Most Recent News
1.25.12 New Tax Provisions for 2012 — With the ringing in of the new year, several new tax provisions took effect. Read this article, written by Alistair M. Nevius, here.1.25.12 IRS issues final regs on exclusion of damages for personal physical injury — The IRS on Friday issued final regulations relating to the exclusion from gross income for damages received on account of physical injuries or sickness (T.D. 9573). ... Read the rest of the article here.
1.25.12 AICPA Suggests Consistent Treatment of All Tax Payments for Estates and Trusts — In a letter to the Senate Committee on Finance and the House Committee on Ways and Means, dated January 12, 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. Read the comment letter for more information, including details of the AICPA's proposal.
1.25.12 Statutory definition of specified notional principal contract extended through 2012— The IRS issued temporary and identical proposed regulations on dividend equivalents for purposes of Sec. 871(m) (T.D. 9572; REG-120282-10). The regulations provide guidance to nonresident aliens and foreign corporations that hold notional principal contracts providing for payments determined by reference to payments of dividends from sources within the United States. Read more here.
1.25.12 Sign Up for CPA Letter Daily to Get Tax News Every Day this Filing Season — CPA Letter Daily will run January 18 through April 17 and will feature daily tax news in its Tax Season Watch. Sign up for the free daily publication today to ensure you receive every issue with Tax Season Watch.
1.24.12 NASBA and AICPA Give Final Approval to Revisions To Continuing Professional Education Provider Standards — Boards of Directors for both NASBA and the AICPA today announced final approval of the proposed revisions to the Statement on Standards for CPE Programs (Standards). To read the rest of the press release please click here.
1.23.12 Using Valuable Resources to Help Your Firm, Company and Career — Read a letter by AICPA Chairman Gregory J. Anton, CPA about what you can do to help your business. Read the rest of the letter here.
1.23.12 Planning Underway for the 34th Annual Gaming Conference — The NVCPA will be presenting the 34th Annual Gaming Conference on May 22-23, 2012. Regarded as one of the most prestigious conferences in the Gaming Industry, this year's theme, "interactive.innovative.informative.", is focused on ways, ideas, and practices that are being developed to change the gaming industry in the more technologically social environment. For more information please visit our gaming page.
See more stories below
UPCOMING CPE
Coming soon.
AICPA & WOrld News
1.12.12 IRS Stakeholder Liasion Area Manager for Nevada, James Kinsley releases letter to NVCPA members— As the IRS Stakeholder Liaison Area Manager for Nevada, I want to thank you for your past support and ask for your continued partnership with your local stakeholder liaisons and me. SL is proud to be in our sixth year as the practitioners’ gateway to the IRS. We have had a busy year, holding practitioner events, conducting national webinars, and establishing web-based tax centers.
Read the letter.
1.06.12 IRS Kicks Off 2012 Tax Season with Deadline Extended to April 17 — On January 4, the IRS announced that taxpayers have until April 17 to file their tax returns. The IRS encourages taxpayers to e-file as it's the best way to ensure accurate tax returns and get faster refunds. The IRS has made a number of improvements to help make tax season easy for taxpayers. Read more
1.06.12 Thomas Pytel Jr. Joins CAMICO as
Vice President of Marketing and Communications — SAN MATEO, CA (January 6, 2012) – CAMICO (www.camico.com), the nation’s largest CPA-focused program of professional and employment practices liability insurance for the accounting profession, has appointed Thomas Pytel Jr. as Vice President of Marketing and Communications, with additional responsibility for agency management and direct sales. He succeeds Sandra A. Maker, who retired in December, 2011, after 19 years at CAMICO. Read more.
1.06.12 E-file Mandate — Starting in 2012, tax return preparers who expect to file 11 or more individual, estate, or trust returns in a calendar year must e-file. Firm members are required to compute the number of covered returns in the aggregate that they reasonably expect to file.(Rev Proc 2011-25, 2011-17 IRB) Learn more.
1.06.12 IRS Guidance Coming For Payroll Tax Cut Recapture — View IRS news item.
1.06.12 Estate Tax Deadline — Estates of decedents who died in 2010 have until Jan. 17, 2012, to elect not to have the estate tax apply and to have heirs' bases in assets they inherit determined under the modified carryover basis rules. This election is made by filing Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent.
For more on Form 8939 requirements, see the article in Tax Adviser by Carol Cantrell, chair of TSCPA's Federal Tax Policy Committee.
More AICPA News. More World News.
Nevada Society News
11.10.11 Positive Progress Announced with H.R. 674 — This afternoon, the Senate passed H.R. 674, which is now part of the “VOW to Hire Heroes Act.” This bill includes the provision to repeal the 3% withholding requirement on certain payments made to vendors by Federal, state and local government entities.The bill will go back to the House because it was amended in the Senate to include the veterans hiring provisions. We expect the House to accept the amended bill, and we also expect that President Obama will sign it.
11.11.11 Send the Financial Accounting Foundation a Comment Letter Supporting an Independent Board for Private Company GAAP ModificationsThe AICPA is urging CPAs to immediately send a comment letter to the Financial Accounting Foundation (FAF) to help make financial reporting more relevant and less complex for millions of the nation’s businesses. CPAs are asked to respond to FAF’s Plan to Establish the Private Company Standards Reporting Council, released on October 4 for public comment, and express support for the Blue Ribbon Panel on Standard Setting for Private Companies’ recommendation that FAF create an independent board to set exceptions and modifications in U.S. GAAP for private companies. According to FAF’s proposal, decisions of the new council would have to be reviewed and approved by the Financial Accounting Standards Board (FASB), which FAF oversees.
11.10.11 Positive Progress Announced with H.R. 674— This afternoon, the Senate passed H.R. 674, which is now part of the “VOW to Hire Heroes Act.” This bill includes the provision to repeal the 3% withholding requirement on certain payments made to vendors by Federal, state and local government entities.
The bill will go back to the House because it was amended in the Senate to include the veterans hiring provisions. We expect the House to accept the amended bill, and we also expect that President Obama will sign it.
10.27.11 NVCPA Southwest Tax Conference — The third annual Southwest Tax Conference is just around the corner. The event will take place December 6th and 7th. Are you signed up yet? Read More.