AICPA News Update Vol. 13 No. 54 

    Published December 17, 2010

    AICPA

    AICPA News Update

    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession

    In This Update:

    December 17, 2010 - Volume 13 No. 54

    Congress Passes Tax Cut Extensions
    Final Regulations are Issued to Require Schedule UTP Reporting
    CPA Optimism Ticks Upward According to Economic Outlook Survey Results
    AICPA Comments on Proposed SRO Oversight for Investment Advisers
    AICPA Calls on Congress to Fix GSTT Permanently
    AICPA Submits Comments on Proposed Foreign Trust Provisions of FBAR
    Striking a Balance is Key
    AICPA’s Family-Friendly Programs Recognized among Nation’s Best
    Congress Passes Tax Cut Extensions

     Late on December 16, after some procedural delays, the House of Representatives agreed to the Senate's version of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, HR 4853, and by a vote of 277 to 148 sent it to President Barack Obama for his signature. The bill is the result of a deal negotiated by the White House and members of Congress, and the president is expected to sign it today. Read more about the bill in this JournalofAccountancy.com article.

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    Final Regulations are Issued to Require Schedule UTP Reporting

    The Internal Revenue Service (IRS) has issued final regulations requiring the use of Schedule UTP, Uncertain Tax Position Statement, by large corporations to report their uncertain tax positions. For 2010, corporations with $100 million or more in assets will be required to file Schedule UTP with their tax returns. In 2012, the total asset threshold will be reduced to $50 million and to $10 million in 2014. Read the AICPA's comment letter or visit the UTP page on AICPA.org for more information. A JournalofAccountancy.com article provides details.

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    CPA Optimism Ticks Upward According to Economic Outlook Survey Results

    The newly released AICPA/UNC-Kenan Flagler Economic Outlook Survey 4th Quarter 2010 results shows CPA executives regained modest optimism about prospects for the U.S. economy in the past three months after a dramatic drop last quarter. Though CPAs are predicting a slow recovery and are cautious about plans for expansion and hiring, they also point to continually improving corporate expansion expectations across most industries and geographic regions. For more information, read this JournalofAccountancy.com article.

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    AICPA Comments on Proposed SRO Oversight for Investment Advisers

    The AICPA has been monitoring the Securities and Exchange Commission’s (SEC) regulatory initiatives under the Dodd-Frank Act, and has paid specific attention to the impact of possible Financial Industry Regulatory Authority or other self-regulatory organization (SRO) oversight for investment advisers. The AICPA submitted a comment letter to the SEC on November 24, reinforcing our position. Specifically, we emphasized that the AICPA strongly believes that the principles-based regulatory approach of the Investment Advisers Act and its related rules should continue to govern investment advisers and, further, that regulatory oversight remain exclusively with the SEC and/or states. Read the AICPA's November 24 comment letter.

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    AICPA Calls on Congress to Fix GSTT Permanently

    The AICPA's Tax Executive Committee issued a comment letter reminding Congress about the uncertainty behind the generation-skipping transfer tax (GSTT). The AICPA has encouraged Congress in the past to extend and make permanent the technical modifications to GSTT contained within the Economic Growth and Tax Relief Reconciliation Act of 2001. The comment letter also requested that Congress address other needed technical changes to permit administrative relief for certain late or defective lifetime qualified terminable interest property elections and for late elections by certain qualified revocable trusts. The comment letter was a follow-up to one issued on September 21.

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    AICPA Submits Comments on Proposed Foreign Trust Provisions of FBAR

    The AICPA issued another comment letter to the U.S. government concerning potential changes to the reporting requirements of foreign financial accounts. This letter focuses solely on the proposed FBAR provisions relating to foreign trusts, and includes recommendations to expand certain exceptions from FBAR reporting, further clarify who is permitted to file an FBAR for foreign accounts held by a trust and further refine various definitions and terminology. For more information, read the comment letter or visit the FBAR resource page on AICPA.org.

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    Striking a Balance is Key

    The Work/Life Balance section of the new AICPA.org is a great resource to understand ways that you can optimize performance and satisfaction from employees. Learn about flexible work arrangements, download the Employee Retention Guide or check out the Private Companies Practice Section for ideas to recruit and retain the best employees. For many of us, work-life balance is the elusive “holy grail” towards which we all strive.

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    AICPA’s Family-Friendly Programs Recognized among Nation’s Best

    The AICPA recently was named the third most adoption-friendly non-profit in the country by the Dave Thomas Foundation for Adoption (out of nearly 500 employers). Additionally, the Institute was ranked #80 among all companies participating—for-profit and non-profit. The AICPA also has been named as one of Carolina Parenting’s Family-Friendly Companies in 2010. Although this is a North Carolina-based award, the Institute was identified as a recipient for the policies, practices and benefits that exist for all locations. The AICPA is proud of these honors, reflecting our organization-wide family-friendly practices. For more information on these and other awards the AICPA has won, visit the AICPA Accolades page on AICPA.org.

     

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