AICPA News Update - October 19, 2012 

    Download Two Free Chapters from Popular Financial and Estate Planning Guide 
    Published October 19, 2012

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    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
     
      In This Update: October 19, 2012 - Volume 15 No. 42  
     
    NY Metropolitan Commuter Transportation Mobility Tax Continues to Provide Liability Issues for CPAs
    New TPAs Available for Insurance Entities
    SOP 12-1 Issued on Reporting Pursuant to the Global Investment Performance Standards
    Tool Helps CPAs Make a Business Case for Web 2.0
    Download Two Free Chapters from Popular Financial and Estate Planning Guide
    Free Webinar: PFP Power Hour
            
     
    NY Metropolitan Commuter Transportation Mobility Tax Continues to Provide Liability Issues for CPAs
     

    On Aug. 22, 2012, a Nassau County Supreme Court found the Metropolitan Commuter Transportation Mobility Tax to be unconstitutional. CPAs should advise clients that have filed applicable returns to file protective refund claims for tax previously paid. The deadline to file protective claims for the quarter ending Sept. 30, 2009, is Nov. 2, 2012. In addition, CPAs should advise affected taxpayers that these returns must continue to be filed and tax remitted until the appeals process is completed. Protective refund claims should also be filed for taxes being paid currently. This The Tax Adviser article further explains the tax, its history and procedural aspects of filing refund claims. CPAs should promptly determine which clients may be impacted, and follow up with them both orally and in writing regarding the need to file protective refund claims prior to the deadline. On Oct. 17, the New York Department of Taxation and Finance posted procedures for taxpayers to use in filing a protective refund claim.

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    New TPAs Available for Insurance Entities
     

    AICPA staff and volunteers have issued a series of Technical Practice Aids that includes helpful information for insurance entities initially applying the guidance in FASB ASU 2010-26, Financial Services—Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts (a consensus of the FASB Emerging Issues Task Force), for year-end 2012. TIS section 6300.39, Cumulative Effect of Change in Accounting Principle--Accounting Standards Update No. 2010-26, discusses items to consider when evaluating the direct effects of retrospective application of ASU No. 2010-26. TIS section 6300.40, Deferrable Commissions and Bonuses Under Accounting Standards Update No. 2010-26, discusses whether all commissions and bonuses are deferrable under the guidance in FASB ASU 2010-26. View the TPAs for more information.

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    SOP 12-1 Issued on Reporting Pursuant to the Global Investment Performance Standards
     

    The Auditing Standards Board has issued Statement of Position 12-1, Reporting Pursuant to the Global Investment Performance Standards. The standard supersedes SOP 06-1 of the same title and paragraphs 11.37–.42 of chapter 11, “Independent Auditor’s Reports and Client Representations,” of the AICPA Audit and Accounting Guide Investment Companies (as of May 1, 2012). The SOP provides guidance to practitioners for engagements to examine and report on aspects of a firm’s claim of compliance with the GIPS® standards (a verification). It also provides guidance on engagements to examine and report on any of the firm’s composites and their associated compliant presentations (a performance examination).

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    Tool Helps CPAs Make a Business Case for Web 2.0
     

    Corporations have used Web 2.0 for many different applications, and some of the case studies in this tool examine how effective these innovative uses really are. Although there is much enthusiasm for Web 2.0, and pressure to be an early adopter, there is comparatively little data on organizations’ experiences with Web 2.0 implementations. This tool provides an approach to constructing a business case for Web 2.0, which should prove useful both to CPAs, their finance staff and to those supplying the information on which the business case is based.

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    Download Two Free Chapters from Popular Financial and Estate Planning Guide
     

    Download Chapter 1: The Art of Financial Planning and Chapter 33: Year-End and New Year Tax Planning from The CPA’s Guide to Financial and Estate Planning. This comprehensive four-volume downloadable publication was recently updated for 2012 and provides guidance to CPAs advising individuals in estate, tax, retirement, investment and risk management matters. The full guide is available exclusively to PFP/PFS members.

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    Free Webinar: PFP Power Hour
     

    Join the AICPA Personal Financial Planning division for the next free quarterly issues update at 3 to 4 p.m. ET on Nov. 1. AICPA PFP division staff will be joined by incoming PFP Executive Committee Chair, Lyle Benson, and incoming PFS Credential Committee Chair, Dan Thomas. Don’t miss insights from leaders in the profession, year-end planning opportunities and resources, preview of the January Advanced PFP Conference and preconference sessions, news from the PFP Division, including the latest member benefits and legislative and regulatory developments affecting CPA financial planners. Attendees will be able to submit questions via an interactive Q&A panel. Register now

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    “As a retired accounting faculty member, I am proud to be a member of an organization representing a profession with such a high level of integrity and ethics. My students have all been taught that they should join the AICPA, whether they plan to pursue a position in public accounting, industry or education. Congratulations, AICPA.”

    Gary Luoma, CPA, DBA

       
     
         



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