VSCPA Professional News
July 29, 2010
Wolters Kluwer Law & Business Outlines Expanded Whistleblower Protections Under Dodd-Frank Act- While consumer protection is a main theme of the historic Dodd-Frank Act, it also significantly expands whistleblower protections, according to Wolters Kluwer Law & Business employment and securities law analysts. “In protecting consumers and...
July 28, 2010
XBRL US Releases New Version of XBRL Consistency Suite - Now Covers Detailed Footnotes, FASB's 2011 Taxonomy Pre-Release- XBRL US, the nonprofit consortium for XML business reporting, has released a second version of its XBRL Consistency Suite with improved functionality and additional checks that now cover detailed footnote tagging. The new version also now...
July 28, 2010
SEC Publishes Public Request for Comment to Inform Study of Obligations of Broker-Dealers and Investment Advisers- On July 27, the Securities and Exchange Commission (SEC) published a request for public comment to inform its study of the obligations and standards of care of broker-dealers and investment advisers providing personalized investment advice...
July 28, 2010
GASB Issues Suggested Guidelines for Voluntary Reporting of Service Efforts and Accomplishments (SEA) Performance Information- After more than two decades of extensive research and constituent outreach, the Governmental Accounting Standards Board (GASB) has issued its Suggested Guidelines for Voluntary Reporting, SEA Performance Information . The purpose of this...
July 28, 2010
IFAC SMP Committee Publishes Quality Control Implementation Guide- The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) today issued the second edition of its Guide to Quality Control for Small- and Medium-Sized Practices (QC Guide) The implementation guide is...
July 28, 2010
TIGTA Finds Modernized E-file System Needs Improvement- The Internal Revenue Service's Modernized E-file (MeF) system did not process electronically filed individual tax returns as effectively as it should have during the 2010 filing season, according to a report publicly released today by the ...
July 28, 2010
IRS Does Not Always Protect Taxpayers' Rights When Filing Liens, TIGTA Finds- The Internal Revenue Service (IRS) is not always following statutory requirements regarding the timely notification of taxpayers when liens are filed and does not always follow its own regulations for notifying taxpayers' representatives of the...
July 28, 2010
SEC Chairman Schapiro Announces Open Process for Regulatory Reform Rulemaking- U.S. Securities and Exchange Commission (SEC) Chairman Mary L. Schapiro today announced that the agency is making it easier for the public to provide comments as the agency sets out to make rules required under the Dodd-Frank Wall Street Reform...
July 28, 2010
State and Federal Tax Collections on Oil Industry Exceed Oil Industry Profits- With Members of Congress calling for punitive new tax laws against U.S. oil and gas companies in response to the BP oil spill, the Tax Foundation has released a new analysis showing federal, state and local taxes remitted by the oil companies...
July 28, 2010
Are You Ready for January 2011? New Guide to CPA Exam Changes Released- CBT-e has released a guide providing an overview of the major developments that will be effective on the Uniform CPA Examination on January 1, 2011. In addition to content updates, there will be changes to the CPA Exam structure, time...
July 28, 2010
FASB Issues Accounting Standards Update No. 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses- The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (Update) No. 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses . The Update will improve transparency...
July 27, 2010
VBOA to Form Peer Review Oversight Committee; VSCPA Offers Feedback- Virginia Board of Accountancy (VBOA) to Form Peer Review Oversight Committee; VSCPA Offers Feedback The Virginia Board of Accountancy (VBOA) is establishing a Peer Review Oversight Committee to oversee the process and review of peer review in...
July 26, 2010
IRS Offers One-Time Special Filing Relief Program for Small Charities; Oct. 15 Due Date to Preserve Tax-Exempt Status- Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009 can preserve their status by filing returns by October 15, 2010, under a one-time relief program, the ...
July 22, 2010
IRS Proposes PTIN Registration Fees- The Internal Revenue Service (IRS) today released its proposed regulations to establish fees for those applying for preparer tax identification numbers (PTIN). This is the next step in the IRS's efforts to increase oversight of federal tax...
July 22, 2010
Liability & Social Media: VSCPA Business & Industry Virtual Roundtable- You’re probably aware that social media tools and sites are all around us — you or your employees may even be using them at work. In the age of Facebook, Twitter and blogging, are you subjecting your organization to risk by not having the...
July 22, 2010
TIGTA Report: IRS Seldom Considers Accuracy-Related Penalties During Audits- The Internal Revenue Service (IRS) must take additional steps to ensure that accuracy-related penalties are appropriately considered when assessing correspondence audits, according to a report publicly released today by the Treasury Inspector...
July 20, 2010
TIGTA Finds Drop in Asset Seizures by the IRS's CI Division- The number of assets seized by the Internal Revenue Service's Criminal Investigation Division (CI Division) fell in 2009 and 2008, according to a report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA)....
July 15, 2010
TIGTA Report: Current Practices Are Preventing a Reduction in the Volume of Undeliverable Mail- The Internal Revenue Service's (IRS) current method of sending notices and letters is costing taxpayers millions of dollars because it results in a large amount of undeliverable mail, according to a report publicly released today by the Treasury...
July 15, 2010
DOL Issues Interim Final Rule on Disclosure of Fees and Conflicts of Interest Affecting 401(k) and Other Retirement Plans- The U.S. Department of Labor announced on July 15 an interim final rule that will enhance disclosure to fiduciaries of 401(k) and other retirement plans. The rule will assist fiduciaries in determining both the reasonableness of compensation...
July 14, 2010
B Prepared for a New Kind of Corporation- On April 14, 2010, Maryland Gov. Martin O'Malley signed into law the nation's first legislation creating a new class of corporations required to create benefit for society in addition to its shareholders — Benefit Corporations, or B Corporations....
