AICPA News Update - February 24, 2012
AICPA Requests Simpler Rules to Protect Election of Alternate Valuation Method
Published February 24, 2012
AICPA
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| AICPA News Update |
| A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession |
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In This Update: |
February 24, 2012 - Volume 15 No. 7 |
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AICPA Requests Simpler Rules to Protect Election of Alternate Valuation Method |
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In November 2011, the Treasury Department proposed regulations that will make it much harder for some estates to use the alternate valuation method to reduce the value of assets in an estate. In response, the AICPA is urging the Internal Revenue Service and Treasury to make some key changes as “a once straightforward provision has evolved into a complex set of rules that will be increasingly difficult for estate representatives and practitioners to understand and apply…” The AICPA has asked the IRS to adopt a blanket exception for any action taken by a publicly traded entity, and for interests in non-publicly traded entities, to limit the prohibition on valuation adjustments to those resulting from actions within the control of the decedent’s executor.
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An Easy Way to Showcase Your Value and Expertise in Client Newsletters or on Your Website |
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The Tax Practitioner’s Toolkit has a number of ready-to-use “blurbs” that members can customize for their website or client newsletters. Topics vary from “Let Us Help You Leverage What You Can Learn from Your Tax Return” and “What’s So Great about CPAs?” to “We Can Help You Address the Issues that Keep You Up at Night.” These short snippets of information are one more way to help you communicate your value and expertise to clients, prospective clients and referral sources.
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CAQ Releases Video That Explains Financial Statement Audits |
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The Center for Audit Quality, affiliated with the AICPA, released a video February 6 that explains how independent external auditors evaluate a public company’s financial statements. The video is the second in a series of educational videos designed to inform investors of the system protecting their interests, and is available on the CAQ's website, CAQForInvestors.org.
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Applications for 2012 AICPA Leadership Academy Due May 15 |
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The 2012 AICPA Leadership Academy offers a select group the chance to participate in a program that exposes them to a strong ethic of leadership and service, while providing them with a foundational set of tools and relationships that will help them expand their leadership competencies and empower them to become leaders within their organizations, communities and the CPA profession. Apply online or nominate a promising colleague before May 15, and help shape the future of the CPA profession. |
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Free Webcasts, New Blog Posts and Resources |
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