CPA Letter articles from January 2006

CPA Letter archives from January 2006

Tax resources now available--Tax Saving Tips for 2005.(news update)
January 1, 2006... Members now have access to a brochure, speech and PowerPoint presentation geared toward assisting clients with preparing for the 2005 tax season. Topics covered in these resources available from the CPA Marketing Tool Kit include health savings...

Gallup poll shows accountants' ratings almost fully recovered.(Brief article)
January 1, 2006... Gallup's annual poll on the honesty and ethics of people in different professions shows that accountants' ratings are up to a favorable 39%, "almost fully recovered from the business scandals of 2002," according to the market research firm....

AICPA gives Special Recognition Award to former FASB chairman.
January 1, 2006... Edmund L. Jenkins, former chairman of the Financial Accounting Standards Board, is the recipient of the AICPA's 2005 Special Recognition Award. The award recognizes a person who has made a significant mark on the accounting profession. Jenkins...

Peer review: regulators call for increased transparency, member perceptions vary.(Brief article)
January 1, 2006... Demand for access to the results of peer reviews is at an all-time high. Emblematic of that demand are calls from officials of the National Association of State Boards of Accountancy for their member boards to have "unfettered access" to peer...

AICPA volunteers needed--applications accepted until May 1.
January 1, 2006... Consider applying for one of the AICPA's nearly 90 volunteer groups (committees, boards, panels and centers) seeking new volunteers. The particular blend of volunteer groups changes slightly from year to year and you may be surprised to find a...

Privacy notification exemption passed by House committee.
January 1, 2006... On Wednesday, Nov. 18, 2005, in a mark up, the House Financial Services Committee included an exemption from the privacy notification provisions of the Gramm-LeachBliley Act for CPAs in the Financial Services Regulatory Relief Act of 2005 (H.R....

Is IRS EPCRS self-correction program working for you?(Employee Plans Compliance Resolution System)(Internal Revenue Service)(Brief article)
January 1, 2006... The Employee Plans Compliance Resolution System is a comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of sections 401(a), 403(a), 403(b), 408(k) or 408(p) of the Internal...

Public meeting notices.
January 1, 2006... Accounting Standards Executive Committee: Jan. 10-11, Las Vegas Peer Review Board: Jan. 9, Huntington Beach, Calif. Professional Ethics Executive Committee: Jan. 30-31, Charleston, S.C. Tax Executive Committee: Feb. 1-2, San...

AICPA tells IRS of concerns about inclusion of tax return cost estimates.(tax info)
January 1, 2006... In a letter to Internal Revenue Service Commissioner Mark W. Everson, the AICPA said it is very concerned about the negative ramifications emanating from the IRS's inclusion of tax return preparation cost estimates in the printed 2005 Form 1040...

FASB adds project on pensions to agenda.
January 1, 2006... The Financial Accounting Standards Board has decided to add a project to its agenda to reconsider guidance in Statement No. 87, Employers' Accounting for Pensions, and Statement No. 106, Employers' Accounting for Postretirement Benefits Other...

New Department of Labor pension audit quality enforcement initiative.(accounting & auditing news)
January 1, 2006... The U.S. Department of Labor's Employee Benefits Security Administration has begun a new enforcement initiative to monitor the quality of audits of employee benefit plans subject to ERISA. This important and ongoing DOL effort includes the...

AICPA chair: cooperation must continue to protect investors.
January 1, 2006... Regulators, standard setters and the CPA profession must continue to work cooperatively if the best interests of investors are to be served, AICPA Chair Leslie Murphy said in opening remarks before an audience of 1,500 auditors, corporate...

XBRL news and developments: Rivet Software available to tag, view data.(technology)
January 1, 2006... The AICPA is a founding member of the I XBRL International consortium and continues to play a leadership role in the worldwide promotion and adoption of XBRL (www.xbrl.org). Christopher Cox, chairman of the SEC, has publicly stated his support...

2005 Corporate Tax Returns Videocourse.(CPE news)
January 1, 2006... (DVD--No. 112616CPA01; VHS--No. 112617CPA01). Presenter Sidney Kess leads a team of tax authorities in reviewing major tax developments affecting 1120 and 1120S return preparation for 2005 and provides planning strategies. Ideal for on-site...

2005 Individual Tax Returns Videocourse.(CPE news)(Brief article)
January 1, 2006... (DVD--No. 113606CPA01; VHS--No. 113607CPA01). Presenter Sid Kess and team review major tax developments affecting 1040 return preparation for 2005 and provide planning strategies. Prerequisite: Knowledge of individual income taxation and Form...

Not-For-Profit Accounting & Reporting: From Start to Finish.(CPE news)
January 1, 2006... From Start to Finish (No. 732980CPA01). The unique accounting and reporting requirements for not-for-profit organizations can lead to confusion among users and even accountants not familiar with their appropriate application. This new CPE...

AICPA's Tax Update for Controllers, 2005-2006 Edition.(CPE news)
January 1, 2006... (No. 732507CPA01). Designed to meet the unique needs of the controller, this new edition focuses on recent legislation, regulations, cases and rulings from the controller's perspective. Prerequisite: A working knowledge of business taxation....

Two new ethics rulings adopted on gifts and entertainment.
January 1, 2006... On Oct. 26, 2005, the Professional Ethics Executive Committee adopted two new ethics rulings under Rule 101, Independence, and Rule 102, Integrity and Objectivity, that provide guidance on how a member's offer or acceptance of gifts or...

Revised illustrative report on internal control available.(Brief article)
January 1, 2006... The AICPA Investment Companies Expert Panel developed a revised illustrative report on internal control required by the Securities and Exchange Commission under Form N-SAR. The revised illustrative report will replace the illustrative report in...

TPAs issued on accounting for loans and debt securities.
January 1, 2006... A set of questions and answers related to implementation issues regarding Statement of Position 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer, has been issued by AICPA staff, That SOP was effective for loans...