Editor’s note: This article appears in the January 2009 issue of The Tax Adviser, the AICPA’s monthly journal of tax planning, trends and techniques. On October 3, 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008, P.L. 110-343. The act provides alternative minimum tax (AMT) relief,
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IASB, FASB Focus on Impairment, Other Issues Raised by G-20
The International Accounting Standards Board (IASB) announced a series of actions it has taken to address recommendations made by the G-20 leaders last November in Washington. New disclosure requirements related to impairment. The IASB and FASB have proposed changes in disclosure requirements for impairments to arrive at a common outcome,
IRS Issues Guidance on Electing Out of 50% Additional First-Year Depreciation
Editor’s note: This article appears in the January 2009 issue of The Tax Adviser, the AICPA’s monthly journal of tax planning, trends and techniques. The IRS has issued Rev. Proc. 2008-65, which provides guidance on new Sec. 168(k)(4), added by Section 3081 of the Housing and Economic Recovery Act of
IRS Explains How Unmarried Taxpayers Allocate First-Time Homebuyer Credit
The IRS has issued Notice 2009-12 to explain how the IRC § 36 first-time homebuyer credit should be allocated between unmarried taxpayers who buy a principal residence together. Section 36 was added to the Code last year by the Housing and Economic Recovery Act of 2008, PL 110-289. It gives
IRS Issues Final Preparer Penalty Regs
Editor’s note: This article appears in the February 2009 issue of The Tax Adviser, the AICPA’s monthly journal of tax planning, trends and techniques. The IRS issued final regulations (T.D. 9436) implementing the changes to the Sec. 6694 tax return preparer penalties made by the Small Business and Work
Private Companies and FIN 48
The good news is that on Oct. 15, 2008, FASB deferred the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), for all nonpublic companies for one year. The bad news is that the year is up already. Company and outside tax and financial
Tax Season Launches
The 2009 income tax filing season got under way Friday, Jan. 16, as the IRS began accepting electronic filing of returns due April 15 for calendar year 2008. E-filing, available through tax preparation software used by most return preparers and many self-filing taxpayers, is again being promoted by the IRS as
SEC Nominee Pledges to Revitalize Enforcement, Has Concerns About IFRS
Mary Schapiro, President-elect Barack Obama’s nominee for SEC chair, testified Thursday before the Senate Banking, Housing, and Urban Affairs Committee that she would aggressively revitalize the SEC’s enforcement efforts. When asked by committee Chairman Sen. Chris Dodd, D-Conn., about whether she would support certain actions that would help detect
New XBRL Taxonomy for IFRS Released for Public Comment
The International Accounting Standards Committee (IASC) Foundation on Monday released a near final version of the IFRS Taxonomy 2009 for public comment. The IFRS Taxonomy 2009 is the eXtensible Business Reporting Language (XBRL) version of IFRS as of Dec. 31, 2008. XBRL, or “interactive data” as the SEC often
Comments Sought on Revised Statements on Standards for Tax Services
The AICPA released for comment an exposure draft of proposed revisions to Statements on Standards for Tax Services (SSTS). The revisions are intended to address changes in federal and state tax laws and new requirements for providing certain types of tax opinions. SSTS no. 1, Tax Return Positions, has been
Info Security Leads Tech List
The message of the AICPA’s 20th Annual Top Technology Initiatives Survey is clear—CPAs are placing great importance on information security. Security-related matters dominated the top three spots in the ranking of initiatives affecting IT strategy, investment and implementation. Information security management was voted the most important initiative for the
Committee Raising Awareness About Tax Disclosure Requirement for Private Companies
Private companies may have scored a temporary reprieve on the implementation deadline for accounting standard FIN 48 regarding uncertain tax positions, but they nevertheless face an important disclosure requirement under the standard. FASB has twice deferred the effective date for certain private entities of FASB Interpretation no. 48, Accounting
IRS Webcast to Address Filing Season Updates, Issues
The IRS’s next Tax Talk Today webcast, “Getting Ready for Filing Season 2009,” which gives tax professionals and preparers the latest updates on tax forms, laws and IRS processing issues for the upcoming filing season, will air Tuesday, Jan. 13, at 2 p.m. EST. The program will offer tips on
Social Insurance, Historical Cost Exposure Drafts Available for Comment
The Federal Accounting Standards Advisory Board (FASAB) is seeking comment on two exposure drafts, Social Insurance Accounting, Revised and Estimating the Historical Cost of General Property, Plant, and Equipment—Amending Statements of Federal Financial Accounting Standards 6 and 23. The Social Insurance proposal addresses challenges associated with incorporating estimates of future
Proposed Interagency Appraisal and Evaluation Guidelines Issued
The major federal bank, thrift and credit union regulators issued proposed Interagency Appraisal and Evaluation Guidelines that clarify risk management principles and internal controls for ensuring that financial institutions’ real estate collateral valuations (both appraisals and evaluations) are reliable and support their real estate-related transactions. The proposal was issued jointly by
Estate Planning: Time for a Tuneup
A CPA is in an excellent position to help clients address the issues of estate planning. CPAs are usually aware of the scope of their clients’ assets and often know something about family relationships, recent marriages, children, grandchildren and other key facts. They see their clients annually in connection with
SEC Finalizes Summary Prospectus Requirements for Mutual Funds
The SEC finalized a rule requiring mutual funds to provide investors with a concise summary of the key information they need to make informed investment decisions. The new summary prospectus will appear at the front of a fund’s prospectus. The SEC also approved a new rule that permits sending a
Comparison of Cumulative Monthly Social Security Benefits
Using a side-by-side spreadsheet comparison of cumulative monthly Social Security benefits (reflecting the 11 months for the first year in which benefits accrue after reaching age 62 and assuming a 3% COLA) CPA financial planners can show clients how the 58-year-old worker without consideration of a spouse (illustrated in Exhibit
AICPA Chairman Ernie Almonte’s Inaugural Speech
Editor’s note: On Oct. 21, Ernie Almonte began a one-year term as the AICPA’s chairman. Almonte, Rhode Island’s auditor general, is the first AICPA chairman from the government sector. This is the complete text of Almonte’s inaugural speech, delivered at the October meeting of the Institute’s governing Council in Tucson,
SEC Releases Fair Value Findings
The SEC, in a report mandated by Congress, supports the continued use of fair value accounting standards while also making eight recommendations to improve application of the standards. The suggested changes include reconsidering accounting for impairments of financial instruments and developing more guidance for determining the fair value of investments
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