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    1. NASBA Tells Private Companies: Don t Use AICPA Financial Reporting Framework

      NASBA Tells Private Companies: Don t Use AICPA Financial Reporting Framework

      The AICPA released its FRF for SMEs last week, emphasizing that it provided an alternative reporting option for small businesses that aren’t required to use GAAP (see AIPCA Releases Non-GAAP Reporting Framework). The same day, the Financial Accounting Standards Board endorsed three proposals from its Private Company Council to simplify the accounting for privately held companies (see FASB Backs Proposals for Simplifying Private Company Accounting). NASBA said Thursday that it reaffirmed its supp

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    2. Annuities: One Size Definitely Does Not Fit All

      Annuities: One Size Definitely Does Not Fit All

      Whether in the form of pension income, with tax-deductible contributions, tax-deferred growth and taxable income, or from non-qualified assets using after-tax monies with the resultant future income partially a return of principal and partially taxable, the goal has been the same. In essence, to create a stream of income one cannot outlive. Also, depending on the payment structure, there might be residual benefits to the heirs and/or beneficiaries. Over the past two decades annuities have evolve

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    3. ADP Finds Biggest Job Growth in Texas, Florida, California, Georgia and North Carolina in May

      ADP Finds Biggest Job Growth in Texas, Florida, California, Georgia and North Carolina in May

      The South Atlantic, West South Central and Pacific regions had the most private sector job growth in May, according to a new report by payroll giant ADP, with Texas, Florida, California, Georgia and North Carolina leading the way. The company’s new ADP Regional Employment Report, which it produces in collaboration with Moody’s Analytics, showed private sector job growth increasing across all nine U.S. Census Bureau Divisions of the country last month. “All nine U.S. Census Bureau Divisions recor

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    4. AICPA Releases Non-GAAP Reporting Framework

      AICPA Releases Non-GAAP Reporting Framework

      The American Institute of CPAs has released its much-anticipated Financial Reporting Framework for Small- and Medium-Sized Entities, which is aimed at providing an alternative reporting option for small businesses that aren’t required to use GAAP. With the goal of making reporting simpler for small businesses, the FRF for SMEs takes what the institute describes as a “common-sense” approach based on traditional accounting methods, including using historical cost instead of complicated fair value

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    5. IRS to Shut Down Disclosure Authorization and Electronic Account Resolution Apps

      IRS to Shut Down Disclosure Authorization and Electronic Account Resolution Apps

      The Internal Revenue Service said in an email to tax professionals Friday that it plans to retire and remove its Disclosure Authorization and Electronic Account Resolution applications from its online eServices on August 11, largely because of low usage and budget cuts. Last year, users submitted less than 10 percent of all their disclosure authorizations through the DA application. Similarly, only 3 percent of all account-related issues came in through the EAR application. In anticipation of th

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    6. Congress Plans Hearing on Tax Havens and Corporate Profit Shifting

      Congress Plans Hearing on Tax Havens and Corporate Profit Shifting

      The House Ways and Means Committee plans to hold a hearing next Thursday on the use of tax havens by multinational corporations to shift their profits. The hearing will examine U.S. and foreign multinational corporations’ use of tax havens in low- and no-tax jurisdictions to avoid tax and shift profits outside the U.S. and erode the U.S. tax base, as part of the committee’s continued work on comprehensive tax reform. “The use of tax havens as part of corporate tax avoidance strategies narrows th

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    7. Families Avoid Considering Financial Planning for Aging Parents

      Families Avoid Considering Financial Planning for Aging Parents

      Seven out of 10 U.S. adults claim to have major barriers that prevent their families from openly communicating about who will make financial decisions on behalf of their aging family members if they become unable to do so, according to a new survey. The survey, conducted by Harris Interactive by the National Endowment for Financial Education found that many adults avoid talking to their children and families about planning for what they hope will never happen. The survey was conducted online amo

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    8. IRS Stats Show Major Decline in Capital Gains

      IRS Stats Show Major Decline in Capital Gains

      Data from individual income tax returns show that taxpayers realized net capital gains of $914 billion in 2007 but only $37 billion for 2009, according to the most recent issue of the IRS’s Statistics of Income Bulletin. The Spring 2013 issue features information on high-income individual income tax returns filed for tax year 2010.Taxpayers filed almost 4.3 million returns with adjusted gross income of $200,000 or more for 2010, representing some 3 percent of all returns filed for the tax year.

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    9. Family-Owned Businesses Lack Proper Governance

      Family-Owned Businesses Lack Proper Governance

      The report found that 28 percent of the respondents from family-owned businesses indicated that they do not have a board of directors. In addition, a significant majority say their boards have no term (82 percent) or age (89 percent) limits on membership, and one-third do not evaluate or provide any compensation to board members. “Family-owned businesses are a huge component of the U.S. economy, and their attention to good governance practices can have an impact on success and failure,” said Del

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    10. IRS Cost Basis Regulations Distinguish between Simple and Complex

      IRS Cost Basis Regulations Distinguish between Simple and Complex

      The IRS released the final regulations for Phase III of cost basis reporting of debt instruments, options and single stock futures on April 18, and the tax profession is sorting out what the new rules mean and how they will affect firms and their clients. This phase generally takes effect beginning Jan. 1, 2014, and is likely to be the most complex of the three phases to implement. More complex debt will be subject to reporting starting on Jan. 1, 2016. The rules require accommodating basis adju

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    11. Rise of State Tax Tribunals

      Rise of State Tax Tribunals

      First, state and local tax compliance has become increasingly complex, especially with regard to business carried on in multiple states. Second, states have become more and more aggressive in attempting to collect revenues as state revenues from taxes have declined. Third, existing mechanisms for resolving state tax disputes have become progressively more unworkable. In states without a specialized tribunal, a taxpayer in a dispute with a state department of revenue often faces a number of hurdl

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    12. Corporate Tax Pros Concerned about Tax Reform and Transfer Pricing

      Corporate Tax Pros Concerned about Tax Reform and Transfer Pricing

      The survey, released Tuesday ahead of the firm’s 2013 U.S. Tax Summit this week in Orlando, Fla., found that 26 percent of the nearly 250 senior tax professionals in the U.S who were polled cited the pursuit by regulators of transfer pricing adjustments as their biggest global tax concern, followed by the potential for U.S. federal business tax reform, at 24 percent. Another top concern for the tax professionals polled was the increasing number of countries aggressively pursuing “permanent estab

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    13. Getting Ready for the Marketplace Fairness Act

      Getting Ready for the Marketplace Fairness Act

      It isn’t clear whether the House will follow the lead of the Senate and pass the Marketplace Fairness Act, the legislation requiring online vendors to collect sales taxes from their customers, but it’s still a good idea for clients who are e-commerce merchants to prepare themselves for changes in the tax laws. “I think the best thing for businesses to do is really start the preparation and get ready for this, should it pass the House and become law,” said Carla Yrjanson, vice president of tax re

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    14. Forthcoming AICPA Guidance Solidifies Valuation Methods for Complex Equity Capital Structures

      Forthcoming AICPA Guidance Solidifies Valuation Methods for Complex Equity Capital Structures

      This working draft serves to codify the accumulated best practices that have evolved over the eight years since the original practice aid was issued, in part confirming much of what is already being applied in current valuations. The official updated guidance is expected to be released by June. The original work was groundbreaking in the sense that it defined methodologies with a theoretical base to measure the relative equity value in a capital structure with distinct equity securities, defined

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    15. Protecting Clients from Tax-Related Identity Theft

      Protecting Clients from Tax-Related Identity Theft

      Tax-related identity theft is a continuing problem, with the National Tax Advocate reporting that the use of stolen Social Security numbers to collect fraudulent tax refunds increased more than 78 percent from 2011 to 2012, affecting nearly 450,000 individuals. Experian's ProtectMyID service offered the following advice for ways that taxpayers can protect themselves. A trustworthy tax preparer is an important part of the solution. Place tax documents in a secure location, such as a safe or a loc

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    16. IRS Modifies Policy for First-Time Penalty Relief

      IRS Modifies Policy for First-Time Penalty Relief

      The recently updated policy modifies the IRS first time abate policy for penalty relief, the IRS said in an email to tax professionals Friday. This type of penalty removal is a one-time consideration available only for a first-time penalty charge and based on taxpayers’ compliance history. According to the policy, the FTA penalty relief option for failure to file, failure to pay and failure to deposit penalties, under certain conditions, does not apply if the taxpayer has not filed all returns a

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    17. FASB Reconsiders Accounting for Business Combinations

      FASB Reconsiders Accounting for Business Combinations

      Last week, FASB’s parent organization, the Financial Accounting Foundation, released the results of its post-implementation review of the business combinations standard, FASB Statement No. 141(R), which was revised in 2007, and pointed out a number of problems in its report (see FASB Standard on Business Combinations Gets Mixed Review). Some of them involved fair value measurement, with some investors questioning the reliability of information reported on assets and liabilities that are difficul

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    18. Tax Reform, Sooner or Later

      Tax Reform, Sooner or Later

      In addition to a number of House committee and subcommittee hearings, the Senate Budget Committee held a hearing last week that focused on ways to support broad-based economic growth and fiscal responsibility through tax reform. Senator Patty Murray, D-Wash., chairman of the committee, said that if tax reform were done “the right way—meaning the fair way—tax reform has the potential to make our tax system simpler and more efficient, to ensure that those who invest here in the U.S. and play by th

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    19. Camico Updates Engagement Letter Guide

      Camico Updates Engagement Letter Guide

      The book, which was written by senior staff members of Camico, includes new letters, new wording and commentary for auditing engagements, to reflect the new Clarity Project standards. The book has also been updated to include Revenue Procedure 2013-14 modifications in relevant tax letters, along with independent technical review of tax returns. Camico's guide also covers tax representation, electronic communications, fee reimbursement for client litigation, a staffing agreement, expanded individ

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    20. Study Co-Authored by FASB Member Rebuts FASB s Proposed Changes in Fair Value Accounting Standards

      Study Co-Authored by FASB Member Rebuts FASB s Proposed Changes in Fair Value Accounting Standards

      A new academic study argues that proposed changes in fair value measurement by the Financial Accounting Standards Board would make it harder to assess the financial soundness of banks, and it’s co-authored by a member of the FASB board. The study examines a controversial proposal on impaired loans and credit losses in which FASB parted ways in its convergence efforts with the International Accounting Standards Board on their financial instruments project (see IASB Diverges from FASB in Revised L

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    21. Could Online Sales Tax Moves Hurt Private Retailers Already Thin Margins?

      Could Online Sales Tax Moves Hurt Private Retailers Already Thin Margins?

      Under the Marketplace Fairness Act approved by the Senate, states can require sellers generating more than $1 million in “remote” sales, including those via the Internet, to collect and remit to various states and local governments the jurisdictions’ taxes on those sales. Under current law, businesses must collect applicable state and local sales tax from customers only in states where the firm has a physical presence, such as a store, office or warehouse. While the House must pass its own versi

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    22. CFOs Ready for Business Expansion through Technology

      CFOs Ready for Business Expansion through Technology

      Finance executives are bouncing back from the recession with a new focus on business expansion with the help of technology such as mobile devices, according to a new report. The report, from KPMG and CFO Research, found that CFOs plan to concentrate on growth and new services, leveraging their planning, information and analytics capabilities. The renewed focus comes after the economic downturn, when many companies cut down on their technology spending, and after many businesses spent the past de

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    23. Europe Takes Steps against Corporate Tax Maneuvers

      Europe Takes Steps against Corporate Tax Maneuvers

      The European Council of Ministers has agreed to take steps to combat the use of corporate tax strategies that shift profits to low-tax countries to avoid paying taxes. Wednesday’s agreement comes amid growing pressure on companies like Google, Amazon, Starbucks, Apple and other companies to pay a greater share of taxes on the profits they earn in Europe and the U.S. (see Apple Executives to Answer Lawmaker Claims on Tax Avoidance and Multinational Corporations Shift More Profits Offshore). “Tax

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    24. GAO Offers Suggestions for Improving IRS Examinations

      GAO Offers Suggestions for Improving IRS Examinations

      The Internal Revenue Service, currently under fire in Congress for its screening of applications for tax exempt status by conservative groups, could also use some improvement in the way it conducts examinations of individual tax returns, according to a new government report. The report, released Friday by the Government Accountability Office, looked at the IRS’s National Research Program, which has helped test or develop practices that have been used in operational examinations of individual tax

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