2014 News Archive
 

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GWSCPA News

CPA practitioners sue to stop PTIN fees

Two CPAs have filed suit in the U.S. district court for the District of Columbia, asking the court to stop the IRS from charging fees for issuing preparer tax identification numbers (PTINs), to obtain refunds of fees paid in the past, and to...

House passes bill to crack down on tax return identity theft

The House on Monday passed legislation to enhance prosecutions of tax return identity theft. Passed by voice vote, H.R. 744 would subject people convicted of tax return identity theft to up to 20 years in prison. Read more on The Hill .

Top 5 Website Best Practices for More Leads

According to Google, 81 percent of searches for products and services now happen online. By the end of 2015, the majority of web searches will be via a mobile device. Your CPA firm’s website needs to be easily found in search results to ensure...

CPAs continue to show optimism about the future of their companies

Not since 2007 have U.S. accountants in industry felt as optimistic about the future of their companies and the state of the domestic economy as they do now. While concerns about regulatory requirements linger, and some companies remain hesitant...

Tentative decisions: September 3, 2014 FASB Meeting

The FASB discussed Financial Instruments—Impairment and Fair Value Measurement Disclosure Requirements. Read more at FASB.org .

Fund payments to brokerages draw SEC scrutiny

The tens of millions of dollars in annual fees that mutual fund companies pay to brokerages and their financial advisers to encourage sale of certain funds to retail investors are growing in size and variety, but the phenomenon is largely...

Puerto Rico Becomes 52nd Jurisdiction to Pass Individual CPA Mobility

Congratulations to the Colegio de Contadores Públicos Autorizados de Puerto Rico (Puerto Rico Society of CPAs) and the Puerto Rico Board of Accountancy on the passage of their individual CPA mobility legislation! The law was signed by Governor...

SEC Dishing Out $300,000 Whistleblower Award to Internal Auditor

For the first time, the Securities and Exchange Commission is rewarding a corporate whistleblower whose actual job it is to blow the whistle on a company’s internal missteps. The SEC announced that it would provide a whistleblower award of more...

FASB's proposed 2015 GAAP taxonomy available for comment

FASB released its proposed 2015 GAAP Financial Reporting Taxonomy on Friday and asked for public review and comment. The taxonomy is a list of financial reporting labels that are machine-readable and coded in XBRL. Users of financial statements...

Capital gain, not amount realized, determines application of 6 year collection statute

On Thursday, the Tax Court held that gross income for purposes of Sec. 6501(e) statute of limitation calculations includes only the gain from the sale of investments and not the amount realized from their sale ( Barkett , 143 T.C. No. 6...