FICPA: Top Stories
SEC Issues a Plan to Move To International Accounting
WASHINGTON -- U.S. securities regulators floated a plan Wednesday that could require U.S. companies to switch to international accounting rules starting in 2014, and permit others to make the switch even sooner.
SEC to Reveal IFRS Start Dates This Week
On Wednesday, the Securities and Exchange Commission will propose a date for U.S. companies to be allowed to convert to international financial reporting standards.
Real Estate Key to Issues Throughout South Florida
This week's cover story profile of Mount Sinai Medical Center by John Dorschner is a reminder of how important real estate is to all of South Florida. The venerable institution has been hampered by a land purchase it made at the dawn of this decade.
IRS Plans New Taxpayer Warning Letters
The Internal Revenue Service is planning to increase its enforcement efforts by sending out warning letters to a larger group of taxpayers who may be underreporting their income.
Convertible Bonds' Goose Is Cooked
A highly structured convertible bond, considered by many to be a corporate treasurer's dream, is about to fade from memory if accounting rulemakers and regulators get their way.
Accountant Takes on IRS - And Wins
WASHINGTON – It took seven years, but Charles Ulrich did something many people dream about, but few succeed at: He beat the IRS in a tax dispute.
Property Isn't Only Thing at Risk in Storm Season
Let's see: A-B-C-D-E . . . Fay. Fay doesn't concern me. That we already have gotten to Fay does. That makes six named storms by the middle of August. Hurricane Charley arrived about the same time in 2004. It was only the third named storm to that point.
Private-School Voucher Debate Heats Up
Pat Lockett-Felder isn't on the ballot outside Duval County. But during three days in June, backers in New York, Michigan and Virginia sent $5,500 to her campaign for a Florida House seat.
Know Your Policy Before a Storm
The winds have died and the rain has stopped, but your roof is gone, your screening is flapping in the breeze and water is leaking into your house.
Nonprofits Face Dwindling Resources
Merging club locations, cutting staff and increasing staff-to-child ratios are some of the measures to which the Boys and Girls Clubs of the Big Bend have been forced to resort because of a decrease in financial donations.
FICPA: IRS Tax News
IRS Plans New Taxpayer Warning Letters
The Internal Revenue Service is planning to increase its enforcement efforts by sending out warning letters to a larger group of taxpayers who may be underreporting their income.
Accountant Takes on IRS - And Wins
WASHINGTON – It took seven years, but Charles Ulrich did something many people dream about, but few succeed at: He beat the IRS in a tax dispute.
Moving Expenses Related to a New Job May Be Tax Deductible
Did you recently move to another city for a new job or because your old job is now at a new location? A tax break may be coming your way.
Tax Calendar for Small Businesses on IRS.gov
IRS Summertime Tax Tip 2008-15 Are you running a small business? Would you like a calendar packed with valuable business tax information? The IRS is offering a free calendar to help you keep track of tax deadlines and important dates throughout the year.
Treasury, IRS Issue Ruling Preventing Certain Pension Transfers
The Treasury Department and the Internal Revenue Service today issued Revenue Ruling 2008-45, which states that a transfer of a tax-qualified pension plan from an employer to an unrelated taxpayer when the transfer is not connected with a transfer of significant business assets, operations, or employees, is not permissible under current law. A copy of the ruling is attached.
Taxpayers with 25 or More Heavy Vehicles Now Must File Excise Tax Forms Electronically
Individuals and organizations with 25 or more trucks, tractors or other heavy vehicles used on highways now are required to make their excise tax filings with the Internal Revenue Service electronically, rather than by paper.
IRS Seeks New Issues for the Industry Issue Resolution Program
Businesses and associations have until Aug. 31 to submit tax issues to the Internal Revenue Service to be included in the Fall 2008 review in the Industry Issue Resolution (IIR) Program.
IRS Releases Updated Drafts of Corporate and Partnership Tax Forms
The Internal Revenue Service has released for public comment draft revisions to Form 1065, U.S. Return of Partnership Income, Form 1120, U.S. Corporation Income Tax Return, and certain related schedules. Included in the release are new Schedule B for Form 1120 and Schedule C for Form 1065. These forms will be for use for tax years ending on or after Dec. 31, 2008.
IRS Sending Stimulus Payment Information to Retirees, Veterans
WASHINGTON — The Internal Revenue Service today reminded qualifying retirees and veterans that it is not too late to file for an economic stimulus payment and announced it will send a second set of information packets to 5.2 million people who may be eligible but who have not yet filed for their stimulus payment.
IRS Revises TIN Matching Program Publication
The intended audiences for this Publication are members of the Third- Party Payor Community, and Their Authorized Agents, Issuing Form 1099 Statements of Income for Recipients of Proceeds from:
FICPA: AICPA News
AICPA Publishes IFRS.com Website
AMELIA ISLAND, Fla. (May 19, 2008) – The American Institute of Certified Public Accountants announced the introduction of IFRS.com, a new Web site developed in partnership with its marketing and technology subsidiary CPA2Biz to help members and financial professionals learn about and stay informed on International Financial Reporting Standards (IFRS).
A Publication of the Accounting Standards Executive Committee
In June 2007, AcSEC issued Statement of Position (SOP) 07-1, Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies. On February 14, 2008, the FASB issued FASB Staff Position (FSP) 07-1-1. The FSP delays indefinitely the effective date of SOP 07-1. Entities that early adopted SOP 07-1 before December 15, 2007 are permitted, but not required, to continue to apply the provisions of the SOP. No other entities may adopt the provision of the SOP, subject to the exception: If a parent entity that early adopted the SOP chooses not to rescind its early adoption, an entity consolidated by the parent entity that is formed or acquired after that parent entity’s adoption of the SOP must apply the provisions of the SOP in its standalone financial statements. For a copy of the FSP, visit the FASB’s website at http://www.fasb.org/pdf/fsp_sop07-1-1.pdf
The AICPA’s Peer Review Board has issued a white paper, Navigating through the Revised AICPA Standards for Performing and Reporting on Peer Reviews and Related Interpretations. The paper serves as a bridge between the current and revised Standards and Interpretations and explains how the changes may affect enrolled firms (including those responsible for the firm’s quality control function), peer reviewers, entities administering peer reviews, and peer review users, including regulators. The revised Standards and Interpretations are effective for peer reviews commencing on or after January 1, 2009.
Doctoral Scholars Program in Accounting Ccreated by CPA Profession
The CPA profession has created an Accounting Doctoral Scholars program to help reverse a shortage of Ph.D. accounting faculty in U.S. colleges and universities. The new program is being spearheaded by the largest accounting firms and will be administered by the American Institute of Certified Public Accountants Foundation.
New Guidelines Available for Fighting Fraud
The ACFE, AICPA, and IIA have released a new resource which provides organizations guidance on establishing an approach to managing the risk of fraud. “Managing the Business Risk of Fraud: A Practical Guide," offers recommendations on how to attempt to prevent fraud in an organization by providing guidance from well respected authorities on establishing effective fraud risk management techniques.
Benjamin Bankes and Savingman™ Offer Retirement Planning Tips for 25-34 Year Olds
Benjamin Bankes, the icon of Feed the Pig™, has teamed up with Savingsman™, icon of the Choose to Save program of the American Savings Education Council, to offer 25-34 year olds advice on planning now for their long-term financial security. Read the press release to find out more.
Americans Should Avoid Borrowing from Retirement Accounts to Secure Cash
The AICPA and CPAs holding the Personal Financial Specialist (CPA/PFS) credential of the AICPA warn that borrowing from retirement plans can be risky. For tips and more information, read the press release.
Accounting Degrees Reach Highest Level
NEW YORK (May 5, 2008) – More than 64,000 students graduated with bachelor’s and master’s degrees in accounting in the 2006-07 school year, according to a new report by the American Institute of Certified Public Accountants. This is the largest number of graduates in the 36 years the Institute has been tracking this data.
Financial Planning a Boon CPA Practices
NEW YORK (April 28, 2008) – CPA financial planning and investment advisory practices are enjoying significant revenue growth and are expanding at a faster rate than their non-CPA competitors, according to a study released today by the American Institute of Certified Public Accountants and Moss Adams LLP.
AICPA Announces the Formation of Succession Planning Resource Center
New York (June 19, 2008)- The American Institute of Certified Public Accountants announces the formation of the Succession Planning Resource Center to help small and medium-sized firms contend with one of the most critical issues affecting their future.
Accounting News - Accounting News Headlines | Bizjournals.com
PricewaterhouseCoopers donates $1M to UA
New York-based accounting firm PricewaterhouseCoopers pledged a $1 million donation to the University of Alabama to support accounting education at its Culverhouse College of Commerce and Business Administration.
Virchow Krause pursuing name change to Baker Tilly
Virchow, Krause & Co., one of Wisconsin’s largest certified public accounting firms, is pursuing a name change to Baker Tilly LLP.
Financial advisers prepare for crush of A-B investors
Now that the sale of Anheuser-Busch is no longer a question of whether but mostly of when, tax accountants and financial advisers are gearing up to handle an expected rush of business.
Study: Scottsdale ranks in top 10 as center of wealth
Scottsdale is among the top 10 wealth centers in the U.S., according to a new study by Bizjournals.
Monroe Shine moves office to American Founders Bank building
One of the region’s oldest accounting firms is moving its Louisville office.
Taxes are said to be one of the few certain things in life. Often, however, figuring out the best way to have tax returns prepared and filed can be fraught with uncertainty.
Fool.com: The Motley Fool
When Buying an Index Fund Is Stupid
Not all index funds are created equal.
What to Buy When the Economy Stinks
Follow this easy route to the best investments out there.
Tuesday's Biggest Winners and Losers
Yesterday's market is today's road map.
Maybe what glitters really is gold.
The Waffle House Economic Indicator
Our economic pulse is everywhere for the taking.
The Top Stocks of the Next 50 Years
Hint: They have something in common.
The Secrets of 9-Figure Fortunes
How do you get them? How do you keep them?
There's Nothing Refined About Sinopec's Results
Painful losses in refining continue to weigh on Chinese energy stocks.
The Next Great Emerging Markets
China and India are so five minutes ago.
In fact, it might just be heating up.
