CPA Observation Post

IRS Warns of Tax Refund Delays (via @AccountingToday)

2012-01-27T09:09:14-05:00

The Internal Revenue Service warned Thursday that tax refunds could be delayed a week this tax season because of new anti-fraud safeguards. Read More>>

FASB Proposes Standard for Impairment of Indefinite-Lived Intangible Assets (via @AccountingToday)

2012-01-26T16:20:00-05:00

The Financial Accounting Standards Board proposed an updated standard Wednesday on impairment testing of intangible assets with indefinite lives, such as trademarks, licenses and distribution lives. Read More>>

Bank of America Launches CPA Financing Program (via @AccountingToday)

2012-01-26T15:14:00-05:00

Bank of America has begun offering financing to CPA firms to help them fund mergers and acquisitions, expand their facilities, buy equipment and software, and other purposes. Read More>>

New Form 990 has a few significant changes for 2011 (via @AICPA_JofA)

2012-01-25T13:03:00-05:00

The Internal Revenue Service has posted a new version Form 990 for 2011 filings by tax-exempt organizations. Among other changes, the new form revises how exempt organizations report income from joint ventures, and changes the threshold for required reporting of activities outside the United States. Read More>>

Survey: Companies want continuous audits

2012-01-25T12:03:29-05:00

Internal auditors increasingly are helping companies improve their operations, including risk-management functions, according to a survey of auditors by ACL Services. More auditors are helping companies implement processes using technology to improve their internal monitoring. The goal for most clients is to develop automated, continuous auditing. Read More>>

FASB Publishes Proposal for Impairment of Indefinite-Lived Intangible Assets

2012-01-25T11:12:23-05:00

The Financial Accounting Standards Board (FASB) has issued for public comment a proposed Accounting Standards Update on indefinite-lived intangible asset impairment testing that is intended to simplify impairment assessment and reduce the recurring costs to comply with existing guidance while improving the consistency of testing methods among long-lived asset categories for preparers. >>Read More

NASBA, AICPA Approve Revised CPE Standards (via @AccountingToday)

2012-01-25T09:27:48-05:00

The National Association of State Boards of Accountancy and the American Institute of CPAs have both given their final approval to a revised set of standards for providers of continuing professional education programs for accountants. Read More>>

ParenteBeard Promotes Professionals in the New Jersey Metro Region

2012-01-24T14:00:00-05:00

ParenteBeard announced today that the following professionals have been promoted in the firm’s New Jersey Metro region. Promoted to Senior David Benson has been promoted to senior in the Tax Services practice. Benson graduated from Moravian College where he earned a BA degree in accounting. He is a member of the NJSCPA and AICPA. He resides in Morristown, NJ. Damian Janasek has been promoted to senior in the Tax Services practice. Janasek graduated from Moravian College where he earned a degree in accounting. He resides in Warren, NJ. Jason Lauretta has been promoted to senior in the Audit and Accounting...

IRS Website Plans Too Vague, Watchdog Says

2012-01-24T12:30:00-05:00

The IRS plans to spend $320 million over 10 years to improve its website, but the agency's plans on how exactly it will do that remain unclear, according to a government watchdog agency. Read More>>

IRS sends PTIN renewal reminders to practitioners (via @AICPA_JofA)

2012-01-24T11:30:00-05:00

The Internal Revenue Service is sending letters to tax practitioners who have not yet renewed their preparer tax identification numbers for 2012, telling them that after Feb. 21 they will be dropped from the list of valid PTIN holders if they do not renew. The IRS has also posted troubleshooting tips for preparers who have trouble renewing. Read More>>