WICPA Hot News
- Slide in audit fees may be coming to an end
- Although audit fees have been falling for the past several years, the decline was less noticeable last year among major audit firms and may signal the end of a trend. In fact, audit prices actually rose by 9 percent in 2009 for Securities and Exchange Commission-registered companies with revenues over $1 billion.
- SEC proposes U.S. GAAP reporting taxonomy using XBRL
- The Securities and Exchange Commission and the Financial Accounting Foundation have released a proposed taxonomy using eXtensible Business Reporting Language that public companies must use while filing U.S. GAAP financial reports in 2011. The SEC is accepting public comments on its proposal until Saturday, Oct. 30 and plans to release a final mandate early next year.
- FAQ available: FASB/IASB lease exposure drafts
- On Tuesday, Aug. 17, the U.S. Financial Accounting Standards Board and the International Accounting Standards Board issued an Exposure Draft on Leases. The AICPA's Accounting and Financial Reporting team developed questions and answers to highlight important aspects of the proposals contained in the exposure draft.
- Accounting Practices Among Industries Panel Discussion - Building Bridges: Connecting Economy, Employability and Education
- The Winnebagoland Chapter of IMA (Institute of Management Accountants) invites you to a special panel discussion with high-level accountants from academia, healthcare, public accounting, manufacturing and service industries on Tuesday, Sept. 21, 2010.
- AICPA and NACVA offer course prep for forensics exam
- The AICPA is offering a five-day course through the National Association of Certified Valuation Analysts to help prepare CPAs for the Certified in Financial Forensics exam. A four-hour computerized exam is required for the credential, effective today. The 2010 exam will be held Sept. 29-Oct. 29.
- Herz to retire; FASB Board structure to change
- Financial Accounting Standards Board (FASB) Chair Bob Herz will retire, and fellow board member Leslie Seidman has been named acting chair effective Oct. 1. FASB's parent organization also announced that the standard-setting board will grow from five to seven members.
- AICPA vice president testifies about IRS plans to regulate return preparers
- Testifying at an Internal Revenue Service (IRS) hearing on Aug. 24, Edward Karl, vice president of taxation for the AICPA, urged the IRS to slow down its plan to regulate paid tax preparers. He asked the IRS to consider the full costs of the proposed plan and the burden it will place on CPAs and CPA firms.
- SSARS No. 19 Toolkit available
- To support CPAs in the implementation and communication of Statements on Standards for Accounting and Review Services (SSARS) No. 19, Compilation and Review Engagements, within their firms and with their clients, the Private Companies Practice Section (PCPS) has developed a comprehensive SSARS No. 19 Toolkit.
- IRS:1.2 million people are expected to register as paid tax preparers
- About 1.2 million people will register for Preparer Tax Identification Numbers under new rules for paid tax preparers proposed by the Internal Revenue Service, the agency predicts. The rules would impose user fees for paid tax preparers and require attorneys, CPAs, agents and registered tax return preparers who are involved in preparing most of a tax refund claim after Dec. 31 to get a PTIN.
- Attend a free presenation on tax topics
- You are invited to listen to and ask questions of Hon. Richard T. Morrison of the United States Tax Court at the Milwaukee Bar Association's offices on Sept. 14. Morrison will address several topics that would be of interest to IRS employees; tax advisors in companies, public accounting firms, and law firms; and valuation professionals.
- Free IRS/DOR workshops
- Due to an overwhelming response to the Internal Revenue Service/Wisconsin Department of Revenue Working Together Workshops scheduled for October 2010, a session in DePere and another session in Milwaukee have been added.
- CITP exam writers needed
- The AICPA's IT Division is developing a Certified Information Technology Professional exam for the CITP Credential Program and is in search of exam question writers for the upcoming CITP beta exam to be held during the winter. The official exam launch is planned for summer 2011.
- GAO proposes changes to Government Auditing Standards in exposure draft
- The Government Accountability Office is proposing to make changes to the Government Auditing Standards in a newly issued exposure draft. These reflect changes in the auditing profession as well as special considerations necessary for a government environment. For instance, one standard would update fraud reporting requirements to situations that are significant to the audit objectives while requiring other instances to be reported in writing.
- IRS broadens scope of tentative refund adjustments
- The Internal Revenue Service has issued final regulations allowing it to reduce businesses' tentative refunds by the amount of certain unassessed tax liabilities, if those liabilities have been identified in a notice of deficiency or bankruptcy proof of claim. The final regulations adopt an expansive definition of taxes "then due" put forth in temporary regulations in 2007 and abandon the earlier, taxpayer-friendly position of Rev. Rul. 78-369.
- AICPA call to action alert on proposed tax preparer legislation
- If you are a member of the AICPA, today you will have received a email urging you to write to the IRS regrading the proposed tax preparer legislation on fees. Here is the main message the AICPA wishes to send: "Our message is that we support the IRS goals, but that we think the program is moving too far, too fast, especially in the areas of non-signing preparers and requiring an exam for the registered (non-CPA) preparers." The email address you can send your letter to is the following:
- IRS issues proposals to implement return preparer registration and testing plans
- The Internal Revenue Service has published proposed changes to Circular 230 that would implement the registration and testing portions of its plan to regulate unenrolled tax return preparers. The changes would also conform the Circular 230 penalty standards to the revised §6694 standards applicable to tax return preparers.
- FAQ available: SEC revised custody rule
- The AICPA Investment Companies Expert Panel and staff developed a summary and frequently asked questions about the Securities and Exchange Commission's revised "custody rule" based on a review of the rule, the Adopting Release, the SEC staff FAQ and discussions with SEC staff.
- Private Company Reporting Panel sees differences in standards
- The Blue Ribbon Panel on Private Company Financial Reporting, established to explore the future of standard setting for private companies, is now debating various GAAP-based standard-setting models, as well as the structure of the board that would set those GAAP standards.
- FAQ available: Revenue Recognition Standard
- The AICPA has developed a set of frequently asked questions and answers on the Financial Accounting Standards Board and International Accounting Standards Board's published exposure draft, Revenue from Contracts with Customers. Questions addressed include timeframe, AICPA involvement, major differences and more.
- Firms invited to submit proposals for WICPA audit
- The WICPA invites licensed CPA firms to submit a proposal for its annual audit of the WICPA and the WICPA Educational Foundation for a three year period, beginning with the fiscal year ending April 30, 2011. All interested parties must send a written letter of interest to: Tammy Hofstede Director of Finance & Operations WICPA 235 N. Executive Drive, Suite 200 Brookfield, WI 53005. Written letters of interest must be received no later than September 10, 2010 . Firms that send a written letter of
- IRS tax preparer registration fee announced
- On July 22, the IRS announced that the IRS portion of the new registration fee for paid tax preparers will be $50 annually. There may also be a fee charged to the vendor. The total amount of the fee will be announced soon. Originally the fee was going to cover a three-year period but it was recently decided to make it an annual fee. The fee will be paid at the time you go in online to get your PTIN. Remember even if you already have a PTIN, you still need to register and have the PTIN reassigned to you.
- Volunteers needed to develop questions on IFRS for Uniform CPA Examination
- The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions on IFRS for the Uniform CPA Examination.
- FTC Extends Enforcement Deadline for Identity Theft Red Flags Rule
- At the request of several Members of Congress, the Federal Trade Commission is further delaying enforcement of the “Red Flags” Rule through December 31, 2010, while Congress considers legislation that would affect the scope of entities covered by the Rule. Today’s announcement and the release of an Enforcement Policy Statement do not affect other federal agencies’ enforcement of the original November 1, 2008 deadline for institutions subject to their oversight to be in compliance. “Congress needs to fix
- Tax provision in health care overhaul could hurt small businesses
- Small-business owners are criticizing a provision in the health care reform law that requires businesses to file a 1099 form for anybody from whom they buy $600 worth of goods or services in a year. The law grew out of efforts to close the tax gap, but many say it will be a paperwork nightmare, especially for small businesses. The Treasury Department has promised it will consider the concerns of small-business owners before the law is implemented in 2012, but some lawmakers are already working to repeal it.
- IRS gives small employers guidance on health-coverage tax credit
- The Internal Revenue Service has provided guidance on the tax credit available to small businesses that provide health insurance to their employees. The notice provides steps for determining eligibility for the credit and gives many examples of how the credit will work.
- Participate in the 2010 PCPS/TSCPA National MAP Survey
- Members are invited to take the CPA profession’s premier benchmarking study, PCPS/TSCPA National MAP survey. The survey will highlight key practice management issues that will allow firms to compare its management policies and financial results to other firms. The survey will be available from May 1 through July 16.
- Pay your dues on time online or by mail
- WICPA members are encouraged to promptly submit their annual dues for fiscal year 2010-2011. Click on the link above for more information.
- Resources for companies converting to IFRS
- New resources are available for companies that are considering moving to International Financial Reporting Standards.
- Updates regarding accounting standards for private companies
- Click here to read a statement by AICPA Chairman of the Board Robert R. Harris, CPA/CFF regarding the newly created blue-ribbon panel whose work this year may lead to differences in financial reporting standards for many of the nation’s 29 million private companies, their financial statement users and their CPA firms.
- IRS introduces proposal to regulate paid tax preparers
- The IRS has announced its plans to regulate paid tax return preparers in an effort to improve compliance and enhance ethical conduct. The proposal recommendations, which would be phased in beginning in the 2011 filing season, include mandatory registration of paid tax return preparers as well as competency testing and CPE requirements. CPAs, attorneys and enrolled agents would be exempt from the education and entry-testing requirements. Click here for information on the AICPA's advocacy efforts regarding
- Estimated employment tax liability
- Is your estimated employment tax liability less than $1,000 for the calendar year? If so, you are eligible to file annual Form 944 rather than the quarterly Form 941. In the past, filing this form was mandatory for employers who met the qualifications. Recently released Revenue Procedure 2009-51 provides procedures for qualified employers to make an election whether to file annual Form 944 or quarterly Form 941 to report employment taxes.