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Accounting/Auditing >> |
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ICPAS Committee Responds to AICPA Exposure Draft
The Audit & Assurance Services Committee responds to the AICPA's Proposed Statement: Auditing Standards, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern (Redrafted)
Read More.
(ICPAS)
Global Accounting Reforms Pressure US
"Plans by the accounting body
responsible for global standards to make
itself more answerable to the public
will put pressure on the United States
to sign up or risk losing influence."
Read More.
(Thomson Reuters)
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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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
Wha'd Ya Do When? ... I Want My Penalty
Abatement Now!
"It is important to pay attention to
the timing of certain IRS letters. An
adverse response to a request for
abatement of penalties can be deemed a
denial."
Read More.
(Taxation Practice & Procedures Committee)
IRS Practitioner Liaison January 2012 Meeting Minutes
"Ivy McChesney was available via telephone to address practitioners'
concerns regarding Account Maintenance."
Read More.
(Taxation
Practice & Procedures Committee)
IRS Clarification for Reporting 1099K
"For the year 2011, the IRS has
determined the requirement to separately
state the amount of merchant card and
network payments on Form 1040 Schedule
C, E, & F will not be necessary."
Read More.
(Taxation
Practice & Procedures Committee)
2011 Annual Federal/State E-File Seminar Takeaways
"[T]he Illinois Department of Revenue partnered with the Internal Revenue Service to present their annual Federal/State e-File Seminar at Chicago's Thompson Center."
Read More. (Taxation Individual
Tax Committee)
EPA Certification Required for Federal Brownfields Tax Incentives
"Although environmental remediation costs paid in connection with the acquisition of real property generally are required to be capitalized to the land,
through December 31, 2011, Internal Revenue Code Section 198 allows deduction of qualified environmental remediation expenditures
... in the year incurred."
Read More.
(Taxation Flow-Through Entities Committee)
IRS
Briefs
Identity Theft Crackdown Sweeps the Nation
"The Internal Revenue Service and the Justice Department
... announced the results of a massive national sweep cracking down on suspected identity theft perpetrators as part of a stepped-up effort against refund fraud and identity theft."
Read More.
(IRS)
IRS Helps Taxpayers Find Tax Help
"As part of a continuing effort to
improve service to taxpayers, the
Internal Revenue Service announced ... a
new online tool to help people easily
find a location for volunteer tax
preparation assistance."
Read More.
(IRS)
FATCA Implementation Regulations
Proposed
"The Treasury Department and the
Internal Revenue Service ... proposed
regulations for the next major phase of
implementing the Foreign Account Tax
Compliance Act."
Read More.
(IRS)
Remember the New Continuing Education
Requirements
"The Internal Revenue Service ...
reminded certain tax return preparers
that they must complete 15 hours of
continuing education (CE) annually
beginning in 2012."
Read More.
(IRS)
Rules for Electronic K-1s Provided
"The IRS ... issued guidance that now
allows partnerships to provide Schedule
K-1, Partner's Share of Current Year
Income, Deductions, Credits, and Other
Items electronically to recipients."
Read More.
(IRS)
IRS
Technical Guidance
Notice 2012-14
addresses whether individuals who are
eligible for services at an Indian
Health Services facility are also
eligible individuals for purposes of
contributing to a Health Savings
Account.
Notice 2012-16
provides guidance as to the corporate
bond weighted average interest rate and
the permissible range of interest rates.
Notice 2012-17
provides answers to frequently asked
questions from employers regarding
automatic enrollment, employer shared
responsibility and waiting periods.
Revenue Procedure
2012-11 sets forth
procedures for issuing determination
letters and rulings on the exempt status
of qualified nonprofit health insurance
issuers.
Revenue Ruling
2012-3 describes how the
qualified joint and survivor annuity ...
and the qualified preretirement survivor
annuity ... apply when a deferred
annuity contract is purchased under a
profit-sharing plan.
Revenue Ruling
2012-4 describes whether
a qualified defined benefit pension plan
that accepts a direct rollover ... from
a qualified defined contribution plan
maintained by the same employer
satisfies §§ 411 and 415 … in a case in
which the defined benefit plan provides
an annuity resulting from the direct
rollover.
TD 9574
... contains temporary regulations
authorizing the IRS to prescribe the
procedures by which certain entities may
apply to the IRS for recognition of
exemption from Federal income tax.
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Practice Management >> |
10 Talent Management Tips
"Organizations must manage their
workforce differently in the new normal
to position themselves for growth and
recovery."
Read More.
(On Balance)
The Right Charities for Your Clients
"Here are ways to determine if the
charities your clients support are
effectively governed, accountable and
fiscally responsible."
Read More.
(Journal of Accountancy)
Six Misunderstandings
About LinkedIn
"Thousands of accountants register, but many fail to register properly."
Read More.
(AccountingWEB)
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ICPAS Updates >> |
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