AICPA News Update - January 25, 2013 

    IRS Tax Return Preparer Regulation Struck Down 
    Published January 25, 2013

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    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
           
     
      In This Update: January 25, 2013 - Volume 16 No. 4  
     
    IRS Tax Return Preparer Regulation Struck Down
    U.S. Debt Debate Will Have Sweeping Effect on Global Business
    ARSC Withdraws Compilation and Association Proposal
    The CPA Profession: From Main Street to Wall Street
            
     
    IRS Tax Return Preparer Regulation Struck Down
     

    A federal district court has struck down the Internal Revenue Service's registered tax return preparer program as exceeding the IRS' statutory authority. The court granted summary judgment to three tax return preparers who had sued, claiming they would lose revenue and perhaps be forced out of business by the rules. The court enjoined the IRS from enforcing the regulations. Read this JournalofAccountancy.com article for more information. The IRS intends to appeal and has filed a motion to suspend the injunction.

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    U.S. Debt Debate Will Have Sweeping Effect on Global Business
     

    According to a global survey of 1,300 Chartered Global Management Accountant® designation holders, almost two thirds, 62 percent, ultimately expect a lower credit rating in the wake of U.S. action on the debt ceiling and spending, signaling that they anticipate too much borrowing or too few cuts to satisfy ratings agencies. More than half, 53 percent, expect higher U.S. interest rates and 70 percent anticipate a weaker dollar. Read more about the survey results in this press release.

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    ARSC Withdraws Compilation and Association Proposal
     

    An exposure draft on compilation and association has been withdrawn by the AICPA Accounting and Review Services Committee in response to feedback expressed in comment letters. ARSC will immediately begin working on a simplified, revised proposal that will address stakeholders’ concerns. Read this JournalofAccountancy.com article for more information.

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    The CPA Profession: From Main Street to Wall Street
     

    CPAs play an integral role in society. From Main Street to Wall Street, CPAs help businesses grow, understand their financials and are the most objective financial expert. Explore this infographic on AICPA Insights® that highlights the value of CPAs. Share it with your clients, co-workers and friends.

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