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Highlights of the AICPA National Conference on Current SEC and PCAOB Developments
Posted by Kristen Shepley on Mon, Apr 15, 2013 @ 09:17 AM

Discussions Focused on Current and Future Financial Reporting

In December 2012, the AICPA hosted its annual National Conference on Current SEC and PCAOB Developments in Washington, DC. The presentations and discussions focused on challenges and initiatives shaping current and future financial reporting.

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Topics: Kristen Shepley, audit, financial reporting, compliance, news and events

Proposed ASU: New Guidance on Liquidation Basis of Accounting
Posted by Kristen Shepley on Mon, Jan 28, 2013 @ 09:17 AM

FASB Offers Direction For Entities Facing Liquidation Process

In the near future, public companies, private companies, not-for-profit organizations, and employee benefit plans may have more guidance on how to adapt their financial reporting when they cross the line from going concerns to entities facing liquidation.

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Topics: accounting, Kristen Shepley, liquidation basis of accounting, financial reporting, FASB, compliance

Tax Alert: What Businesses Need to Know About the Fiscal Cliff Deal
Posted by Kristen Shepley on Wed, Jan 16, 2013 @ 09:17 AM

Businesses See Various Provisions Extended or Renewed

As mentioned in the previous blog post, President Obama and Congress finally agreed on a tax deal as the first step in avoiding the “fiscal cliff.” The American Taxpayer Relief Act of 2012 ("2012 Tax Relief Act" or the "Act") was approved on January 1, 2013.

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Topics: tax update, Kristen Shepley, tax planning, tax, business tax, american taxpayer relief act

Tax Alert: How the Fiscal Cliff Deal Affects Individual Tax Planning
Posted by Kristen Shepley on Mon, Jan 14, 2013 @ 11:08 AM

Many Tax Provisions Extended for Individuals

President Obama and Congress finally agreed on a tax deal as the first step in avoiding the “fiscal cliff.” The American Taxpayer Relief Act of 2012 ("2012 Tax Relief Act" or the "Act") was approved on January 1, 2013.

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Topics: tax update, individual tax, Kristen Shepley, tax planning, tax, fiscal cliff, american taxpayer relief act

The New England Accounting Advisor’s Top 10 Blog Posts for 2012
Posted by Kristen Shepley on Mon, Jan 7, 2013 @ 09:18 AM

Topics Included Tax, Accounting, and Business Consulting Advice

This year, The New England Accounting Advisor covered many topics, including tax advice, accounting issues, fraud and advisement for both for-profit and not-for-profit entities. At the end of the year, there were 10 blog posts that claimed the biggest readership.

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Topics: COSO, Kristen Shepley, tax planning, tax, non-for-profit, IRS, compliance, year-end review

Cost of Performance vs Marketplace Sourcing for Sales of Non-Tangible Property
Posted by Kristen Shepley on Wed, Dec 19, 2012 @ 09:27 AM

3 Key Questions for Determining Whether a Cost of Performance Approach is the Right Sales Sourcing Methodology

When it comes to determining the amount of sales of non-tangible property subject to state income tax, it’s key for the taxpayer to determine whether the “cost of performance” sourcing rule applies to their situation.

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Topics: Kristen Shepley, tax, Cost of performance, marketplace sourcing, cost of performance vs. marketplace outsourcing, sales sourcing, non-tangible property

Proposed Accounting Standard Would Require Additional Disclosures about Risks Associated with Financial Instruments
Posted by Kristen Shepley on Mon, Dec 10, 2012 @ 09:13 AM

More Disclosure about Liquidity and Interest Rate Risks may be Required

The Financial Accounting Standards Board (FASB) has proposed an Accounting Standards Update (ASU) which requires additional disclosures by reporting entities regarding information about liquidity and interest rate risks arising from the entity's use of financial instruments.

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Topics: Kristen Shepley, FASB, compliance, new standards, liquidity risk, interest rate risk, risk

Only Bona Fide Shareholder Loans Create S Corporation Basis
Posted by Kristen Shepley on Mon, Nov 26, 2012 @ 09:17 AM

Regulations Proposed by the IRS Clarify Basis of Indebtedness

Proposed regulations issued by the IRS will help S corporation shareholders determine if their loans create a basis of indebtedness.

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Topics: Kristen Shepley, IRS, S Corporation, shareholder loans, bona fide debt, basis of indebtedness

Increased Scrutiny of Foreign Accounts is Fast Becoming a Reality
Posted by Kristen Shepley on Wed, Oct 3, 2012 @ 09:13 AM

U.S. Department of Treasury Releases Model Intergovernmental Agreement on Foreign Asset Reporting

Agreement Works to Prevent Tax Evasion

The U.S. Department of the Treasury has issued a model intergovernmental agreement to implement the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA). The provisions are intended to combat offshore tax evasion, and they require foreign financial institutions (FFIs) to report to the IRS information about certain financial accounts.  

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Topics: FATCA, Kristen Shepley, tax, tax-exempt, IRS, FSA Assessment, Foreign asset reporting

IRS Offers New Guidance on the Offshore Voluntary Disclosure Program (OVDP)
Posted by Kristen Shepley on Wed, Sep 26, 2012 @ 09:13 AM

Program allows taxpayers with undisclosed foreign accounts and assets to “come clean” in exchange for reduced penalties and protection against criminal prosecution

Are You Eligible?

The IRS has issued guidance on its current Offshore Voluntary Disclosure Program (OVDP) and tightened eligibility requirements. Good news: taxpayers with undisclosed foreign accounts and assets can “come clean” in exchange for reduced penalties and protection against criminal prosecution.

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Topics: tax issues, Kristen Shepley, tax, IRS, OVDP, U.S. citizens, Offshore Voluntary Disclosure Program, tax relief

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