Broker-dealers registered with the Securities and Exchange Commission, with some limited exceptions, are required to be members of Securities Investor Protection Corporation. Before Apr. 1, 2009, the SIPC member assessment was a flat rate of $150 per year. Beginning on that date, SIPC reinstituted an assessment rate of one-quarter of 1% of a member's SIPC net operating revenue,... more >>
The AICPA Minority Initiatives Committee is celebrating its 40th anniversary in several ways, including releasing a free e-book showcasing accomplished CPAs, hosting a leadership workshop and receiving an award for excellence. By communicating these successes, the MIC hopes to increase diversity in the profession and promote the CPA credential to young minority students.... more >>
Users of the FASB Accounting Standards Codification[TM] will now find it easier to access certain information about eXtensible Business Reporting Language (XBRL) elements of the U.S. Financial Reporting Taxonomy that link to the codification. The Financial Accounting Standards Board said that a new XBRL functionality at the FASB Accounting Standards Codification[TM] Web site... more >>
In Mar. 2009, in conjunction with their joint project on leases, the Financial Accounting Standards Board and the International Accounting Standards Board both issued discussion papers titled "Leases: Preliminary Views." Comments on the documents were due in July and the boards are currently considering the feedback. Because of the project's scope and importance, the AICPA has... more >>
The Court of Federal Claims held that a lease-in, lease-out (LILO) transaction involving a Dutch power plant undertaken by a New York utility company was a valid business transaction that had economic substance.
Background
In the mid-1990s, the Consolidated Edison Company of New York (Con Ed), a New York electricity and natural gas utility company, was ordered by its state... more >>
The Eighth Circuit held that a partial disclaimer of an interest in an estate was valid and that the estate was entitled to a charitable deduction for the portion of the disclaimed amount that was given to a charitable foundation.
Background
In her will, Helen Christiansen named her only child, Christine Christiansen Hamilton (Hamilton), as her primary beneficiary and... more >>
AN S CORPORATION CAN ELECT TO TREAT A 100% owned subsidiary as a qualified subchapter S subsidiary (QSub) (Sec. 1361(b)(3)). A QSub election causes the subsidiary to be disregarded for most federal tax purposes. Accordingly, the QSub's items of income, deduction, and credit, as well as its assets and liabilities, are normally treated as those of its parent. As a... more >>
E-services is a suite of internet-based products that allows tax professionals to conduct client business with the IRS 24 hours a day, 7 days a week. Compared with mailing or faxing a Form 2848, Power of Attorney and Declaration of Representative, the e-services application is a much faster way for tax professionals to register their authority and represent a taxpayer before the... more >>
Many have heard about the crisis in the number of government employees who are near or past retirement age and that there are not sufficient new hires to replace those retiring. This situation includes the IRS. More than half of the IRS workforce is age 50 or older, and 12% are already eligible for retirement. To keep up with attrition, the IRS needs to hire at least 5,000 employees in... more >>
