IRS Proposes Easing IRA Minimum Distribution Rules to Allow Retirees to Purchase Annuities»
02/03/2012
In proposed regulations, the IRS proposed changing the required minimum distribution rules for IRAs and certain other retirement savings plans to allow taxpayers to purchase "qualified longevity annuity contracts." These would serve as a hedge against the taxpayers' risk of outliving their retirement savings.
Participate in the Firm Scholarship Program»
02/03/2012
Receive public recognition for your firm and advance the accounting profession at the same time by helping a student achieve his/her dream. Thanks to the generosity of the contributing firms of the MSCPA Firm Scholarship program, a total of $195,000 has been awarded to 78 future CPAs.
Surgent's 2012 Unlimited Webinar Package»
02/03/2012
As an exclusive offer for MSCPA members, With Surgent's 2012 Unlimited Webinar Package, you can choose from over 500 webinars from February through December!
IRS Audits of Small Business Software Files»
01/27/2012
IRS agents have begun requesting backup files from taxpayers' accounting software during examinations. Practitioners need to understand the scope of the IRS's authority to make these requests and how to help clients provide the necessary data, but not more information than is required.
Revision of CPE Standards Completed»
01/27/2012
The AICPA and the National Association of State Boards of Accountancy announced the final approval of proposed revisions to the Statement on Standards for CPE programs.
New Form 990 Has a Few Significant Changes for 2011»
01/27/2012
The IRS 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.
IASB's Hoogervorst predicts SEC will adopt IFRS»
01/27/2012
Hans Hoogervorst, the chairman of the International Accounting Standards Board, believes the Securities and Exchange Commission ultimately will adopt International Financial Reporting Standards for U.S. issuers. Hoogervorst was optimistic, even though he said he doesn't have any privileged insight into the SEC's decision. In December, SEC Chief Accountant James Kroeker said the commission will need at least a few more months to prepare a final report that will guide the SEC on IFRS.
Proposed Changes to Present Tax Laws»
01/27/2012
Massachusetts Governor Deval Patrick released his proposed tax law changes in the FY13 budget that was filed on January 25.
Tax Season Starts»
01/18/2012
January 17 was the official start of tax season, as the IRS started accepting e-filed and Free File tax returns for individual taxpayers. Tax season will run through April 17.
New Tax Provisions for 2012»
01/18/2012
The new year brought with it several tax-law changes, including credits for hiring veterans, reporting rules for capital gain and foreign financial assets and an increased due diligence penalty for practitioners who prepare returns that claim the earned income credit. In addition, many inflation adjustments took effect.
AICPA Suggests Consistent Treatment of all Tax Payments for Estates and Trusts»
01/17/2012
In a letter to the Senate Committee on Finance and the House Committee on Ways & Means, the AICPA suggested Congress pass legislation that treats all federal tax payments of trusts and estates, including estimated tax payments, backup withholding and regular withholding, consistently. Currently, the ability of a trust or estate to allocate its tax payments to its beneficiaries is different for each, which becomes confusing and unnecessarily complex to taxpayers and tax practitioners.
2011 Legislator's Tax Guide»
01/16/2012
The Massachusetts Society of CPAs' 2011 Massachusetts Legislator's Tax Guide is now available. This guide is designed to be a tax season resource for Massachusetts legislators.
IRS Announces Third Offshore Voluntary Disclosure Program»
01/13/2012
The IRS announced the launch of a new offshore voluntary disclosure initiative (OVDI). The new program is similar to the 2011 OVDI, but it has no deadline. However, the IRS warned that the program could change or be ended in the future. Also, the penalty amount is larger than under the 2011 OVDI.
Tax Practitioner Letter»
01/13/2012
The letter provides a list of frequently used IRS phone numbers and tips for navigating the IRS website. Most of the questions can be answered by researching www.irs.gov or utilizing these contacts.
Merger and Acquisition Activity Expected to Rise in 2012 - Good News for Business Valuation»
01/11/2012
Although merger and acquisition activity declined during the last half of 2011 (but rose overall by 7.6 percent for the year), it is expected to be on the rise again in 2012. This will mean a corresponding increase in demand for business valuation experts and firms which offer this service.
Tax Relief and Health Care Acts Shape 2011 Returns»
01/05/2012
Various tax law changes, including 2010's Tax Relief Act and health care legislation, will affect 2011 tax returns. Get ready for tax season with this update for tax practitioners, including a quick guide to 2011 rates and amounts.
IRS Extends Tax-Filing Deadline to April 17»
01/05/2012
The IRS extended the filing deadline for 2011 taxes to Tuesday, April 17. This year April 15 falls on a Sunday, and on Monday, April 16, the District of Columbia observes Emancipation Day.
Payroll Tax Cut Extension Includes Recapture Provision»
12/29/2011
The IRS will issue guidance on the two-month extension of the payroll-tax cut. This guidance will include directions on how to implement a "recapture" provision for high-income employees, or those who earn more than $18,350 during the two-month period.
Regulations Issued on Repair Expenditures»
12/29/2011
The IRS issued long-awaited temporary and proposed regulations on the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible property. The regulations include rules for determining whether costs related to tangible property are deductible repairs or capital improvements.
COSO Releases Draft of Updated Internal Control Framework»
12/29/2011
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued an updated framework designed to help organizations perform with more agility and confidence. The framework retains the core definition of internal control and the five components of a system of internal control. The AICPA is developing several resources to help members understand the proposed updated framework. Comments on the COSO exposure draft are due March 31.
