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.
Topics: Kristen Shepley, audit, financial reporting, compliance, news and events
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.
Topics: accounting, Kristen Shepley, liquidation basis of accounting, financial reporting, FASB, compliance
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.
Topics: tax update, Kristen Shepley, tax planning, tax, business tax, american taxpayer relief act
Topics: tax update, individual tax, Kristen Shepley, tax planning, tax, fiscal cliff, american taxpayer relief act
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.
Topics: COSO, Kristen Shepley, tax planning, tax, non-for-profit, IRS, compliance, year-end review
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.
Topics: Kristen Shepley, tax, Cost of performance, marketplace sourcing, cost of performance vs. marketplace outsourcing, sales sourcing, non-tangible property
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.
Topics: Kristen Shepley, FASB, compliance, new standards, liquidity risk, interest rate risk, risk
Proposed regulations issued by the IRS will help S corporation shareholders determine if their loans create a basis of indebtedness.
Topics: Kristen Shepley, IRS, S Corporation, shareholder loans, bona fide debt, basis of indebtedness
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.
Topics: FATCA, Kristen Shepley, tax, tax-exempt, IRS, FSA Assessment, Foreign asset reporting
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.
Topics: tax issues, Kristen Shepley, tax, IRS, OVDP, U.S. citizens, Offshore Voluntary Disclosure Program, tax relief