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ADVOCACY
The NSCPA monitors all proposed legislation affecting the accounting profession and works to enact legislation to further the profession and the public interest.

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UPCOMING EVENTS

PROFESSIONAL ISSUES TECHNICAL ADVISORIES

IRS ANNOUNCES NEW IMPORTANT PROPOSAL REGARDING FIN 48

On Tuesday, January 26, 2010, the IRS Commissioner announced a proposal regarding "disclosing uncertain tax positions" (FIN 48). The proposal would apply only to business taxpayers with total assets over $10 million, and which have a financial statement prepared under FASB interpretation No. 48, Accounting for Uncertainty in Income Taxes. It would not apply to individuals. The IRS comment period is open until March 29, 2010, and the proposal is not yet effective.

2010 IRS Filing Season Letter

AICPA Supports IRS Plan to Register All Tax Preparers, Expresses Concern Over Wider Plan to Certify Non-CPAs

The AICPA and the Financial Accounting Foundation announced the establishment of a “blue-ribbon panel” to address how U.S. accounting standards can best meet the needs of users of private company financial statements

New Law Extends Net Operating Loss Carryback for Small Businesses

Tax Provisions in the American Recovery and Reinvestment Act of 2009

IRS Notice 2009-13 provides interim guidance

Outstanding Internal and External Exposure Drafts

New Peer Review Standards

Rev. Proc. 2009-11 identifies relevant categories of tax returns and claims for refund for purposes of the tax return preparer penalty

IRS Notice 2009-5 provides guidance regarding implementation of the tax return preparer penalty

AICPA Adopts New Indemnification and Limited Liability Clauses

Feed the Pig - public service announcements