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Accounting/Auditing >> |
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Technical Updates
Below are the most recent exposure drafts. Review the complete
list on
the ICPAS website:
Accounting, Auditing, Governmental, Compilation
and Review.
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FASB |
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IASB |
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Implementation Guidance
ICPAS maintains
a table of newly issued
Accounting,
Auditing,
Governmental,,
Compilation
and Review
standards, with a link to the corresponding resources to help you
understand and implement the new
standard.
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Tax Matters >> |
Taxation
Committee Reports
Mobile Property Creates Mobile Tax Problems
"Mobile property brings a unique set of issues to a business. These issues impact all the fundamentals of state taxation, including nexus, apportionment, sales or use tax, and personal property tax."
Read More.
(Taxation State & Local Committee)
100% Bonus Depreciation? Illinois Says YES!
"The passage of the Federal Unemployment Insurance Reauthorization and Job Creation Act of 2010 allowed for qualified assets placed in service
... be eligible for 100% bonus depreciation for federal tax purposes."
Read More.
(Taxation State & Local Committee)
Your Vote Counts For This Election
"Have you ever wondered how many elections we encounter in the preparation of an individual income tax return?"
Read More.
(Taxation Practice & Procedures Committee)
IRS
Briefs
Rates to Rise in Second Quarter
"The Internal Revenue Service ...
announced that interest rates for the
calendar quarter beginning April 1,
2011, will increase by one percentage
point."
Read More. (IRS)
New Members on TAP
"The Internal Revenue Service ... announced the selection of 32 new members to serve on the nationwide Taxpayer Advocacy Panel. The TAP is a federal advisory committee charged with providing direct taxpayer feedback to the IRS."
Read More.
(IRS)
IRS
Technical Guidance
Announcements
Announcement 2011-19 provides conditions
under which certain municipal bond
issuers that have purchased their own
bonds may enter into a voluntary closing
agreement with respect to the
extinguishment of such bonds.
Announcement
2011-20 advises hospital
organizations described in § 501(c)(3)
to delay filing their 2010 Form 990
until July 1, 2011.
Notices
Notice 2011-14
provides guidance on the
tax consequences of payments
made to or on behalf of financially
distressed homeowners under programs
established pursuant to the Treasury
Department's Housing Finance Agency
Innovative Fund for the Hardest-Hit
Housing Markets and the Department of
Housing and Urban Development's
Emergency Homeowners' Loan Program.
Notice 2011-17 informs the public of the
effect of Emancipation Day, a legal
holiday in the District of Columbia, on
the filing deadline for all tax forms
required to be filed on April 15,
including the Form 1040 series tax
returns.
Notice 2011-18 provides
transitional relief from information
reporting requirements in section 6045B
of the Internal Revenue Code
that apply to issuers of stock with
respect to organizational actions that
affect the basis of the stock.
Revenue
Procedures
Revenue Procedure 2011-20
provides information to any individual
who failed to meet the eligibility
requirements of section 911(d)(1) of the
Internal Revenue Code because adverse
conditions in a foreign country
precluded the individual from meeting
those requirements for taxable year
2010.
Revenue Rulings
Revenue Ruling
2011-5 provides the rates for interest
on tax overpayments and underpayments
for the calendar quarter beginning April
1, 2011.
Revenue Ruling 2011-6 provides
various prescribed rates for federal
income tax purposes including the
applicable federal interest rates, the
adjusted applicable federal interest
rates, the adjusted federal long-term
rate, the adjusted federal long-term
tax-exempt rate.
Revenue Ruling 2011-7
provides guidance clarifying how the
section 403(b) plan termination
provisions apply.
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Practice Management >> |
Do You Have a Succession Plan?
"Some 94 percent of accounting firm partners readily admit that it's important to build a succession strategy for their firm."
Read More.
(CPATrendlines.com)
Don't Let Top Talent Slip Away
"One question all employers have asked themselves is,
'How do we keep top performers?' This is
especially crucial right now."
Read More.
(CPA Insider)
Are You Billing What You're Worth?
A new book from the AICPA will help you
raise your rates, charge more for those
engagements that justify a higher price,
implement value pricing and more.
Contact the Information &
Research Center to borrow this book.
Learn More.
(ICPAS
Information & Research Center)
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ICPAS Updates >> |
ICPAS in the News
ICPAS tax tips were used recently in
Real Simple Magazine’s Simply Stated
blog. View the blog in our
Recent Press Coverage,
along with other items from the
Daily Herald and TribLocal.
Pave the
Way for Future CPAs
Support the future of the CPA profession
with a gift to the CPA Endowment Fund
of Illinois.
Learn More.
(ICPAS)
Follow ICPAS on Twitter Join in the
discussion!
Check out
@IllinoisCPA, the Twitter page
for ICPAS members to get the latest on
courses, events and news.
Recommend @thriftitude
ICPAS also has a Twitter page,
@thriftitude, for consumers with
definitions, local deals and reminders.
Pass it along to clients, families and
friends.
ICPAS Launches New Succession Planning
Services
Project MATS
(Merger, Acquisition, Transition and
Succession) provides content, advice,
consultation, information, case studies
and succession services at no cost, for
ICPAS members.
Learn More.
(ICPAS)
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