2014 News Archive
 

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GWSCPA News

Regulations update hybrid defined benefit plan rules

On Monday, the IRS released final and proposed regulations providing guidance on so-called hybrid defined benefit pension plans ( T.D. 9693 and REG-111839-13 ). The regulations deal with changes made by the Pension Protection Act of 2006, P.L....

House Passes Legislation to Limit IRS Powers

The House passed three pieces of legislation Wednesday aimed at limiting the authority of the Internal Revenue Service in response to scandals involving the extra scrutiny given to political groups applying for tax-exempt status as social welfare...

Eric Holder Anticipates More Financial Fraud Prosecutions

Six years ago this week, investment bank Lehman Brothers filed for bankruptcy, observed Attorney General Eric Holder at New York University Law School during a speech Wednesday. This marked “the culmination of a period of deregulation, excessive...

PCC approves private company GAAP exception for certain acquired intangible assets

The Private Company Council (PCC) voted Tuesday to approve a GAAP alternative that will allow private companies to elect not to separately recognize and measure certain intangible assets acquired in a business combination. Private companies that...

SEC Offers Early Relief on Revenue Recognition Implementation

The Securities and Exchange Commission is extending some early relief on the adoption of the comprehensive new accounting standard on  revenue recognition : companies electing full retrospective adoption will not be expected to restate five years...

Majority of the House Supports Preserving Cash Method of Accounting

Washington, D.C. (September 11, 2014) – A bipartisan majority of the U.S. House of Representatives – 233 members – have signed a letter urging the House leadership to preserve the cash method of accounting for tax purposes, writing that proposals...

PFIC reporting rules do not apply to certain marked to market stock

On Wednesday, the IRS announced that it will amend the regulations governing the reporting requirements for U.S. persons who hold stock in passive foreign investment companies (PFICs). The amendments will provide that, if a taxpayer marks to...

IRS Gears up for Impact of Health Care Reform on Tax Season

Internal Revenue Service commissioner John Koskinen told a congressional subcommittee about the IRS’s progress on the Affordable Care Act and the impact that tax subsidies will have next tax season. In a hearing before the House Ways and Means...

IRS explains power of attorney requirements for corporate taxpayers

On Tuesday, the IRS’s Office of Professional Responsibility (OPR) issued a bulletin clarifying when corporate officers or employees must have a valid power of attorney in order to represent the company before the IRS ( OPR Bulletin 2014-12 ). The...

PCAOB alert calls for auditors to focus on revenue

The PCAOB on Tuesday urged auditors to focus on the board’s standards for auditing revenue. In Staff Audit Practice Alert No. 12 , Matters Related to Auditing Revenue in an Audit of Financial Statements , the PCAOB discusses board requirements...