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Accounting/Auditing >> |
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Pensions
Comment Deadline Extended
"The GASB has extended the deadline for
commenting on the Board's proposals on
pension accounting and financial
reporting to Friday, October 14."
Read More.
(GASB)
Improvements in Standards for
Nonprofits Recommended
"The NAC recommended several possible
long-term projects for FASB's
standard-setting agenda to make
financial reporting more useful for
users of financial statements of
nonprofit entities."
Read More.
(Journal of Accountancy)
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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SEC |
-
Prohibition against Conflicts of Interest in Certain Securitizations
(Issued 9.19.11)
Read More
(PDF).
Comment
Deadline:
12.19.11
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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
for members.
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Tax Matters >> |
Taxation
Committee Reports
IRS Unveils Return Preparer Test Specifications
"The test specifications divide the test into
seven domains and show the percentage of the test which is attributable to each domain."
Read More.
(Taxation Practice
& Procedures Committee)
Disaster Relief and Job Creation
"[E]nergy tax incentives would ... create jobs for those who manufacture and/or install clean energy technologies, and reduce our nation's
fossil fuel consumption."
Read More.
(Taxation Practice & Procedures Committee)
IRS Issues Guidance on Cell Phone Usage
"Since cell phones were removed from the
listed property category, when an
employer provides an employee with a
cell phone for business reasons, the
business and personal use of the phone
is not taxable to the employee."
Read More. (Taxation Individual Committee)
Michigan Budget Bills Create a Warmer
Business Climate
"The goal of the legislation is job
creation, which will be achieved through
lower costs of the corporate structure."
Read More.
(Taxation State
& Local Committee)
Guidance Priority List to Resolve Tax
Issues Published
"[T]he Treasury Department's Office of
Tax Policy and IRS used the Guidance
Priority List to identify and prioritize
the tax issues that should be addressed
through regulations, revenue rulings,
revenue procedures, notices, and other
published administrative guidance."
Read More.
(Taxation Practice
& Procedures Committee)
IRS Issues Voluntary Worker
Classification Settlement Program
"The ... VCSP ... allows eligible
taxpayers the ability to reclassify
their workers from independent
contractors to employees for federal
employment tax purposes."
Read More.
(Taxation Practice
& Procedures Committee)
IRS Large Dollar Group in Holtsville
Service Center Closed
"The large dollar group at the
Holtsville Service Center has been
disbanded. Cases that were normally
assigned to Large Dollar Group in
Holtsville will be assigned to Revenue
Officers."
Read More.
(Taxation Practice & Procedures Committee)
Catch up on Past Taxation Committee Reports
IRS
Briefs
Further Return Preparer Oversight Guidance Implemented
"The IRS provided clarification for tax return preparers about when to renew their preparer tax identification numbers (PTINs),
how suitability testing will be
conducted, and when the continuing
education requirement will begin."
Read More. (IRS)
Public Input Sought on Affordable Care Act Employer Provisions
"The Treasury Department and Internal Revenue Service
... requested public comment on a
proposed affordability safe harbor for
employers under the shared
responsibility provisions included in
the Affordable Care Act that will apply
to certain employers starting in 2014."
Read More.
(IRS)
Filing and Penalty Relief Offered for 2010 Estates
"The Internal Revenue Service announced
... that large estates of people who
died in 2010 will have until early next
year to file various required returns
and pay any estate taxes due."
Read More.
(IRS)
IRS
Technical Guidance
Announcement
2011-62 discloses the
results of the 2010-11 allocation round
under the qualifying advanced coal
project program.
Announcement
2011-64 provides notice
and details regarding a new Internal
Revenue Service Voluntary Classification
Settlement program that provides partial
relief from federal employment taxes for
eligible taxpayers that agree to
prospectively treat workers as
employees.
Notice 2011-72
provides guidance on the tax treatment
of cellular telephones or other similar
telecommunications equipment that
employers provide to their employees.
Notice 2011-78
provides relief to insurance companies
administering certain self-insurance
arrangements on behalf of an employer or
other entity from any information
reporting obligations.
Notice 2011-79
explains the circumstances under which
the 4-year replacement period is
extended for livestock sold on account
of drought.
Notice 2011-80
provides guidance to individuals who
have or will obtain a preparer tax
identification number (PTIN),
including a provisional PTIN, or who
become registered tax return preparers.
Revenue Ruling
2011-24 determines in
certain situations whether a taxpayer
providing telecommunications services is
deriving gross receipts from services,
leasing or renting property, or some
combination thereof.
Revenue Ruling
2011-22 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 Procedure
2011-44 modifies the
procedures for church plans that are
filing a request for a determination
letter.
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Practice Management >> |
How to Find the Red Flags of Fraud
"Our digital society is producing more data and information per second than one could possibly fathom....
However, with this ever-increasing
amount of information, fraud has become
increasingly difficult to detect."
Read More.
(CalCPA)
Earn the Right to Retain Clients
"It's no secret that client retention is on the minds of practitioners these days....
But what can you do to ease fears and
keep more happy clients aboard?"
Read More.
(AICPA CPA Insider)
Are They Really Your Clients?
"An Australian colleague said he doesn't call his clients
'his' anymore. That is, he has realized
... your clients are not your property and you do not own them."
Read More.
(CPA Trendlines)
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ICPAS Updates >> |
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Check Out the ICPAS Public Practice Center
This one-stop-shop for small and
mid-size practitioners provides easy
access to the all the resources and
connections you need to achieve practice
excellence.
Learn More.
ICPAS in the Media
View our
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to see our latest media items.
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Send us
your staff announcements, new location
or awards in the form of a press release
or email message and we'll post it in
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Members in the
News area of our site.
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.
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Get money management tips from ICPAS by
following
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on Twitter. Pass it along to clients, friends
and family.
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