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SEC Charges Unregistered
Audit Firms and Partners
The Securities and Exchange Commission charged auditors with issuing audit
reports on the financial statements of public companies while they were not
registered with the Public Company Accounting Oversight Board (PCAOB). The
SEC named 37 unregistered audit firms and 32 audit partners who participated
in the preparation and issuance of their
unregistered firms’ audit reports. These firms and partners did not
comply with a fundamental requirement of the Sarbanes-Oxley Act of 2002 – that accounting firms that prepare
and issue audit reports on the financial statements of public companies must
be registered with the PCAOB. Twenty-eight firms and 22 partners agreed to
settlements and the firms were censured. Separately, the Commission issued
ten orders instituting proceedings against the non-settling firms and
partners.
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Treasury, IRS Extend
Documentation Deadline for 409A Compliance
The Treasury Department and the IRS will give taxpayers until Dec. 31, 2008
to bring documents into compliance with the final nonqualified deferred
compensation regulations under section 409A of the Internal Revenue Code.
Final 409A regulations, which were released in April, provided guidance
regarding the requirements for deferral elections and payment timing under
section 409A. Affected plans and arrangements were required to comply
with the final regulations by Dec. 31, 2007. IRS Notice 2007-78 extends the
document compliance deadline for one year and provides additional limited
transition relief, but does not extend the Jan. 1, 2008 effective date of
the final regulations.
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AICPA Issues Exposure
Draft of A&A Guide for the Airline Industry
The Accounting Standards Executive Committee of the AICPA issued an exposure
draft of a proposed Audit and Accounting Guide Airlines that
addresses many new accounting issues relevant to the airline industry which
have emerged over the years. It includes chapters dedicated specifically to
air cargo and regional carriers. It is available on the
AICPA web site. Submit comments by Dec. 15, 2007.
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Tax Talk Webcast Offers
Tips on Working with IRS Campus Compliance Services
On the September 11 webcast of Tax Talk Today, an expert panel of IRS
officials and tax practitioners reviewed Campus Compliance Services and how
tax practitioners and taxpayers can best work with this compliance arm of
the IRS. The panel discussion focused on FY 2008 priorities for Campus
Compliance Services, such as correspondence examinations and the automated
under-reporter program, and reviewed new forms and other items of interest
to tax practitioners. Campus Compliance Services have various locations
across the country and provide post-filing services to taxpayers. CCS
reviews information, taxpayer returns and initiate notices and
examinations – but there are no face-to-face taxpayer interactions at the
campuses. A full transcript of the webcast is available
online.
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Continue Your
Benefits – Renew Your Membership Today
It's that time of year - time to pay your dues. This is a friendly reminder
to all of our valued members, membership dues invoices were mailed out at
the beginning of July. If you have been meaning to pay your dues, but just
have not had the opportunity to do so, then take five minutes out of your
day today to get it out of the way. You can mail in your payment to the
Michigan Association of Certified Public Accountants or give us a call at
248.267.3700. If you need special accommodations, we will be more than
willing to work with you. Please disregard this notice if you have already
taken care of your dues.
Mailing Address:
5480 Corporate Drive, Suite 200
PO Box 5068
Troy, MI 48007-5068
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Clear Off Your Shelves -
Last Week to Donate Kids Books
This is the final week to donate new and used books for local schools.
MACPA’s New Professionals Task Force sponsors this community service
initiative. Please drop off or send all book donations by Friday, September
20, 2007. Download the informational flyer
here. If you have questions or need assistance with delivering the books
to the MACPA, contact Connie Wollschlager at 248.267.3749 or via
e-mail.
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MACPA Task Force Submits
Comment Letter on Redesigned IRS Form 990 for Tax-Exempt Organizations
The ad-hoc Form 990 Task Force of the Michigan Association of CPAs,
comprised of members of the MACPA Non-Profit and Federal Tax task forces,
recently submitted comments in response to proposed changes to IRS Form 990.
While the draft Form 990 poses many new considerations for non-profit
entities, the IRS will look to have the form ready for the 2008 tax year
(returns filed in 2009). These proposed changes reflect IRS goals to enhance
transparency, promote compliance and minimize filing burdens. The IRS is
posting many of the comments they have received on their
Form 990 web resource page. The comment letter submitted by the ad-hoc
MACPA task force is available upon request by contacting the Association’s
Government Relations and Regulatory
Affairs Department.
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Is Your Small Office
Ready to Ditch 'Office'?
Web "office suites" from Microsoft, Google, Ximbra, and Zoho are becoming
alternatives to Microsoft Office. Web-based alternatives offer small
business a lot of the same functions as Microsoft Office packages, although
they have some important differences, including the fact that they cost
less. To read this article in its entirety and
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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