2014 News Archive
 

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GWSCPA News

Former IRS Insider Gives Peek behind Development of Net Investment Income Tax

The Net Investment Income Tax, which was included as part of the Affordable Care Act, will be hitting taxpayers and practitioners alike this coming tax season. One of those practitioners is David Kirk, executive director of personal tax services...

FASB Meeting Tentative Decisions: November 19, 2014

At its November 19 meeting, the FASB discussed (1) Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, (2) Conceptual Framework: Measurement, and (3) Disclosure Framework: Board’s Decision Process. Find details on ...

Alert focuses on independence rules for auditors of certain nonissuers

The Center for Audit Quality (CAQ) and the AICPA on Wednesday issued a joint alert to provide audit firms with an overview of SEC and PCAOB independence rules that apply to financial statement audit and attestation engagements for certain...

FAF Promotes Benefits of U.S. GAAP

The Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, has launched a new Web page highlighting the benefits of U.S. GAAP. The Web page, at www.accountingfoundation.org/gaap , comes at a time...

IRS Urged to Crack Down on Multimillion Dollar IRAs

The Internal Revenue Service is being urged to bolster its enforcement efforts on multimillion-dollar Individual Retirement Accounts in a new government report that also encourages Congress to provide more direction. The report , from the...

Court Gives SEC Another Chance to Defend Conflict Minerals Rule

The same court that struck down parts of the Securities and Exchange’s conflict minerals disclosure rule as unconstitutional earlier has agreed to give the agency another chance to state its case. On Tuesday, the U.S. Court of Appeals for the...

U.S. SEC reports rise in whistleblower tips in fiscal 2014

The U.S. Securities and Exchange Commission received more than 3,500 tips from whistleblowers in fiscal year 2014, the largest number received since the program went into effect three years ago. The SEC announced the increase in its Nov. 17...

IRS finalizes rules on relief from failure to file GRAs

The IRS finalized proposed regulations to update the rules that apply to U.S. taxpayers that fail to file gain recognition agreements (GRAs) when they transfer certain property to foreign corporations in nonrecognition transactions ( T.D. 9704 )....

FASB Issues New Guidance on Pushdown Accounting

The Financial Accounting Standards Board (FASB) today issued Accounting Standards Update No. 2014-17,  Business Combinations (Topic 805): Pushdown Accounting, a consensus of the FASB Emerging Issues Task Force . The Update provides guidance on...

Call for Speakers: GWSCPA Employee Benefit Plans Conference

The Greater Washington Society of CPAs is proud to announce our 2nd Annual Employee Benefit Plans Conference. After a successful first year, we are once again turning to our members, and to the profession to seek exceptional professionals and...