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
Advertisement
TOPICS
Tax
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
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
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
Nine Lives for Ohio’s CAT?
The Ohio Supreme Court has been asked to rule on Ohio’s commercial activity tax (CAT) as applied to certain food sales, after the tax was found by a state appeals court to violate the state constitution in that regard. A gross receipts business tax, the CAT was enacted in 2005
Recoverability of Equity-Based Compensation Deferred Tax Assets
As the stock market slides, more stock options and related deferred compensation instruments are “underwater,” and the related deferred tax assets may no longer be recoverable. The balance sheets and tax footnotes of many entities highlight the magnitude of these equity-based compensation deferred tax assets. When and how they are
Line Items
CONGRESS TRUMPS SUPREME COURTIn Announcement 2008-103, the IRS provided procedures and guidelines for claiming refunds of excise tax paid by domestic coal producers and exporters on exported coal. The guidance was in response to an extension by Congress of the tax years for which refunds may be claimed, to those
The Death of LIFO?
Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public companies to IFRS could affect many companies currently using LIFO for both financial reporting and taxation. This is because the
Ellentuck Receives Tax Division’s Highest Award
Albert B. Ellentuck received the Arthur J. Dixon Memorial Award, the highest award given by the AICPA in the area of taxation. Ellentuck, currently of counsel to King & Nordlinger LLP Attorneys at Law in Arlington, Va., has spent his career in practice with both law and CPA firms, focusing
Einhorn Named Tax Executive Committee Chair
Alan R. Einhorn, national director of the Quality Assurance Group for Deloitte Tax LLP, is the new chair of the Institute’s Tax Executive Committee. Einhorn’s work with Deloitte includes ethics and professional standards and taxpayer and preparer responsibilities. He is also involved in coordinating the firm’s tax quality assurance reviews
Highlights
The 165-page document echoes the outlines of the plan unveiled Aug. 27, when the Commission voted unanimously to seek comments on the road map. Under the proposal, the SEC would decide in 2011 whether to proceed with rulemaking to require that U.S. issuers use IFRS beginning in 2014. Limited early
Medical Residents Not Subject to FICA
Although circuits have split on the issue previously, two recent decisions concluded that medical residents are not subject to FICA, based on the student exception of IRC § 3121(b)(10). The provision states that the term “employment” “shall not include…service(s) performed in the employ of…a school, college, or university…if such service
VEBA’s Excess Set-Aside is UBI
The Court of Federal Claims ruled that a tax-exempt voluntary employees’ beneficiary association (VEBA) recognized income subject to the unrelated business income tax (UBIT) because it exceeded the amount the VEBA could set aside to pay benefits. The UBIT was enacted to prevent tax-exempt organizations from competing with taxable entities
Plan Design in the Balance
An overview of the advantages and disadvantages of a cash balance plan.
No Good Deed Goes Unpunished
A volunteer president of the board of directors of a nonprofit day care center was held personally liable for the day care’s payroll taxes and therefore was not entitled to a refund of the taxes he paid on behalf of the organization. The Seventh Circuit Court of Appeals rejected the
CFC Credit Rules Eased
In response to the liquidity crisis, which has made it difficult for taxpayers to fund their operations, the IRS quickly responded on Oct. 3 with Notice 2008-91, temporarily expanding the short-term financing exception to IRC § 956. This measure will permit corporations to access cash from their controlled foreign corporations (CFCs)
Congress Extends, Amends Research Credit
The recently enacted Emergency Economic Stabilization Act of 2008 includes the long-awaited extension of the IRC § 41 research credit. The credit had expired at the end of 2007, but the act extends it to apply to amounts incurred after Dec. 31, 2007, and before Jan. 1, 2010. Under section
Features
FROM THIS MONTH'S ISSUE
AI risks CPAs should know
Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
