More Professional News

IRS Proposes Easing Rules on Qualifying Longevity Annuity Contracts: The IRS is proposing easing the restriction on those seeking to enter in to contracts of annuities at an advanced age. More from the Journal of Accountancy.
Tax Court Rules on Homebuyer Tax Credit Restrictions: The Tax Court ruled on a case involving a couple selling their old home continuing to use it. A summary from the Journal of Accountancy.
British Execs Unprepared for IFRS: According to a recent survey by Ernst & Young, UK financial executives are not ready for major changes to IFRS. More from Accountancy Age.
FASB Wants to Simplify Impairment Testing of Certain Assets: In a recent proposal, FASB wishes to simplify the testing of indefinite-lived intangible assets. More from FASB.
Big Changes to Form 990: The IRS announced a few big changes to Form 990 that relate to overseas investments and reporting of shared assets. More from the Journal of Accountancy.
IRS Notifying Tax Preparers about PTIN Renewal: Tax preparers who want to prepare 2011 tax returns must have renewed their PTIN number by Feb. 21. More from the Journal of Accountancy.
Final Regs on Treatment of Income from Damages Related to Injury, Sickness: The IRS released final regulations on the treatment of gross income from damages related to physical injury or sickness. More from the Journal of Accoutancy.
IRS Releases Update on Disclosure of Returns: The IRS updated what is considered adequate disclosure of positions for purposes of avoiding penalties. More from the Journal of Accountancy.
FASB Releases 2012 GAAP Taxonomy for XBRL: FASB released the financial reporting taxonomy for 2012 for those filing in XBRL to the SEC. More from Accounting Today.
New Regs on Interest Expense Allocation for Partners: The IRS issued regulations temporary regulations for allocating and apportioning interest expense for partners in partnerships. More from the Journal of Accountancy.