financial Accounts, Treasury Form TD F 90-22.1 (FBAR). “United States persons” having a financial interest in or signature authority or other authority over any financial account in a foreign country have an FBAR filing requirement
Ninth Circuit Rules on Tax Court Jurisdiction in Partnership Cases
The Ninth Circuit has held in a group of consolidated cases that the Tax Court has jurisdiction to decide in partner-level proceedings whether a partnership’s transactions were tax-motivated (Keller, No. 06-75466 (9th Cir. 6/3/09)). The case concerns the outstanding tax liabilities of 16 partners who invested in cattle partnerships that
Supreme Court Grants Cert. in Bilski Case
On Monday, the U.S. Supreme Court granted a writ of certiorari in the case of Bilski v. Doll, Sup. Ct. Dkt. No. 08-964. The Court has agreed to review the Federal Circuit’s earlier decision in the case and address the question of when business methods are eligible for patent protection.
Brad Smith: Brace for “The New Normal”
Accountants need to be able to help small business make the fundamental changes necessary in this economy, according to Intuit president and chief executive Brad Smith. How does Intuit view today’s economic climate? We’ve all seen fundamental changes in the economy in recent months. In fact, 70% of Americans are
Explaining the Sample Fixed-Price Agreement
Editor’s note: This is a Web-exclusive sidebar for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” Also see Exhibit 7, a sample fixed-price agreement. Date of the FPAThe fixed-price agreement (FPA) shown in Exhibit 7 can be either for a calendar or fiscal year, depending on
A Lesson in Value Pricing Ice Cream: From an Accountant
Editor’s note: This is a Web-exclusive sidebar for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” The history of business is the history of epiphanies. Sometimes the fog clears up, and the right path is seen. This certainly happened—with respect to pricing—for Ben Cohen and Jerry
Top Tech Tactics for These Tough Times
Sponsored by: CCH, a Wolters Knuwer Business – Intuit Quickbooks – SurePrepLLC Mike Sabbatis: Connectivity is about to change everything David Wyle: CPAs need to be ready for a new boom Brad Smith: Brace for “the new normal”
David Wyle: CPAs Need to Be Ready for a New Boom
Vast new advisory opportunities are pushing CPAs to seek efficiencies in compliance work. Smart outsourcing solutions offer a new path to expanding a CPA firm’s capabilities. How do you see CPA firms faring in this economy? The financial meltdown presents mixed challenges for the accounting industry. With revenues in decline,
After Action Review
Editor’s note: This is a Web-exclusive sidebar for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” The following questions should be answered by the pricing council/CVO after each major engagement: Did we add value for this client? How could we have added more value? Did we
Sample Change Order
Editor’s note: This is a Web-exclusive sidebar for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” Client: Date: Project description and scope of services [and estimated completion date, if appropriate]: ________________________________________________________ __________________________________________________________ Price:$_____________ We believe it is our responsibility to exceed your expectations. This Change Order
Pricing Council and CVO Purpose and Criteria
Editor’s note: This is a Web-exclusive exhibit for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” Examples of purpose and strategy statements for the role of the pricing council and chief value officer (CVO) are: To ensure the firm prices on purpose, according to the value received
Disadvantages of Hourly Billing
Editor’s note: This is a Web-exclusive exhibit for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” Hourly billing misaligns the interests of the CPA and the client—the client wants work done effectively, whereas the CPA firm wants to log more hours. It does not focus on what
Sample Fixed-Price Agreement
Editor’s note: This is a Web-exclusive exhibit for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” November 19, 2009 Dear Client: In order to document the understanding between us as to the scope of the work that ABC, CPAs will perform, we are entering into this Fixed
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The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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
