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AICPA Statement of SEC Roadmap for IFRS

The Securities and Exchange Commission’s roadmap for the adoption of International Financial Reporting Standards (IFRS) marks an important stage in what the American Institute of Certified Public Accountants believes will be the eventual move from U.S. Generally Accepted Accounting Principles to international accounting standards for public companies.

Recommendations to Improve Financial Reporting Given to SEC

Investors are on their way to gaining greater insights into the information in public companies’ financial reports.

Uniform Laws Governing Practice of CPAs Across State Lines Gain National Momentum

Twenty-three states have approved laws to make it less burdensome for certified public accountants to represent clients across state lines.

Critical Interim Relief - Preparer Penalty

Critical Interim Relief From the
More-Likely-Than-Not Preparer Penalty

WE KNOW IT’S A BUSY TIME OF YEAR BUT PLEASE READ THE ENTIRE E-ALERT!

Among other critical information of which you need to be aware, the IRS has provided Interim Penalty Compliance Rules containing an alternative approach to comply with the section 6694 reporting standards for a position for which there is substantial authority, but for which you do not have a reasonable belief that the position would more likely than not be sustained on the merits. In such a situation, you can comply by advising your client of the difference between the tax preparer standards under new section 6694 and the taxpayer penalty standards under section 6662 and contemporaneously documenting that advice, rather than by preparing a Form 8275 disclosure with respect to the position.