ERISA Fiduciary Definition - Appraisers of Employee Stock Ownership Plans
The AICPA believes that the U.S. DOL should implement rules that would require appraisers of ESOPs to meet minimum qualification requirements, including holding relevant credentials and training, and comply with applicable professional valuation standards.
Published on March 12, 2015
IRS Issues Interim Relief on More-Likely-Than-Not Penalties
On December 31, 2007, the IRS indicated that, if a position satisfies the substantial authority standard, practitioners will not be required to disclose the position nor be subject to a section 6694 preparer penalty if they meet the requirements outlined in Notices 2008-11, -12, and -13.
Published on January 02, 2008
Commscope Credit Union v. Butler & Burke, LLP v. Barry D. Graham et al.,
...decision demonstrates a significant misunderstanding of auditor independence—an essential component of an auditor’s responsibilities. Holding that an auditor may owe a fiduciary duty to an audit client conflicts with North Carolina and federal law, as well as professional auditing standards: Auditors must be independent of their
Published on April 06, 2015
AICPA Technical Comments to Congress on Proposed Expatriation Legislation - March 21, 2002
...overview of legislative proposals on the expatriation tax and comments on suggested changes to the immigration law with respect to tax avoidance. AICPA wants to maintain simplicity, and eliminate conflicts & inconsistencies between existing laws
Published on March 14, 2012
AICPA Offers Technical Analysis of Tax Proposals to Catch Tax-Motivated Expatriation
The AICPA Expatriation Tax Task Force submitted comments to Congress and the Department of the Treasury addressing legislative proposals relating to tax provisions intended to deal with expatriation to avoid tax by U.S. citizens who give up their citizenship or long-term U.S. residents who give up their residency.
Published on June 27, 2005
AICPA Evaluates the International Tax Aspects of the American Competitiveness and Corporate Accountability Act
AICPA writes to the Congress evaluating the international tax aspects of the proposed H.R. 5095, American Competitiveness and Corporate Accountability Act.
Published on June 21, 2005
AICPA Testimony to ERISA Advisory Council on Outsourcing Flags Trouble Spots, Recommends Best Practices
The CPA Advocate: September, 2014. The testimony identified trends auditors are seeing in the outsourcing of employee benefit plan services, noted problems related to monitoring service providers and recommended best practices for selecting and monitoring service providers that affect the plan’s financial reporting.
Published on September 25, 2014
AICPA Flags Concerns about IFACs International Ethics Standards Boards Exposure Draft on Responding to a Suspected Illeg...
The CPA Advocate: December, 2012. The AICPA Professional Ethics Executive Committee identified a number of concerns about requirements the proosal would impose on professional accountants in public practice and business and suggested alternatives.
Published on December 20, 2012
AICPA Supports Senator Ayottes Bill Exempting Valuation Specialists from Fiduciary Status
The CPA Advocate: August, 2012. The AICPA believes that appraisers of employee stock ownership plans should not be considered fiduciaries under ERISA and recently sent a letter to Senators asking for them to cosponsor S. 1232, a bill that would exempt valuation specialists from that status.
Published on August 15, 2012
Take Action Legislation Affecting ESOP Appraisers
The AICPA urges FVS section members to seek congressional support of legislation to fix DOL fiduciary proposal on ESOP appraisers S. 273/HR 2041.
Published on September 18, 2013