October 19, 2010
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AICPA to SEC: Companies Will Need as Much as Five Years to Ready for IFRS Adoption
Giving companies enough time to carefully prepare for a move from U.S. GAAP to IFRS is critical, the AICPA told the SEC in a comment letter filed Thursday. The AICPA assembled members from business and industry with public company backgrounds to discuss questions the SEC posed in a recent request for comment about a potential […]
Read more- October 18, 2010
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Small Business Act Increases I.R.C. Decoupling Concerns
The prospect of another round of state decoupling from recently enacted federal tax breaks feeds a growing concern about the apparent indifference of federal policymakers to state fiscal problems, several state tax specialists told BNA. “Every time the federal government acts to expand or contract the tax base, the states must react by increasing their […]
Read more- October 15, 2010
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1099s for Landlords Included in Small Business Jobs Act
President Obama recently announced a series of tax breaks designed to specifically help small businesses, it is known as the Small Business Jobs Act. Along with the recently advertised tax breaks for capital improvements another piece to the legislation has been tacked onto to the H.R. 5297 bill. This new law will require that all […]
Read more- October 14, 2010
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AICPA Faces Tough Questioning as Preparers Seek Rule Revisions
The American Institute of Certified Public Accountants Oct. 8 faced tough questioning from Internal Revenue Service officials at a hearing on proposed rules (REG-138637-07) that would incorporate unenrolled tax preparers into Circular 230. An AICPA representative was one of a dozen speakers who made their case for various revisions to the service’s proposed plan for […]
Read more- October 13, 2010
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One Step Closer to Little GAAP
A blue-ribbon panel on private-company accounting standards recommends a separate GAAP for private companies. A blue-ribbon panel has recommended that a new set of accounting standards be drawn up for private companies based on U.S. generally accepted accounting principles. The panel also recommended that a private-company rulemaking board be established, separate from the Financial Accounting […]
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