NEWS HIGHLIGHTS FOR WEDNESDAY - 8.10.16

By:
Maya Lindsay
Published Date:
Aug 10, 2016

Accounting and Financial News Stories

AICPA Has No Standing To Litigate IRS Credential Program
Forbes
The American Institute of Certified Public Accountants was in the United States District Court for the District of Columbia court defending our brand against hordes of unernrolled tax preparers waving their IRS Records of Completion. I’m trying to decide whether this case or the big deal they made out of responding to H & R Block’s new grab for upscale business is really a good use of AICPA resources.

World Taxing Authorities Prepare to Attack
CFO
Global tax policy has evolved dramatically, with multinational corporations coming under attack from all directions. To respond to budget deficits and economic austerity, worldwide taxing authorities are deploying a new weapon: information exchange. As MNCs struggle to remain compliant and competitive in a world where effective tax rate management can be a critical element of cost control, what does this evolution mean for your business?

Whistleblowers Are Poised to Collect $100 Million
Wall Street Journal
After his warnings about Bernard Madoff’s Ponzi scheme went ignored for years, Harry Markopolos urged U.S. regulators to encourage tipsters. Now, the forensic accountant and a team he put together are in position to benefit from those new incentives. U.S. government settlements with State Street Corp. and Bank of New York Mellon Corp. could produce a windfall for three former employees who blew the whistle on the banks’ alleged mistreatment of foreign-currency-trading clients.

IRS Eliminates Requirement to Submit Copy of Section 83(b) Elections with Tax Return
The National Law Review
The Internal Revenue Service adopted final regulations that no longer require taxpayers who have made Internal Revenue Code §83(b) elections to attach a copy of the election to their annual federal income tax return. Under §83, restricted stock granted in connection with the performance of services generally becomes taxable as ordinary income compensation when it is no longer subject to a substantial risk of forfeiture and is freely transferable.

IRS to Invalidate Unused ITINs Unless Renewed
JD Supra Business Advisor
The Internal Revenue Service (IRS) is requiring individuals with inactive or old individual taxpayer identification numbers (ITINs) to renew their ITINs. The renewals, explained through Notice 2016-48, impact individuals who received ITINs prior to 2013. The requirement also applies to individuals who have not used their ITINs for three consecutive years.

Management Style: When Is It Viewed as Abusive?
Wall Street Journal
You’ve seen it in the workplace: One boss shouts at staffers, scolds them at every turn and still develops a reputation as a masterful leader. Meanwhile, another executive who does virtually the same gets labeled an abuser. Why? Often, it comes down to results.

Deadline Nears for Federal Highway Use Tax Returns
AccountingWEB
A key tax deadline is approaching for clients who are truck drivers or who own other heavy highway vehicles. They must file their next federal highway use tax return by Aug. 31. The deadline generally applies to Form 2290, Heavy Highway Vehicle Use Tax Return, and the accompanying tax payment for the tax year that begins July 1, 2016, and ends June 30, 2017.

Business Groups See 'Home Run' with Trump Corporate Tax Cut
Accounting Today
Small-business and manufacturers’ groups praised a proposal by Republican presidential candidate Donald Trump to take the U.S. federal corporate tax from the highest to one of the lowest among developed nations. Trump included a call for a 15 percent corporate rate in a Detroit speech where he outlined other tax and economic reforms.

IRS Proposed Regulations Attack Valuation Discounts for Family Transfers — The Clock Is Now Ticking
JD Supra Business Advisor
The U.S. Department of the Treasury and the IRS have just issued anticipated proposed regulations that, if made final, would severely limit the ability of taxpayers to transfer interests in family limited partnerships and similar entities using valuation discounts. As an example, under existing law, parents could create a limited partnership, transfer to the partnership valuable assets and then transfer to their children limited partner interests.

Big Banks Team Up to Fight Cyber Crime
Wall Street Journal
Big banks are revving up efforts to combat cybercriminals targeting the financial-services industry. Eight of the largest U.S. banks are forming a group that seeks to tackle the growing cyberthreat. It includes J.P. Morgan Chase & Co., Bank of America Corp. and Goldman Sachs Group Inc., among others.

IRS Expected to Face Pushback Against New Estate Tax Rules
WealthManagement.com
The Internal Revenue Service may face an uphill battle as it works to finalize recent proposed regulations meant to curb certain estate and gift tax planning tactics, according to practitioners. The proposed regulations (REG-163113-02), issued Aug. 2, 2016, place limitations on the use of valuation discounts that reduce the overall value of assets in family-owned businesses, thus lowering a decedent's estate and gift tax liability at death.

Female CEOs, Still a Rarity, Face Extra Pressures
Wall Street Journal
Top female executives wonder what’s next for Marissa Mayer—and for the rest of their slim ranks. The Yahoo Inc. CEO is wrapping up one chapter of her career, as the internet company works to sell its core assets to Verizon Communications Inc. For many women leaders, she embodies the particular challenge of being female and in charge.

Accounting and Financial News Stories


AICPA Has No Standing To Litigate IRS Credential Program

Forbes

The American Institute of Certified Public Accountants was in the United States District Court for the District of Columbia court defending our brand against hordes of unernrolled tax preparers waving their IRS Records of Completion. I’m trying to decide whether this case or the big deal they made out of responding to H & R Block’s new grab for upscale business is really a good use of AICPA resources.

 

World Taxing Authorities Prepare to Attack

CFO

Global tax policy has evolved dramatically, with multinational corporations coming under attack from all directions. To respond to budget deficits and economic austerity, worldwide taxing authorities are deploying a new weapon: information exchange. As MNCs struggle to remain compliant and competitive in a world where effective tax rate management can be a critical element of cost control, what does this evolution mean for your business?

 

Whistleblowers Are Poised to Collect $100 Million

Wall Street Journal

After his warnings about Bernard Madoff’s Ponzi scheme went ignored for years, Harry Markopolos urged U.S. regulators to encourage tipsters. Now, the forensic accountant and a team he put together are in position to benefit from those new incentives. U.S. government settlements with State Street Corp. and Bank of New York Mellon Corp. could produce a windfall for three former employees who blew the whistle on the banks’ alleged mistreatment of foreign-currency-trading clients.

 

IRS Eliminates Requirement to Submit Copy of Section 83(b) Elections with Tax Return

The National Law Review

The Internal Revenue Service adopted final regulations that no longer require taxpayers who have made Internal Revenue Code §83(b) elections to attach a copy of the election to their annual federal income tax return. Under §83, restricted stock granted in connection with the performance of services generally becomes taxable as ordinary income compensation when it is no longer subject to a substantial risk of forfeiture and is freely transferable.

 

IRS to Invalidate Unused ITINs Unless Renewed

JD Supra Business Advisor

The Internal Revenue Service (IRS) is requiring individuals with inactive or old individual taxpayer identification numbers (ITINs) to renew their ITINs. The renewals, explained through Notice 2016-48, impact individuals who received ITINs prior to 2013. The requirement also applies to individuals who have not used their ITINs for three consecutive years.

 

Management Style: When Is It Viewed as Abusive?

Wall Street Journal

You’ve seen it in the workplace: One boss shouts at staffers, scolds them at every turn and still develops a reputation as a masterful leader. Meanwhile, another executive who does virtually the same gets labeled an abuser. Why? Often, it comes down to results.

 

Deadline Nears for Federal Highway Use Tax Returns

AccountingWEB

A key tax deadline is approaching for clients who are truck drivers or who own other heavy highway vehicles. They must file their next federal highway use tax return by Aug. 31. The deadline generally applies to Form 2290, Heavy Highway Vehicle Use Tax Return, and the accompanying tax payment for the tax year that begins July 1, 2016, and ends June 30, 2017.

 

Business Groups See 'Home Run' with Trump Corporate Tax Cut

Accounting Today

Small-business and manufacturers’ groups praised a proposal by Republican presidential candidate Donald Trump to take the U.S. federal corporate tax from the highest to one of the lowest among developed nations. Trump included a call for a 15 percent corporate rate in a Detroit speech where he outlined other tax and economic reforms.

 

IRS Proposed Regulations Attack Valuation Discounts for Family Transfers — The Clock Is Now Ticking

JD Supra Business Advisor

The U.S. Department of the Treasury and the IRS have just issued anticipated proposed regulations that, if made final, would severely limit the ability of taxpayers to transfer interests in family limited partnerships and similar entities using valuation discounts. As an example, under existing law, parents could create a limited partnership, transfer to the partnership valuable assets and then transfer to their children limited partner interests.

 

Big Banks Team Up to Fight Cyber Crime

Wall Street Journal

Big banks are revving up efforts to combat cybercriminals targeting the financial-services industry. Eight of the largest U.S. banks are forming a group that seeks to tackle the growing cyberthreat. It includes J.P. Morgan Chase & Co., Bank of America Corp. and Goldman Sachs Group Inc., among others.

 

IRS Expected to Face Pushback Against New Estate Tax Rules

WealthManagement.com

The Internal Revenue Service may face an uphill battle as it works to finalize recent proposed regulations meant to curb certain estate and gift tax planning tactics, according to practitioners. The proposed regulations (REG-163113-02), issued Aug. 2, 2016, place limitations on the use of valuation discounts that reduce the overall value of assets in family-owned businesses, thus lowering a decedent's estate and gift tax liability at death.

 

Female CEOs, Still a Rarity, Face Extra Pressures

Wall Street Journal

Top female executives wonder what’s next for Marissa Mayer—and for the rest of their slim ranks. The Yahoo Inc. CEO is wrapping up one chapter of her career, as the internet company works to sell its core assets to Verizon Communications Inc. For many women leaders, she embodies the particular challenge of being female and in charge.

 

Accounting and Financial News Stories


AICPA Has No Standing To Litigate IRS Credential Program

Forbes

The American Institute of Certified Public Accountants was in the United States District Court for the District of Columbia court defending our brand against hordes of unernrolled tax preparers waving their IRS Records of Completion. I’m trying to decide whether this case or the big deal they made out of responding to H & R Block’s new grab for upscale business is really a good use of AICPA resources.

 

World Taxing Authorities Prepare to Attack

CFO

Global tax policy has evolved dramatically, with multinational corporations coming under attack from all directions. To respond to budget deficits and economic austerity, worldwide taxing authorities are deploying a new weapon: information exchange. As MNCs struggle to remain compliant and competitive in a world where effective tax rate management can be a critical element of cost control, what does this evolution mean for your business?

 

Whistleblowers Are Poised to Collect $100 Million

Wall Street Journal

After his warnings about Bernard Madoff’s Ponzi scheme went ignored for years, Harry Markopolos urged U.S. regulators to encourage tipsters. Now, the forensic accountant and a team he put together are in position to benefit from those new incentives. U.S. government settlements with State Street Corp. and Bank of New York Mellon Corp. could produce a windfall for three former employees who blew the whistle on the banks’ alleged mistreatment of foreign-currency-trading clients.

 

IRS Eliminates Requirement to Submit Copy of Section 83(b) Elections with Tax Return

The National Law Review

The Internal Revenue Service adopted final regulations that no longer require taxpayers who have made Internal Revenue Code §83(b) elections to attach a copy of the election to their annual federal income tax return. Under §83, restricted stock granted in connection with the performance of services generally becomes taxable as ordinary income compensation when it is no longer subject to a substantial risk of forfeiture and is freely transferable.

 

IRS to Invalidate Unused ITINs Unless Renewed

JD Supra Business Advisor

The Internal Revenue Service (IRS) is requiring individuals with inactive or old individual taxpayer identification numbers (ITINs) to renew their ITINs. The renewals, explained through Notice 2016-48, impact individuals who received ITINs prior to 2013. The requirement also applies to individuals who have not used their ITINs for three consecutive years.

 

Management Style: When Is It Viewed as Abusive?

Wall Street Journal

You’ve seen it in the workplace: One boss shouts at staffers, scolds them at every turn and still develops a reputation as a masterful leader. Meanwhile, another executive who does virtually the same gets labeled an abuser. Why? Often, it comes down to results.

 

Deadline Nears for Federal Highway Use Tax Returns

AccountingWEB

A key tax deadline is approaching for clients who are truck drivers or who own other heavy highway vehicles. They must file their next federal highway use tax return by Aug. 31. The deadline generally applies to Form 2290, Heavy Highway Vehicle Use Tax Return, and the accompanying tax payment for the tax year that begins July 1, 2016, and ends June 30, 2017.

 

Business Groups See 'Home Run' with Trump Corporate Tax Cut

Accounting Today

Small-business and manufacturers’ groups praised a proposal by Republican presidential candidate Donald Trump to take the U.S. federal corporate tax from the highest to one of the lowest among developed nations. Trump included a call for a 15 percent corporate rate in a Detroit speech where he outlined other tax and economic reforms.

 

IRS Proposed Regulations Attack Valuation Discounts for Family Transfers — The Clock Is Now Ticking

JD Supra Business Advisor

The U.S. Department of the Treasury and the IRS have just issued anticipated proposed regulations that, if made final, would severely limit the ability of taxpayers to transfer interests in family limited partnerships and similar entities using valuation discounts. As an example, under existing law, parents could create a limited partnership, transfer to the partnership valuable assets and then transfer to their children limited partner interests.

 

Big Banks Team Up to Fight Cyber Crime

Wall Street Journal

Big banks are revving up efforts to combat cybercriminals targeting the financial-services industry. Eight of the largest U.S. banks are forming a group that seeks to tackle the growing cyberthreat. It includes J.P. Morgan Chase & Co., Bank of America Corp. and Goldman Sachs Group Inc., among others.

 

IRS Expected to Face Pushback Against New Estate Tax Rules

WealthManagement.com

The Internal Revenue Service may face an uphill battle as it works to finalize recent proposed regulations meant to curb certain estate and gift tax planning tactics, according to practitioners. The proposed regulations (REG-163113-02), issued Aug. 2, 2016, place limitations on the use of valuation discounts that reduce the overall value of assets in family-owned businesses, thus lowering a decedent's estate and gift tax liability at death.

 

Female CEOs, Still a Rarity, Face Extra Pressures

Wall Street Journal

Top female executives wonder what’s next for Marissa Mayer—and for the rest of their slim ranks. The Yahoo Inc. CEO is wrapping up one chapter of her career, as the internet company works to sell its core assets to Verizon Communications Inc. For many women leaders, she embodies the particular challenge of being female and in charge.

 

Accounting and Financial News Stories


AICPA Has No Standing To Litigate IRS Credential Program

Forbes

The American Institute of Certified Public Accountants was in the United States District Court for the District of Columbia court defending our brand against hordes of unernrolled tax preparers waving their IRS Records of Completion. I’m trying to decide whether this case or the big deal they made out of responding to H & R Block’s new grab for upscale business is really a good use of AICPA resources.

 

World Taxing Authorities Prepare to Attack

CFO

Global tax policy has evolved dramatically, with multinational corporations coming under attack from all directions. To respond to budget deficits and economic austerity, worldwide taxing authorities are deploying a new weapon: information exchange. As MNCs struggle to remain compliant and competitive in a world where effective tax rate management can be a critical element of cost control, what does this evolution mean for your business?

 

Whistleblowers Are Poised to Collect $100 Million

Wall Street Journal

After his warnings about Bernard Madoff’s Ponzi scheme went ignored for years, Harry Markopolos urged U.S. regulators to encourage tipsters. Now, the forensic accountant and a team he put together are in position to benefit from those new incentives. U.S. government settlements with State Street Corp. and Bank of New York Mellon Corp. could produce a windfall for three former employees who blew the whistle on the banks’ alleged mistreatment of foreign-currency-trading clients.

 

IRS Eliminates Requirement to Submit Copy of Section 83(b) Elections with Tax Return

The National Law Review

The Internal Revenue Service adopted final regulations that no longer require taxpayers who have made Internal Revenue Code §83(b) elections to attach a copy of the election to their annual federal income tax return. Under §83, restricted stock granted in connection with the performance of services generally becomes taxable as ordinary income compensation when it is no longer subject to a substantial risk of forfeiture and is freely transferable.

 

IRS to Invalidate Unused ITINs Unless Renewed

JD Supra Business Advisor

The Internal Revenue Service (IRS) is requiring individuals with inactive or old individual taxpayer identification numbers (ITINs) to renew their ITINs. The renewals, explained through Notice 2016-48, impact individuals who received ITINs prior to 2013. The requirement also applies to individuals who have not used their ITINs for three consecutive years.

 

Management Style: When Is It Viewed as Abusive?

Wall Street Journal

You’ve seen it in the workplace: One boss shouts at staffers, scolds them at every turn and still develops a reputation as a masterful leader. Meanwhile, another executive who does virtually the same gets labeled an abuser. Why? Often, it comes down to results.

 

Deadline Nears for Federal Highway Use Tax Returns

AccountingWEB

A key tax deadline is approaching for clients who are truck drivers or who own other heavy highway vehicles. They must file their next federal highway use tax return by Aug. 31. The deadline generally applies to Form 2290, Heavy Highway Vehicle Use Tax Return, and the accompanying tax payment for the tax year that begins July 1, 2016, and ends June 30, 2017.

 

Business Groups See 'Home Run' with Trump Corporate Tax Cut

Accounting Today

Small-business and manufacturers’ groups praised a proposal by Republican presidential candidate Donald Trump to take the U.S. federal corporate tax from the highest to one of the lowest among developed nations. Trump included a call for a 15 percent corporate rate in a Detroit speech where he outlined other tax and economic reforms.

 

IRS Proposed Regulations Attack Valuation Discounts for Family Transfers — The Clock Is Now Ticking

JD Supra Business Advisor

The U.S. Department of the Treasury and the IRS have just issued anticipated proposed regulations that, if made final, would severely limit the ability of taxpayers to transfer interests in family limited partnerships and similar entities using valuation discounts. As an example, under existing law, parents could create a limited partnership, transfer to the partnership valuable assets and then transfer to their children limited partner interests.

 

Big Banks Team Up to Fight Cyber Crime

Wall Street Journal

Big banks are revving up efforts to combat cybercriminals targeting the financial-services industry. Eight of the largest U.S. banks are forming a group that seeks to tackle the growing cyberthreat. It includes J.P. Morgan Chase & Co., Bank of America Corp. and Goldman Sachs Group Inc., among others.

 

IRS Expected to Face Pushback Against New Estate Tax Rules

WealthManagement.com

The Internal Revenue Service may face an uphill battle as it works to finalize recent proposed regulations meant to curb certain estate and gift tax planning tactics, according to practitioners. The proposed regulations (REG-163113-02), issued Aug. 2, 2016, place limitations on the use of valuation discounts that reduce the overall value of assets in family-owned businesses, thus lowering a decedent's estate and gift tax liability at death.

 

Female CEOs, Still a Rarity, Face Extra Pressures

Wall Street Journal

Top female executives wonder what’s next for Marissa Mayer—and for the rest of their slim ranks. The Yahoo Inc. CEO is wrapping up one chapter of her career, as the internet company works to sell its core assets to Verizon Communications Inc. For many women leaders, she embodies the particular challenge of being female and in charge.

 

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