Accounting Software
Overview:
Small businesses frequently use accounting software to maintain proper records as required by the IRS. If they are audited, they may have to turn over electronic files to the IRS that are not relevant...
Published on April 23, 2013
Accounting Firm Payments to Owners Flunk Independent Investor Test
News:
The Seventh Circuit held that an accounting and consulting firm organized as a C corporation could not deduct payments to related entities because they were dividends, not compensation for services rendered by the firm's owners...
Published on May 21, 2012
Accounting Standards for Tax Purposes - Exposure Draft
Issue Brief:
Exposure drafts of AICPA Statements on accounting standards for tax purposes and interpretations are issued by the AICPA to invite public comment before a final pronouncement is issued. The public exposure time varies depending on the...
Published on May 14, 2013
Automatic Accounting Method Changes to Be Allowed in Corporate Reorganizations
News:
The IRS announced a change in its policy on automatic accounting method changes in corporate reorganizations
Published on September 06, 2012
Financial Accounting Standards Board Proposals on Repatriation Incentives and New Domestic Manufacturing Deduction Regim...
Article:
Financial Accounting Standards Board (FASB) pronouncements focusing on the accounting treatment of the repatriation and domestic manufacturing deduction provisions in the American Jobs Creation Act of 2004
Published on March 02, 2010
Fiduciary Accounting Update Presentation - July 2012
Presentation:
This is a July 2012 Fiduciary Accouting Update presentation.
Published on August 23, 2012
IRS Issues Accounting Software Examination Guidance, Meets with AICPA
News:
The IRS Small Business/Self-Employed Division issued guidance for its field examiners on when to request backup files of taxpayers’ accounting software during an examination, what the limits are on reviewing those electronic files, and how examiners must safeguard those records
Published on September 12, 2011
AICPA Guide to Requesting Accounting Method Change Permission
Comment Letter:
An introduction to the ground rules for requesting permission from IRS to change accounting methods
Published on February 19, 2010
Automatic Procedures for Changing Accounting Methods Updated, Expanded
News:
The IRS released updated procedures under which taxpayers can receive automatic consent to change their accounting methods
Published on January 28, 2011
IRS Responds to AICPA Accounting Software Examination Letter
News:
The AICPA and IRS have corresponded regarding the AICPA’s concerns about the Service’s program to request the accounting software files of certain small business taxpayers under examination
Published on May 10, 2011
AICPA Comments to Financial Accounting Standards Board on Possible Concerns With FASB 109 and Foreign Sales Corporation/...
Comment Letter:
Submitted to the Financial Accounting Standards Board, AICPA submits comments concerning the accounting treatment of the 2004 proposed extraterritorial income regime (ETI) replacement legislation
Published on March 02, 2010
May 13, 2011 Tax E-Alert IRS Requests Accounting Software Data Files
Newsletter:
This newsletter contains information regarding: Accounting Software Data Files, Withholding on Payments to Government Contractors, Disaster Assistance and Emergency Relief for Individuals and Businesses, Electronic Filing of Form 2553, S Corporation Election
Published on February 28, 2012
Final Regulations Simplify Accounting Rules in Corporate Reorganizations
News:
The IRS issued final regulations intended to clarify and simplify rules concerning continuity of accounting methods and inventory methods in certain tax-free corporate reorganizations and liquidations
Published on August 01, 2011
Sample Formal Accounting - Chapter 8 of TAI Guide
Sample Report:
From the Practice Guide for Fiduciary/Trust Accounting, an example approach to formal accounting is provided to help with the understanding of statutory considerations, terms of the government instrument, and further for proper fiduciary preparation
Published on April 17, 2012
Websites for Fiduciary (Trust) Accounting References - Appendix D
Tools:
Appendix D provides a directory of websites for fiduciary (trust) accounting references, with information on the organization responsible, type of content, and the site address
Published on April 17, 2012