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Accounting/Auditing >> |
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COSO Proposes Updated Internal
Controls and Framework
"Recognizing ... the need to codify existing principles and supporting attributes as well as provide expanded guidance on non-financial reporting, COSO
issued an updated framework for public
comment."
Read More.
(AICPA)
SEC Seeks Comments on Dodd-Frank
Financial Literacy Study
"The Securities and Exchange Commission
is requesting public comments on
financial literacy and investor
disclosure issues that it is studying as
part of a review mandated by the
Dodd-Frank Wall Street Reform and
Consumer Protection Act."
Read More.
(AccountingWEB)
FASB Aims to Simplify Impairment
Testing
"FASB ... issued a proposed Accounting
Standards Update it said would reduce
costs and simplify the guidance for
testing indefinite-lived intangible
assets other than goodwill for
impairment."
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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FASB |
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Intangibles -- Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets
(Issued 1.25.12)
Read More.
Comment
Deadline:
4.24.12
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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 Opens New Offshore Voluntary Disclosure Program
"[T]he IRS announced that they were reopening the Offshore Voluntary Disclosure Program in response to taxpayers' requests."
Read More.
(Taxation Business Tax Committee)
Illinois Estate Tax Exemption Increase
"[G]overnor Quinn signed legislation to provide for increases in the Illinois estate tax exemption.
... The new legislation increases the estate tax exemption to $3.5 million in 2012 and to $4 million in 2013.
Read More.
(Taxation Estate, Gift
& Trust Committee)
Latest Attempt to Limit "Crummey" Withdrawal Rights Rejected
"Tax Court rejects IRS argument that contributions to an irrevocable life insurance trust failed to qualify as a present interest gift, subject to the gift tax annual exclusion, because the donor paid life insurance premiums directly to a life insurance company."
Read More.
(Taxation Estate, Gift
& Trust Committee)
New Form 8949 for Reporting Schedule D Transactions
"Many transactions that would be reported on the schedule D or D-1 must now be reported on the new Form 8949. In some cases, as many as six forms 8949s or more may be needed."
Read More. (Taxation Individual
Tax Committee)
Beware: New Form 8938 – Statement of Foreign Financial Assets
"Certain U.S. individual taxpayers ... holding financial assets outside of the U.S. must report those assets to the IRS for taxable years beginning after March 18, 2010."
Read More.
(Taxation Business Tax Committee)
Redetermined Schedule B on Form 709
"Under a provision of the 2010 Tax Relief Act, any unified credit allocated to gifts made in prior periods must be redetermined using the current gift tax rate."
Read More.
(Taxation Estate, Gift & Trust Committee)
Filing Protective Claims Under Section 2053, Rev. Proc 2011-48
"The IRS recently issued Rev. Proc. 2011-48 explaining how estates are to file protective claims under Section 2053."
Read More.
(Taxation Estate, Gift & Trust Committee)
Catch up on Past Taxation Committee Reports
IRS
Briefs
Five New Members for IRPAC Announced
"The Internal Revenue Service ...
announced the selection of five new
members for the Information Reporting
Program Advisory Committee (IRPAC). The
new appointees will join 17 returning
members who ... represent the
taxpaying public, tax professionals,
small and large businesses, state tax
administration and payroll providers.
Read More.
(IRS)
IRS
Technical Guidancee
Notice 2012-12
advises taxpayers that mandatory
restitution payments awarded ... are
excluded from gross income for federal
income tax purposes.
Revenue Procedure
2012-15 ... identifies
circumstances under which the disclosure
on a taxpayer's income tax return with
respect to an item or a position is
adequate for the purpose of reducing the
understatement of income tax ... and the
purpose of avoiding the tax return
preparer penalty.
Revenue Ruling
2012-6 sets forth the
prevailing state assumed interest rates
that are used by insurance companies to
determine their reserves ... for
contracts that are issued in 2011 and
2012.
Revenue Ruling
2012-7 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.
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Practice Management >> |
Focus on the Funnel in 2012
"A new year is here and ... now is the
perfect time to evaluate the
opportunities in the sales funnel."
Read More.
(The Boomer Bulletin)
2011 Returns Shaped by Tax Relief and Health Care
"[A] number of new features affecting
individuals and businesses, such as new
information reporting forms, are
debuting."
Read More.
(Journal of Accountancy)
Are Your Clients
Retirement-Ready?
"It is a brand new year and many of your clients are setting goals to secure their financial future. Take this opportunity to meet your clients and keep them on the right track."
Read More.
(CPA Insider)
Practice Wanted
Licensed CPA with over 15 years
experience and an established tax &
accounting practice seeks growth through
acquisition of sole-proprietor or small
firm.
Learn More.
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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
Recent Press Coverage
to see our latest media items.
Share Your News
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
the
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.
It's Cool to be Cheap
Get money management tips from ICPAS by
following
@thriftitude
on Twitter. Pass it along to clients, friends
and family.
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