Publication: WebCPA

First reported Jul 18 2014 - Updated Jul 18 2014 - 1 reports

People News: July 18, 2014

COLORADOAngel Salinas has been admitted to partner at PwC in the firm’s Denver Oil and Gas Assurance practice.INDIANAPartner InsightsSourceMedia's Partner Insights program enables marketers to deliver relevant content and insights directly to the Accounting ... [Published WebCPA - Jul 18 2014]
First reported Jul 18 2014 - Updated Jul 18 2014 - 1 reports

Tax Fraud Blotter: Fraudulent Firefighter

Some of our favorite recent tax fraud cases.Olympia, Wash.: Preparer Kyle Baxter, 31, has pleaded guilty following his arraignment for a three-year fraud scheme in which he falsely claimed refunds while victimizing clients. He was charged with one count ... [Published WebCPA - Jul 18 2014]
Entities: André Davis, Taxes, Fraud
First reported Jul 18 2014 - Updated Jul 18 2014 - 1 reports

GAO Finds Conflicting Definitions in Tax Code

Definitions for the same or similar terms such as “income,” “small business” and “disabled” can differ across various tax provisions and policy objectives, according to a new government report.The report , from the Government Accountability Office, examined ... [Published WebCPA - Jul 18 2014]
First reported Jul 17 2014 - Updated Jul 17 2014 - 1 reports

ICPAS Tax Practice & Procedures Conference

The Illinois CPA Society is hosting a pair of conferences on tax issues for practitioners.One of the conferences is taking place in Des Plaines on July 17. For more information, click here . A similar conference is in Springfield on July 24. For more ... [Published WebCPA - Jul 17 2014]
First reported Jul 17 2014 - Updated Jul 17 2014 - 1 reports

IRS Finalizes Regulations on Allocation and Apportionment of Interest Expense

The Internal Revenue Service has issued final regulations to provide guidance on the allocation and apportionment of interest expense by corporations that own a 10 percent or greater interest in a partnership, along with the allocation and apportionment ... [Published WebCPA - Jul 17 2014]
First reported Jul 15 2014 - Updated Jul 16 2014 - 1 reports

IRS Clarifies IRA Rollover Limitation

The Internal Revenue Service has partially withdrawn some of the rules it had earlier proposed on limiting rollovers from individual retirement arrangements.In REG- 209459-78 , the IRS noted last week that the partial withdrawal of the proposed regulation ... [Published WebCPA - Jul 15 2014]
First reported Jul 15 2014 - Updated Jul 15 2014 - 1 reports

FASB Proposes to Simplify Inventory Measurement

The Financial Accounting Standards Board has proposed a pair of Accounting Standards Updates aimed at simplifying the process of inventory measurement and eliminating the requirements for extraordinary items.The proposals are part of FASB’s simplification ... [Published WebCPA - Jul 15 2014]
First reported Jul 14 2014 - Updated Jul 15 2014 - 1 reports

California Tax Preparer Sentenced to 18 Months for Defrauding IRS

A former California tax preparer was sentenced Monday to 18 months in prison after pleading guilty to charges that he filed dozens of false tax returns with the Internal Revenue Service.Rene R. Lopez, 61, the former operator of Lopez & Associates Business ... [Published WebCPA - Jul 14 2014]
First reported Jul 15 2014 - Updated Jul 15 2014 - 1 reports

Accountants' Confidence in the Economy Splits

After rebounding sharply in June from months of decline, the Accountants Confidence Index split into two directions this month, with the short-term and mid-term readings heading apart, though both remain positive.The ACI, published by Accounting Today ... [Published WebCPA - Jul 15 2014]
First reported Jul 14 2014 - Updated Jul 14 2014 - 1 reports

Indiana Allows Competency-Based Education to Qualify for CPA License Renewal

Indiana has become the first state to allow competency-based education to qualify for renewal of a CPA license.CPA Center of Excellencedigital badgesThe Indiana CPA Society said it is cooperating with the Indiana Board of Accountancy on a pilot program ... [Published WebCPA - Jul 14 2014]
First reported Jul 14 2014 - Updated Jul 14 2014 - 1 reports

Tax Foundation Reports on Marketplace Fairness Act

The nonpartisan Tax Foundation research group has released a primer on the Marketplace Fairness Act, the legislation that proposes to establish federal law governing sales taxes on online purchases.Joseph HenchmanThe legislation passed in the Senate last ... [Published WebCPA - Jul 14 2014]
First reported Jul 14 2014 - Updated Jul 14 2014 - 1 reports

Dialing for Deadbeats: Should You Use a Collection Agency?

You’ve been patient, e-mail after e-mail and letter after letter. Still the client’s fees sit unpaid for almost half a year. Last season’s delinquents still have a couple months to go, but soon it may be time for you to call in help.“Collection agencies, ... [Published WebCPA - Jul 14 2014]

Quotes

...reporting area prone to manipulation by management," said PCAOB director of enforcement and investigations Claudius B Modesti in a statement. "When an auditor is confronted with multiple indicators of problematic revenue recognition, as happened here, he or she must get to the bottom of the relevant issues, including digging into management's representations."
One reason cited by the IRS for the new procedures is to protect taxpayers from unscrupulous tax preparers. "The new limitation also will protect taxpayers from preparers who obtain payment for their tax preparation services by depositing part or all of their clients’ refunds into the preparers’ own bank accounts,” said the IRS. “The new direct deposit limits will help eliminate this type of abuse.”"
"Our findings reinforce the idea that friendships between board members and top executives put shareholders’ interests at risk and that investors should be wary of them,” said Rose. “While requiring publication of these ties has the virtue of alerting the public, disclosure by itself should not lead investors to be less wary.”"
"Tignino and Lutz LLP brings a tremendous amount of leadership and industry experience to Anton & Chia, LLP that is relevant to our objectives of expanding our North American west coast practice so we can directly facilitate commerce with Asia, India, Southeast Asia and Australia,” Anton & Chia’s founding member and managing partner Gregory Wahl said in a statement."

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People News: July 18, 2014 [Published WebCPA - Jul 18 2014]
Tax Fraud Blotter: Fraudulent Firefighter [Published WebCPA - Jul 18 2014]
GAO Finds Conflicting Definitions in Tax Code [Published WebCPA - Jul 18 2014]
ICPAS Tax Practice & Procedures Conference [Published WebCPA - Jul 17 2014]
IRS Finalizes Regulations on Allocation and App... [Published WebCPA - Jul 17 2014]
FASB Proposes to Simplify Inventory Measurement [Published WebCPA - Jul 15 2014]
Accountants' Confidence in the Economy Splits [Published WebCPA - Jul 15 2014]
IRS Clarifies IRA Rollover Limitation [Published WebCPA - Jul 15 2014]
Indiana Allows Competency-Based Education to Qu... [Published WebCPA - Jul 14 2014]
California Tax Preparer Sentenced to 18 Months ... [Published WebCPA - Jul 14 2014]
Tax Foundation Reports on Marketplace Fairness Act [Published WebCPA - Jul 14 2014]
Mylan to Add Abbotts Generic-Drug Unit for Tax ... [Published WebCPA - Jul 14 2014]
Dialing for Deadbeats: Should You Use a Collect... [Published WebCPA - Jul 14 2014]
Tax Fraud Blotter: Paradise Lost (in Court) [Published WebCPA - Jul 12 2014]
Firm News: July 11, 2014 [Published WebCPA - Jul 11 2014]
ACL Offers Audit Tool for Excel [Published WebCPA - Jul 11 2014]
74% of Americans Worried about Retirement Income [Published WebCPA - Jul 11 2014]
NYSSCPA 2014 CFOs, Controllers, Treasurers and ... [Published WebCPA - Jul 11 2014]
Roundtable Favors Changes to Ethics Code for Ac... [Published WebCPA - Jul 10 2014]
Rising Economy Generates Activity in Sales of B... [Published WebCPA - Jul 10 2014]
House Hearing Considers Cash Accounting for Sma... [Published WebCPA - Jul 10 2014]
IRS Loses Billions on Erroneous Amended Tax Ret... [Published WebCPA - Jul 09 2014]
Estate Liable for Late-Filing Penalty Despite T... [Published WebCPA - Jul 09 2014]
FEI Elects New Board and Chairman [Published WebCPA - Jul 09 2014]
NYSSCPA 2014 Tax Planning for Individuals Confe... [Published WebCPA - Jul 08 2014]
AAM Appoints 2014-2015 Board and President [Published WebCPA - Jul 07 2014]
IRS Prodded to Manage Correspondence Audits Better [Published WebCPA - Jul 07 2014]
Georgia CPAs Elect New Chairmen [Published WebCPA - Jul 07 2014]
PCAOB Disciplines Former PwC Partner for Audit ... [Published WebCPA - Jul 07 2014]
New York State Gives Tax Help in 79 Languages [Published WebCPA - Jul 07 2014]
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