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What companies need to know as the IRS shifts its compliance focus

Seeing signs of movement on changing the Tax Code

The Public Company Accounting Oversight Board proposed for public comment a new auditing standard and related amendments to enhance the auditor's reporting model in mid-August.

1st Global, a research and consulting partner to CPA and wealth management firms, said it is launching CPA Wealth Enterprise, a newsletter that educates and informs readers about developments, trends and insights regarding comprehensive wealth management.

The Internal Revenue Service has released proposed regulations that would increase the user fees for both offers in compromise and installment agreements for the first time since 2007.

The Financial Accounting Standards Board has released the latest version of the U.S. GAAP Taxonomy using the data-tagging technology, XBRL, or Extensible Business Reporting Language, which the Securities and Exchange Commission now requires public companies to use with their financial statement filings.

A California businessman has pleaded guilty to conspiring to conceal bank accounts in Israel, the latest in a series of defendants who have been charged with conspiring with Israeli bankers.

A husband and wife pair of tax preparers have each been sentenced to five years in prison for filing false tax returns.

The Swiss government is urging banks to cooperate with a new program it has set up with U.S. authorities, even though it will require significant financial penalties and information sharing from banks that aided secret account holders.

The Tax Code giveth and the Tax Code taketh away. The depreciation and expensing provisions in the Tax Code allow taxpayers to recover the cost of property through an annual allowance. As a result, many businesses have taken advantage of the opportunity to write off expenses of equipment and other tangible property by making purchases toward the end of the year, driven as much by the tax advantage it gives them as by the actual need for new equipment. But many of these business owners forget that when they sell an asset, the IRS can take their depreciation allowance back, often at the highest possible tax rate. Taxpayers use depreciation to write down the cost of assets, both tangible assets like capital equipment and real property, and intangible assets such as patent costs and goodwill. But if those assets are sold at a profit, the IRS can recapture the full amount that was depreciated.

The National Association of Tax Professionals has released Audit Proof the Tax Office, aimed at helping practitioners change some office procedures in response to new needs, and new threats, in the industry.

New hires, promotions and accolades…

New website, 1st Bridging the Gap Awards and a little more…

Online accounting software maker Xero has partnered with expense reporting application company Expensify, effectively integrating Expensify’s expense report data directly into Xero’s accounting platform.

The Treasury Department and the Internal Revenue Service have ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.

The American Institute of CPAs has released guidelines to help privately held businesses determine which accounting framework, including the Financial Reporting Framework for Small- and Medium-Sized Entities, best meets their financial reporting needs.

NetSuite Inc. is considering establishing a formal BPO program for CPA firms as its Accountants Program has reached 1,000 members worldwide.

The Tax Policy Center, has released new estimates projecting that the share of Americans paying no federal income tax will drop from fully half in 2008 and 2009 to just 43 percent this year and will continue to fall to just a third in 2024.

Amazon.com has enlisted former Solicitor General Ted Olson to file a petition with the U.S. Supreme Court to stop New York State from requiring Amazon customers to pay sales taxes on their purchases.

CCH has updated its CCH Mobile App to enable IntelliConnect research platform subscribers to easily access and share content via Apple, Android, and Kindle Fire HD mobile devices.