The Latest

‘Tis the season of giving and the Suffolk Chapter of the New York State Society of CPAs is in the midst of its 15th annual Toys for Tots drive.

IMGCAP(1)]Corporate clients will likely be approaching their next audit with extra care. The reason: A recent federal appeals court decision has made it clear that information previously viewed as private under the "work-product doctrine" may no longer be protected. That means companies will now think twice before providing such information to their auditors.

The Internal Revenue Service plans to test a pilot program that would permit filers of information returns to truncate an individual payee’s nine-digit identifying number on paper payee statements for calendar years 2009 and 2010 to protect against identity theft.

The American Institute of CPAs has written to the leaders of the Senate Banking, Housing and Urban Affairs Committee opposing language in a proposed law that could expose more accountants to fraud lawsuits.

The Internal Revenue Service said that interest rates would remain the same for the calendar quarter beginning Jan. 1, 2010, as they were in the prior quarter.

The House Financial Services Committee decided to soften language in a controversial amendment to the proposed Financial Stability Improvement Act that would have given a systemic risk regulator the ability to rewrite accounting standards.

CCH and Grant Thornton have teamed up to produce IFRS Tax Manager, an online guide to International Financial Reporting Standards, aimed at helping tax, audit and accounting professionals comply with tax accounting and reporting standards under IFRS.

The Internal Revenue Service has issued a set of proposed regulations for reporting on credit and debit card transactions starting in 2011.

CCH Small Firm Services has begun shipping its ATX and TaxWise lines of software for tax year 2009, with links to tax research from CCH.

Large and midsized companies can now take advantage of expanded net operating loss carryback rules to use the losses they incurred during the economic downturn to reduce their income from prior tax years.