Regulatory News
These articles feature news on or about accounting rules and regulations as well as the organizations that dictate them, including: the SEC, Treasury, Sarbanes-Oxley, IFRS, GAAP, FASB, IASB and many others.
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May 08, 2012 Congress Introduces Bill to Increase Tax Preparer Penalties- A bipartisan group of lawmakers have introduced legislation that would
increase the penalties on tax preparers who defraud taxpayers and the
Internal Revenue Service by altering tax returns for personal benefit
without their clients’...
May 08, 2012 IRS And Social Security Urged to Curb Tax Fraud And Identity Theft- The Internal Revenue Service and the Social Security Administration were
urged during a congressional hearing Tuesday to take further steps to
curb identity theft-related tax fraud.
May 08, 2012 IASB Seeks to Clarify Rule-Setting Process- In an effort to avoid resurfacing political tensions from the financial
crisis over accounting rules, the trustees that oversee the the
International Accounting Standards Board published proposed due-process
enhancements meant to clarify the...
May 04, 2012 Final Regulations Issued On Deduction Of Prepaid Mortgage Insurance Premiums- The
IRS on Friday issued final regulations governing the allocation of
prepaid mortgage insurance premiums for periods after Dec. 31, 2010 ( T.D. 9588 ). The final regulations adopt rules that were issued as proposed and temporary regulations...
May 01, 2012 AICPA: Correspondence Audits Challenge Taxpayers- The
IRS’s use of correspondence audits to resolve issues with tax returns
has mushroomed over the past decade—but taxpayer satisfaction with the
program is fairly low. According to the Treasury Inspector General for
Tax...
April 27, 2012 Keep SEC As Investment Adviser Watchdog, Auditors Urge Congress- Urging
Congress to keep oversight of investment advisers with the Securities
and Exchange Commission, the American Institute of CPAs (AICPA)
yesterday slammed the Investment Adviser Oversight Act of 2012.
Introduced in the House of...
April 24, 2012 IRS Proposes Regs On Deducting Local Lodging Expenses- The Internal Revenue Service has proposed regulations relating to the deductibility of lodging expenses when not traveling away from home.
In REG-137589-07, the IRS noted that Section 1.262-1 of the Income Tax Regulations generally disallows a...
April 23, 2012 Final Standards In Convergence Projects Expected by Mid-2013- FASB
and the International Accounting Standards Board (IASB) expect to issue
final, joint standards in their major convergence projects by mid-2013,
according to a report to the Financial Stability Board (FSB) Plenary on Accounting Convergence...
April 20, 2012 IRS Advises Tax Preparers Of PTIN Info Disclosures- The Internal Revenue Service said in an email to tax professionals
Friday that the Freedom of Information Act requires the IRS to release
certain information about Preparer Tax Identification Number holders.
April 17, 2012 Proposed Regs. Would Require E&P to be Allocated to Acquiring Corporations in Corporate Reorganizations- The IRS has proposed amending existing regulations under Sec. 312 (effect on earnings and profits (E&P) of corporate distributions) and Sec. 381 (carryovers of tax attributes in certain corporate acquisitions) to clarify that in certain corporate...
April 16, 2012 SEC Study Probes Issue of Private Extraterritorial Securities Fraud Claims- A study the SEC prepared for Congress describes options for lawmakers to consider but makes no specific recommendations regarding whether private causes of action should be allowed to be extended to extraterritorial securities fraud claims.
The...
April 15, 2012 Averting Revenue-recognition Angst- U.S.
and international accounting-standards setters are sending project
leaders around the world to soothe any remaining qualms about proposed
changes to revenue-recognition rules.
April 09, 2012 IRS Holding Up Transfer-pricing Deals For Years- Senior
finance and tax executives may well be wondering whether their
companies should work with the Internal Revenue Service on
transfer-pricing agreements after learning about the agency’s latest
progress report. Last week the IRS...
April 02, 2012 FOIA Awareness for PTIN Holders- The Freedom of Information Act (FOIA) requires the IRS to release certain information about PTIN holders including:
March 27, 2012 2012 U.S. GAAP Financial Reporting Taxonomy Adopted And Supported By SEC Effective March 26, 2012- Norwalk, CT, March 27, 2012— The U.S. Securities and
Exchange Commission (SEC) has adopted the 2012 non-governmental U.S.
GAAP Financial Reporting Taxonomy, the Financial Accounting Foundation
(FAF) and the Financial Accounting Standards...
March 23, 2012 Proposed Lease Accounting Changes Loom Large- For more than two years, the two major accounting standards boards, the Financial Accounting Standards Board and the International Accounting Standards Board, have been working together to rewrite the rules for real estate and equipment lease...
March 19, 2012 New Tax Preparer Requirements: More than Meets The I...RS- This column is an example of why, in this age of tweets, Facebook posts,
and 20-second sound bites, it’s precarious to accept the superficial. I
appreciate that we’re all busy with really important things to do, but
there are still...
March 12, 2012 Private Company Reporting Decision Could Come In May, FASB Chairman Says- The
Financial Accounting Foundation (FAF) trustees hope to vote on a final
structure and plan for private company financial reporting at their
meeting in May, FASB Chairman Leslie Seidman said Monday.
March 12, 2012 Will Auditors Influence How Executives Are Paid?- PCAOB proposals would have auditors reading the employment and
compensation contracts of corporate leaders and, possibly, forcing
changes to comp programs due to unacceptable risks of material
restatement.
March 12, 2012 Tax Preparers Sue IRS Over New Requirements- An advocacy group is representing a trio of tax preparers who plan to
file suit against the Internal Revenue Service on Tuesday claiming the
IRS’s new regulations could force them out of the tax prep business or
cause them to raise their...
March 08, 2012 IASB Plans Cooling-down Period for New Standards- International Accounting Standards Board chairman Hans Hoogervorst told
attendees at a financial conference in Mexico City that the board plans
to give accountants a period of relative stability to give them time to
adjust to all the new...
March 07, 2012 IASB Eyes Selective Reforms After Frantic Change- Tackling company "disclosure overload" will be among cherry-picked projects for accounting standards reform after industry calls to ease the pace of change, a top accounting rule-setter said on Wednesday.
"Now we have most of the world on board,...
March 07, 2012 Obama Pushes Business Tax Reform Proposals- President Obama pressed for business tax reform in a speech before a group of business executives.
February 27, 2012 International Standard-setter Takes Aim At Valuing Derivatives- The International Valuation Standards Council has begun a project with
the goal of bringing greater consistency to how financial derivatives
should be valued, even as the International Accounting Standards Board
and the Financial Accounting...
February 27, 2012 FinCEN Postpones Mandatory FBAR E-filing- The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it is postponing until July 1, 2013, its requirement that Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts
(FBAR), be filed...
February 23, 2012 FinREC Seeks Clarity In Principal vs. Agent Proposal- The AICPA’s Financial Reporting Executive Committee (FinREC) sent a comment letter to FASB stating concerns about operational challenges that could be triggered by Proposed Accounting Standards Update (ASU), Consolidation (Topic...
February 23, 2012 To Close Tax Loopholes, Obama Would Open Others- WASHINGTON (AP) — President Barack Obama wants to close dozens of
loopholes that let some companies pay little or nothing in taxes. But he
also wants to open new ones for manufacturers
February 22, 2012 Obama Seeks 28 Percent Corporate Tax Rate- Laying down an election-year marker in the debate over taxes, the Obama administration is proposing to cut the corporate tax rate from 35 percent to 28 percent, and to seek an even lower effective rate for manufacturers, a senior administration...
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