Accounting Today

Accounting Newswire

• IRS and Treasury Propose New FATCA Rules

  February 8, 2012

  The Internal Revenue Service and the Treasury Department have released an eagerly anticipated set of proposed regulations for implementing the Foreign Account Tax Compliance Act.

• Foreign Currency Trader Sentenced on Tax Charges

  February 7, 2012

  An investor in a foreign currency trading fund has been sentenced to five years in prison for evading more than $150,000 in taxes.

• 401(k) Plan Sponsors Not Confident about Employees’ Retirement Planning

  February 7, 2012

  The vast majority of executives responsible for 401(k) plans at their companies are feeling less confident that employees are financially prepared for retirement, according to a survey by Deloitte.

• CCH Advises Looking at Taxes When Considering Retirement Destinations

  February 7, 2012

  Baby Boomers nearing retirement age will have many factors to consider in choosing where to live in retirement, including state taxes, according to CCH tax experts.

• MF Global Shortfall Worsened as Bankruptcy Neared

  February 7, 2012

  In its chaotic final days, MF Global's floundering brokerage used increasingly large chunks of customer money in an effort to keep the company afloat, creating a massive shortfall in customer funds, the trustee liquidating the brokerage has found.

• Lawmakers Introduce Bill to Limit 1099-K ‘Overreach’

  February 7, 2012

  A pair of Republican members of Congress have introduced a bill to prohibit the Internal Revenue Service from implementing a new tax-reporting requirement for small businesses to reconcile their 1099-K reports from outside providers such as credit card companies with their own internal records.

• Taxpayers Underreporting Retirement Income

  February 7, 2012

  Clarifying Form 1099-R would help the Internal Revenue Service identify more taxpayers who are underreporting their retirement income, according to a new report.

• Fishbowl Premieres CRM Offering

  February 7, 2012

  QuickBooks integrated inventory control software provider Fishbowl has announced the availability of Pipeline Contact Manager, the company’s first Web-based, entry-level customer relationship management software offering.

• IRS Issues Rules for Tax-Exempt Health Provider Determination Letters

  February 7, 2012

  The Internal Revenue Service has released procedures for issuing determination letters and rulings on the tax-exempt status of nonprofit health insurance providers that want to participate in the CO-OP program included in the health care reform law.

• Accountants Pressed to Provide Non-Financial Information

  February 6, 2012

  Professional accountants need to respond to increasing demand from investors for non-financial information, specifically environmental, social and governance disclosures, according to a new report.

• iPhone App Uses eBay Data to Estimate Charitable Deductions

  February 6, 2012

  A new app for Apple’s iPhone relies on data from eBay to estimate the fair market value of goods donated to charity for charitable deductions.

• IRS Files Tax Liens against Singers Lil Kim and Sean Kingston

  February 6, 2012

  The Internal Revenue Service has reportedly filed tax liens against singers Lil Kim and Sean Kingston.

• Julius Baer Ready to Pay Fine to Avert U.S. Tax Probe

  February 6, 2012

  Julius Baer is prepared to pay a fine to escape an escalating U.S. crackdown on offshore bank accounts after last week's indictment of smaller rival Wegelin raised tension among Swiss private bankers.

• IRS Intros Online Tool for Finding VITA Locations

  February 6, 2012

  The Internal Revenue Service has debuted an online tool to help low- and moderate-income taxpayers find Volunteer Income Tax Assistance locations where they can get help with their taxes.

• CAQ Releases Sequel to Film Noir-Style Audit Video

  February 6, 2012

  The Center for Audit Quality has released its second video featuring hard-boiled external auditor, Ledger Lines, to explain how auditing works.

• Taxpayers Concerned about Security of Tax Filing

  February 6, 2012

  A majority of taxpayers are concerned about the security and privacy of their personal and financial information when filing their state and federal tax returns online, according to a new survey.

• Cloud Accounting Institute Launches SaaS Survey

  February 6, 2012

  Cloud accounting and finance education and advocacy group The Cloud Accounting Institute has launched a benchmark survey on Software as a Service for the accounting profession.

• IRS Proposes Regulations on Taxable Medical Devices

  February 3, 2012

  The Internal Revenue Service has issued proposed regulations to provide guidance on the excise taxes imposed on the sale of medical devices under the health care reform law.

• Tech CFOs Less Optimistic about 2012 Revenue Growth

  February 3, 2012

  A new study by BDO USA found that while 73 percent of chief financial officers at U.S. technology companies expect revenue to increase in 2012, they foresee overall revenue increases of just 2.6 percent, significantly lower than the forecast growth of 10.4 percent in last year’s survey.

• SEC Appoints GAO’s Jeanette Franzel to PCAOB

  February 3, 2012

  The Securities and Exchange Commission has named Jeanette M. Franzel, a managing director of the Government Accountability Office, as a member of the Public Company Accounting Oversight Board.