CPAs and Comfort Letters The New Chocolate
For years, CPAs have been asked by third parties for verification, confirmation, certification, corroboration, authentication, or substantiation of their clients’ financial information. Negative connotations have often been associated with these requests.
Published on July 01, 2013
AICPA News Update - July 27, 2012
In this issue: Comments Submitted to IRS on Accounting Method for Income from Gift Card Receipts, AICPA Signals Support for Fraudulent Tax Preparer Fraud Penalties to House Tax Committee, Remember to Renew Your Membership by July 31, Health Care Expert Panel Develops TPA on Accounting for Costs Incurred During ICD-10 Implementation, Accounting and
Published on July 27, 2012
The Tax Adviser July 2013
Articles Using the First-Time Penalty Abatement Waiver Jim Buttonow Advising Clients Regarding Erroneous Tax Return Positions (Part II) Michael
Published on September 16, 2013
Concerns About CPA Letters to Third Parties
A CPA receives a request from a client to provide a letter to the client’s mortgage broker, lender, adoption agency, or other third party. Is there any harm in the CPA signing the client’s suggested letter or writing one...
Published on June 01, 2008
Current Tax Return Disclosure Issues Involving Sec. 7216
Practitioners face some difficult scenarios in properly disclosing or using client tax return information. Multiple professional ethics pronouncements and federal and state legislative and administrative pronouncements all must be considered before acting.
Published on August 01, 2013
The Power of Entertainment Tax Credits
Many states have created tax credits to attract movie and television productions to their states. The most powerful incentives over the last decade have been state income tax credits.
Published on December 01, 2013
Safe-Harbor Lookthrough Treatment for RIC Investments in PPIPs
The IRS has outlined a safe harbor for regulated investment companies (RICs) for purposes of the Sec. 851(b)(3) asset diversification tests that treats a RIC as if it directly invested in the assets held by a publicprivate investment partnership (PPIP) in which it invests.
Published on January 01, 2010
Ordinary Worthless Stock Deductions Characterizing Subsidiary Receipts
An ordinary loss deduction for worthless stock of an affiliated operating subsidiary generally is permitted as long as more than 90% of the subsidiary’s gross receipts are from active operating income. This item discusses the difficulty of determining whether a subsidiary’s gross receipts qualify as active operating income for this purpose
Published on July 01, 2011
Flexibility for Intragroup Restructuring and Asset Transfers
Letter Ruling 201127004 reinforces the flexibility granted to taxpayers wishing to move assets around a qualified group without triggering gains or meeting the stringent qualifications of Sec. 355
Published on April 01, 2012
International Tax Compliance for Auditors and CFOs
In an environment where international tax examinations will play a larger role in tax audits, prudent financial executives and auditors will take the time to evaluate their current international tax compliance, assess any shortcomings, and correct them.
Published on January 01, 2010