2014 News Archive
 

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GWSCPA News

Certain FATCA deadlines are postponed

The IRS announced its intention in Notice 2014-59 to amend temporary regulations it issued under the Foreign Account Tax Compliance Act (FATCA) on March 6, 2014, to modify the effective dates of (1) the standards of knowledge that apply to a...

Changes made to IRS streamlined offshore compliance procedures

The IRS updated its streamlined offshore compliance program to provide procedures taxpayers residing both inside and outside the United States should use to participate in the program. The streamlined offshore compliance program is for taxpayers...

Clause for Concern: Essentials for Engagement Letters

Your first tool to secure business – and your first shield of protection if that business goes sour – depends on essential ingredients, according to preparers speaking about good engagement letters. First in the recipe: others’ professional...

Notice defines terms for economic substance doctrine

On Thursday, the IRS provided guidance defining "transaction" for purposes of applying the Sec. 7701(o) economic substance doctrine and "similar rule of law" for purposes of the Sec. 6662(b)(6) accuracy-related penalty ( Notice 2014-58 ). The...

Global cyberattacks rose 48% in 2014

It should be no surprise amid the constant barrage of headlines about cybersecurity incidents that the number and cost of breaches is on the rise. Security incidents cost businesses an average of $2.7 million each year, according to a survey by...

Investors' confidence in U.S. public companies grows

Investors’ confidence in investing in U.S. public companies—and in audited financial information released by those companies—has risen to a seven-year high in 2014. According to the Center for Audit Quality’s (CAQ’s) Main Street Investor Survey ,...

IRS Plans Outages Over Columbus Day

A number of different IRS systems and services will be unavailable at different points over the Columbus Day Weekend. The IRS Modernized e-File system will conduct its annual Columbus Day power outage beginning this Saturday, Oct. 11, at 3 p.m....

FASB Meeting Tentative Decisions: October 8, 2014

At its October 8 meeting, the FASB discussed: (1) Clarifying the Definition of a Business, (2) FASB Ratification of EITF Consensuses and Tentative Conclusions, (3) Agenda Decision: Share-based Payment Accounting Improvements, (4) Disclosures by...

Justice Department Official Stresses Compliance Hallmarks, Failures

Yet another Department of Justice official is emphasizing the importance of effective compliance programs, this time in the context of avoiding a bribery and corruption probe. In remarks at the Advanced Compliance and Ethics Workshop held by the...

IRS to Do More to Ensure Tax Compliance on Foreign Investments in Real Property

The Internal Revenue Service plans to take additional actions to improve taxpayer compliance with a law related to the disposition of foreign investments in U.S. real property, according to a new government report. The report , from the Treasury...