AICPA Request for Guidance on Allocation of Indirect Deductions for CRTs - June 26, 2007
AICPA 6/26/07 request for guidance on allocation of indirect deduction for charitable remainder trusts (CRTs). CRTs incur administration expenses, which are not directly attributable to a particular type of income. AICPA states that it is unclear how these expenses are to be allocated to the income of a charitable remainder trust
Published on March 14, 2012
Form 1041NR - Draft 5 US Income Tax Return for Foreign Estates and Trusts
Form 1041NR Draft 5 pages 1-5 , US Income Tax Return for Foreign Estates and Trusts, which includes sections on type of entity, income and deductions, tax and payments, creation and classification of the Trust, information on the trustee, and Schedules A through E
Published on May 15, 2013
AICPA Advocates for E-filing and other Changes for Form 2553, Election by a Small Business Corporation
AICPA comment letter on e-filing of Form 2553 while better coordinating with Form SS-4 submissions; adding detail to the Form regarding type of shareholders and how stock is held; clarifying signature requirements in the case of a limited liability company with an S election; and eliminating certain personal information that
Published on May 06, 2011
AICPA Provides Positive Feedback to GASB on Government Combinations Proposal
The CPA Advocate: August, 2012. The AICPA commented favorably on GASB’s exposure draft, but urged clarification on the meaning of “service continuation.”
Published on August 14, 2012
AICPA Supports New Law with Groundbreaking XBRL Reporting Requirement
The CPA Advocate: October, 2011. For the first time, a law signed Sept. 30 will require states to report to a federal agency how they spend federal dollars using nonproprietary standards such as XBRL.
Published on October 12, 2011
AICPA Monitoring PCAOB Forums for Auditors of Smaller Broker-Dealers
The CPA Advocate: August, 2012. The AICPA continues to advocate for a final PCAOB rule requiring inspections of auditors of clearing, carrying and custodial broker-dealers because these broker-dealers directly handle investor funds.
Published on September 19, 2012
AICPA Beta Tests the E-File Form 990
This August 22, 2003 letter to the IRS summarizes AICPA Exempt Organization Taxation Technical Resource Panel findings upon beta testing of the E-File Form 990.
Published on June 03, 2013
AICPA Works to Rationalize Tax Return Due Dates
AICPA supports legislation to solve the problem taxpayers and preparers face when Schedules K1 arrive too close to taxpayers' filing deadlines.
Published on September 02, 2011
Tangible Property De Minimis Safe Harbor Is $500 too Low
The CPA Advocate: April, 2014. AICPA members have told us that the $500 safe harbor threshold for the immediate deduction of tangible property is too low. In response, the AICPA is working to achieve a solution. Share your opinion with us by April 30, 2014 to help us develop recommendations
Published on April 23, 2014
AICPA Comments on Notice 2005-74 on the Effect of Exchanges on Gain Recognition Agreements
The AICPA recommends that a successor transferor in an asset reorganization be permitted to assume the obligations associated with an original gain recognition agreement (GRA) for the remaining term of that GRA without triggering gain recognition.
Published on April 30, 2010