2010 Professional News
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January 03, 2011 COSO Releases Results of Surveys on Risk Management, Oversight- The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released the results of two surveys on December 9, 2010, relating to the current state of enterprise risk management and board risk oversight. The first survey, launched...
December 31, 2010 Grant Thornton Ranks Top 10 State and Local Tax Issues of 2010- Grant Thornton, LLP , issued its annual list of the top 10 state and local tax issues of 2010 on December 22, ranking the most important developments in state and local legislative, regulatory and judicial tax developments from the last year. The...
December 30, 2010 GASB Issues Updated Reporting Entity Standards- On December 17, 2010, the Government Accounting Standards Board (GASB) issued Statement 61, The Financial Reporting Entity: Omnibus , designed to improve financial reporting for government entities by amending the requirements of two previous...
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December 30, 2010 GASB Addresses Service Concession Arrangement Reporting- The Governmental Accounting Standards Board (GASB) issued Statement No. 60, Accounting and Financial Reporting for Service Concession Arrangements , on December 16, 2010. The statement addresses reporting for service concession arrangements...
December 30, 2010 FASAB Task Force Issues Federal Reporting Recommendations- On December 22, the Federal Accounting Standards Advisory Board (FASAB) Reporting Model Task Force issued its recommendations for enhancing the federal reporting model. The model consists of federal statements, terminology and methods used to...
December 30, 2010 IRS Updates Guidance on Adequate Disclosure of Positions- The Internal Revenue Service (IRS) has released updated guidance regarding when a taxpayer’s disclosure of an item or position in a return is adequate for purposes of reducing the penalty for understatement of tax, as well as the preparer...
December 29, 2010 IRS Announces 2011 Air Transportation Tax Rates- On Wednesday, December 29, 2010, the Internal Revenue Service (IRS) announced its 2011 inflation adjustments to excise taxes on air transportation. The taxes apply to the domestic segments of taxable air transportation and the use of...
December 28, 2010 Dodd-Frank Act Changes Requirements for Investment Advisers- The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Barack Obama in July 2010, will require major changes to nearly all areas of the financial services industry in the coming months. CPAs will be...
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December 23, 2010 IRS: Tax Season Will Start on Time for Most Taxpayers- The Internal Revenue Service (IRS) said Thursday that the upcoming tax season will start on time for the majority of taxpayers and that those affected by three recently reinstated deductions need to wait until mid- to late February to file their...
December 23, 2010 Grace Period for Online Tax Processors Comes to Close- The Internal Revenue Service (IRS) said online tax processors must adhere to new security, privacy and business standards beginning next week with the end of a one-year grace period. The IRS mandated six new standards effective January 1, 2010,...
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December 22, 2010 Tax Preparers Can Request E-File 'Hardship Waiver'- The Internal Revenue Service (IRS) has released a new form allowing tax preparers to request a hardship waiver that would exempt them from new electronic filing requirements. A new law effective January 1, 2011, requires many preparers to...
December 22, 2010 IRS Will Require Brokerage to Report Cost Basis of Stocks- Starting January 1, 2011, the Internal Revenue Service (IRS) will require brokerages to track the purchase price on equities and report their findings to taxpayers and the government. Brokerages are already required to report the profits from...
December 21, 2010 Proposed Federal E-File Regulations Prohibit Preparers from Mailing Returns for Clients Who Opt Out- On December 1, the Internal Revenue Service (IRS) released details on a new law that requires many paid tax return preparers to electronically file (e-file) federal income tax returns they prepare and file for individuals, trusts and estates. ...
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December 21, 2010 Public Practice CPAs Exempt from 'Red Flags' Rule- Compliance got a little easier for CPAs in public practice on Monday, December 20, when President Barack Obama signed a bill exempting them from a new rule that goes into effect in just days. The Federal Trade Commission (FTC) is set to begin...
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December 20, 2010 PTIN Registration Mandatory for Federal Tax Preparers- Starting January 1, 2011, the Internal Revenue Service (IRS) will require tax return preparers to use a Preparer Tax Identification Number (PTIN) on all federal returns in an effort to regulate the tax return preparation industry. PTIN use will...
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December 20, 2010 President Obama Signs Tax Bill Into Law- On Friday, President Barack Obama signed into law a tax bill that prevents the sunset of previous tax cuts for two years and extends unemployment benefits for 13 months. "Candidly speaking, there are some elements in this legislation that I don't...
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December 17, 2010 Tax Bill Changes Withholding For Employees- The Internal Revenue Service (IRS) has released instructions to help employers implement the 2011 cut in payroll taxes included in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 . The Act reduces...
December 17, 2010 IRS Work Plan Focuses on Political Activity- In its work plan released Wednesday, the Internal Revenue Service (IRS) Exempt Organizations Division details its plan to expand its focus on section 501(c)(4), (5) and (6) organizations to look at issues regarding political activity and...
December 17, 2010 Gov. McDonnell Announces Budget Amendments- In a speech to the Virginia Senate Finance, House Appropriations and House Finance Committees on Friday morning, Gov. Bob McDonnell detailed his full package of amendments to the biennial budget, focusing on prioritizing state dollars to...
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December 17, 2010 Congress Passes Tax Cut Extension Bill- On Thursday, the U.S. House of Representatives passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, HR 4853 by a vote of 277 to 148 . The bill would postpone the sunset of the 2001 and 2003 tax cuts, reduce...
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