Accounting Today

Accounting Newswire

• SEC Gets New Chairman as Senate Approves Ex-Prosecutor Mary Jo White

  April 8, 2013

  The U.S. Senate confirmed Mary Jo White to lead the Securities and Exchange Commission, putting the former U.S. attorney in charge of an agency that has failed to satisfy critics with its response to the financial crisis.

• IRS Releases Draft Form for FATCA Registration

  April 8, 2013

  The Internal Revenue Service has released a draft version of the form that financial institutions will use to register in accordance with the Foreign Account Tax Compliance Act, or FATCA.

• IRS Staffers Warn of Taxpayer Assistance Delays from Budget Cuts

  April 8, 2013

  The union representing Internal Revenue Service employees is warning that budget cuts will hamper IRS efforts to combat identity theft and assist taxpayers.

• Congress to Solicit Tax Reform Ideas via Social Media

  April 8, 2013

  The leaders of Congress’s main tax-writing committees said they plan to ask for proposals from the public for tax reform ideas using social media in an effort to make the process more transparent.

• PwC Recommends Strengthening Risk Management

  April 8, 2013

  PricewaterhouseCoopers has issued a report outlining how organizations can strengthen their risk management techniques.

• Wesley Snipes Out of Prison, but Under House Arrest

  April 8, 2013

  Actor Wesley Snipes has been released from prison after serving nearly two and a half years in prison for failing to file tax returns.

• Tax Preparer Indicted for Claiming Fraudulent Homebuyer Tax Credits

  April 5, 2013

  An Arizona tax preparer has been indicted for filing 84 tax returns fraudulently claiming the First-Time Homebuyer Tax Credit.

• GAO Faults SEC’s Accounting Procedures

  April 5, 2013

  An audit by the Government Accountability Office of the Securities and Exchanges Commission’s Investor Protection Fund financial statements for fiscal years 2011 and 2012 found two areas of significant deficiency in the SEC’s internal controls.

• IRS Criminal Investigation Warns about Tax Preparer Fraudsters

  April 5, 2013

  As the April 15 deadline for filing taxes approaches, a federal prosecutor and the head of the IRS Criminal Investigation’s Newark Field Office are reminding taxpayers to accurately and completely fill out their returns and make sure they file them on time, while pointing out that not all tax preparers are honest.

• Offshore Tax Havens Estimated to Cost Average Taxpayer over $1,000 a Year

  April 5, 2013

  The average individual taxpayer would have needed to shoulder an estimated $1,026 last year to make up for the revenue lost to the offshore tax havens used by corporations and the wealthy, while small businesses would have to pay an extra $3,067 to cover the cost of offshore tax breaks used by large corporations, according to a new study.

• SEC’s Upcoming EDGAR Release Won’t Support Older GAAP Taxonomy

  April 5, 2013

  The Securities and Exchange Commission reminded corporate filers Friday that the forthcoming release of its EDGAR financial statement database will support 2013 U.S. GAAP Taxonomy, but not the older 2011 taxonomy.

• Obama’s Budget Would Cap Romney-Sized Retirement Accounts

  April 5, 2013

  President Barack Obama’s budget proposal would cap multimillion-dollar tax-favored retirement accounts like the one held by Mitt Romney, his Republican rival in 2012.

• Obama Budget to Include Tax Bracket Changes

  April 5, 2013

  President Barack Obama’s budget plan will incorporate deficit-cutting proposals that include changing the calculation for Social Security cost-of-living increases and tax brackets, according to a White House statement.

• Private Businesses Reluctant to Expand Hiring This Year

  April 5, 2013

  Many private businesses are planning to maintain their current staffing levels this year, according to accountants surveyed by financial information provider Sageworks.

• Employers Added Just 88,000 Jobs in March

  April 5, 2013

  The unemployment rate dipped a tenth of a percentage point to 7.6 percent in March, although hiring slowed to 88,000 jobs, the U.S. Bureau of Labor Statistics reported Friday, with 11,000 jobs added in accounting and bookkeeping services.

• People News: April 5. 2013

  April 5, 2013

  New hires, promotions and more

• IRS Proposes Regulations for Charitable Hospitals

  April 4, 2013

  The Internal Revenue Service has issued proposed regulations on the requirement that charitable hospitals conduct community health needs assessments and adopt implementation strategies at least once every three years.

• Firm News: April 5. 2013

  April 4, 2013

  Find out what accounting firm switched to the feline marketing craze…

• Documents Shed Light on Widespread Use of Tax Havens

  April 4, 2013

  A large cache of secret documents reveals that tens of thousands of people, including government officials from around the world, are using offshore companies and trusts to avoid taxes.

• IRS Has Trouble Dealing with Foreign Currency

  April 4, 2013

  The Internal Revenue Service is often unable to process tax payments made in foreign currencies on a timely basis or at favorable exchange rates, according to a new government report.