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PCPS Offers Help for
Preparing “Comfort” Letters
The AICPA Private Company Practice Section (PCPS) has recently posted
guidance for members about
“comfort letters” – letters that a loan broker or a lender might request
from a CPA on behalf of his/her client. These resources from PCPS and AON
Insurance Services may be useful if you are faced with the unique challenge of providing a loan
broker or lender with a “comfort” letter on behalf of a client. Membership
in the PCPS section is not required for access to the resources.
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Another Scam Offers
Cash for IRS Survey Participation
The IRS issued a consumer alert regarding a
new, two-step e-mail scam that falsely promises recipients $80 for
participating in an online customer satisfaction survey. In the scam, an
unsuspecting taxpayer receives an unsolicited e-mail that appears to come
from the IRS. The e-mail contains a URL linking to an online “Member
Satisfaction Survey.” The IRS does not initiate contact with taxpayers
through e-mail.
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IRS Announces Closing
Agreement Program for Forward-Float Agreements Used with Municipal Bonds
On August 30, the Internal Revenue Service announced a new
Voluntary Closing Agreement Program (VCAP) to address violations of
federal tax law on arbitrage investment restrictions. The violations are
related to non-fair market value purchases of forward-float investment
agreements used in advance refundings of tax-exempt municipal bonds.
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Rules, Guidance Issued
on Restricted Benefits in Under-Funded Pension Plans
The Treasury Department and IRS issued
proposed regulations to provide guidance on new rules enacted as part of
the Pension Protection Act of 2006 (PPA) that restrict benefits in
pension plans that are under-funded. The restrictions on benefits will apply
next year to under-funded pension plans under section 436 of the Internal
Revenue Code. The proposed regulations reflect the new law and include a
number of transition rules. The proposed regulations also include guidance
under section 430(f) of the Internal Revenue Code regarding the treatment of
an employer's contributions in excess of the minimum required contribution
for a plan year that results in a credit or funding balance. PPA generally
requires such a balance to be excluded in determining a plan's funded
percentage for purposes of applying the limitations of section 436. The
proposed regulations will apply to plan years beginning after December 31,
2007, and can be relied on for qualification purposes pending the final
regulations.
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Internet Resource
Provides Homeowners with Tips on Avoiding Foreclosure
Homeowners facing foreclosure or having
trouble making house payments can get helpful information from Michigan’s
Office of Financial and Insurance Services (OFIS). A new section of the
OFIS web site
explains the foreclosure process and lists steps homeowners can take to
avoid losing their home.
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How To: Buy a VoIP System
Companies would likely benefit from Voice over Internet Protocol (VoIP)
phone systems if they frequently place long-distance calls, have multiple
offices, or employ remote workers. Using a computer to place phone calls
over the Internet not only lowers long-distance telephone bills but also
permits voice mail messages to be sent as email.
To read this article in its entirety and learn much more about developments
in technology, access
Technology and
Productivity Weekly, the MACPA's electronic technology newsletter for
industry professionals, sponsored by Information, Inc.
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