Regulatory News

IRS Widens Taxpayer Debt Forgiveness Program

Tue, 22 May 2012 18:01:56 GMT

More middle-class Americans will be able to work out their debts to the U.S. Internal Revenue Service because of changes in a tax payment forgiveness program, the agency announced on Monday. The "Offer in Compromise" program lets taxpayers...

FAF Examines Effectiveness Of Business Segments Standard

Tue, 22 May 2012 18:02:55 GMT

The Financial Accounting Foundation is looking for accountants who are interested in participating in a post-implementation review of how well an accounting standard for reportable operating segments has worked. The FAF, which oversees the...

FAF Trustees Expected to Rule On Private Company Reporting Standards

Tue, 22 May 2012 18:06:58 GMT

The much-debated future of private company financial reporting is expected to be decided this week. Proponents of differential financial reporting standards for private companies—and advocates of uniform reporting rules—will turn...

Long-Awaited Private Company Decision Expected Wednesday

Tue, 22 May 2012 18:08:05 GMT

After receiving more than 7,300 comment letters and participating in four roundtable discussions, the Financial Accounting Foundation (FAF) appears prepared to decide on one of the most pressing U.S. financial reporting issues. During the open...

IRS Makes Offer In Compromise Program More Flexible

Tue, 22 May 2012 18:09:35 GMT

The Internal Revenue Service is offering more flexible terms in its Offer in Compromise program to help financially distressed taxpayers clear up their tax problems more quickly. Under certain circumstances, taxpayers will be able to repay their...

IRS Provides Automated Tax Data Input for FAFSA Form

Tue, 22 May 2012 18:10:46 GMT

Students completing the Free Application for Federal Student Aid form can now skip the time consuming process of copying their tax data onto the form. Similar to scan-and-populate programs used by professional tax return preparers, the IRS Data...

FATCA Requirements a Work In Progress for IRS

Tue, 22 May 2012 18:11:40 GMT

The Internal Revenue Service has taken some initial steps to implement the Foreign Account Tax Compliance Act, but it still has a long way to go, according to a new government report. FATCA was included as part of the HIRE Act of 2010 as a way...

Congress Introduces Bill to Increase Tax Preparer Penalties

Mon, 14 May 2012 14:25:29 GMT

A bipartisan group of lawmakers have introduced legislation that would increase the penalties on tax preparers who defraud taxpayers and the Internal Revenue Service by altering tax returns for personal benefit without their clients’...

IRS And Social Security Urged to Curb Tax Fraud And Identity Theft

Mon, 14 May 2012 14:37:13 GMT

The Internal Revenue Service and the Social Security Administration were urged during a congressional hearing Tuesday to take further steps to curb identity theft-related tax fraud.

IASB Seeks to Clarify Rule-Setting Process

Mon, 14 May 2012 14:42:17 GMT

In an effort to avoid resurfacing political tensions from the financial crisis over accounting rules, the trustees that oversee the the International Accounting Standards Board published proposed due-process enhancements meant to clarify the...