New Compilation and Review Engagements Standard
In December 2009, the Accounting and Review Services Committee (ARSC) issued Statement on Standards for Accounting and Review Services (SSARS) No. 19, Compilation and Review Engagements (AICPA, Professional Standards), which includes the most significant changes to the compilation and review standards since 1978.
Published on November 06, 2012
FIN 48 and Tax Return Disclosure
This item provides a brief overview of the FIN 48 requirements, an update on the IRS plans, and some observations on the dynamics created among an engagement’s auditors, tax preparers, and client personnel resulting from these new rules.
Published on August 01, 2010
Advising Clients Regarding Erroneous Tax Return Positions Part II
This article discusses what tax practitioners must do if their client fails to heed their advice whan an error is found on a tax return and what to do when the error is attributable to the tax practitioner’s own advice.
Published on June 30, 2013
Issues Under Proposed De Minimis Rule for Expensing Tangible Property
The IRS recently re-proposed regulations under Sec. 263(a) regarding the treatment of amounts paid to acquire, produce, or improve tangible property.
Published on May 12, 2010
What Do the Mid-term Elections Have in Store for CPAs
After two years of a crushing financial crisis, continuing banking challenges for closely held businesses, huge government deficits and the storm clouds of expiring Bush Tax Cuts [which were passed in June 2001, as the Economic Growth and Tax Relief Reconciliation Act (EGTRRA)], there seems to be little good news
Published on January 28, 2011
When Is a Rebate Liability Fixed and Eligible for the Recurring-Item Exception
In recent guidance, the IRS has been scrutinizing the timing of the deduction of rebate payments (expenditures generally eligible for the recurring-item exception) and focusing on whether the related liability is actually fixed by year end and therefore eligible to be deducted even if paid within 8½ months of year
Published on January 28, 2011
Transfer-Pricing Documentation Possible Relief Ahead for Small Multinational Companies
Organisation for Economic Co-operation and Development guidance could offer cost savings to multinational companies, particularly small and compliant ones.
Published on February 04, 2014
IRS Auditing Through QuickBooks
The IRS has provided QuickBooks accounting software training to its Small Business/Self-Employed (SB/SE) division examiners.
Published on October 05, 2010
Defining a Method of Accounting
An accounting method can be described as a regular practice for determining when to recognize items of income or expense in taxable income.
Published on May 14, 2010
Integrating Circular 230 into the Tax Curriculum Appendix
This appendix provides a more detailed suggested solution to the five questions presented in the Feb. 2012 Campus to Clients column.
Published on January 31, 2012