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2012 First quarter Accounting and Auditing Update
This First Quarter A&A Update includes the latest pronouncements from the FASB, AICPA, SEC and PCAOB that are currently affecting public and private entities. View 2012 First Quarter A&A Update.
Congress Passes 2012 Payroll Tax Holiday Extension
Congress has extended the employee-side payroll tax cut through the end of 2012. After weeks of uncertainty over whether an agreement could be reached, the House passed the Middle Class Tax Relief and Job Creation Act of 2012 and Senate approval quickly followed. Lawmakers agreed not to require the $93.2 billion estimated cost for the payroll tax cut extension to be offset by revenue-raising provisions. A potential impasse over revenue increases was avoided entirely when both parties agreed to offset costs of the full-year, two percentage point payroll tax cut through transfers from the general fund of the Treasury to the OASDI trust fund. In a revenue neutral provision, however, the new law eliminates a timing shift in the estimated tax payments that has been required of certain large corporations under previous laws. Non-tax provisions within the new law extend unemployment benefits and implement a "doc fix" for Medicare. Read More.
Temporary Repair Regulations
On December 23, 2011, the Treasury Department and IRS released the long-awaited repair regulations in
temporary (TD 9564) and proposed (REG-168745-03) form (the temporary regulations). These
temporary regulations contain the standards for determining whether and when a taxpayer must capitalize.
Read More.
NEW FORM 8955-SSA REQUIRED BY JANUARY 17, 2012
The IRS recently released Form 8955-SSA. Plans that filed 5500s for 2009 and/or 2010 may now have an additional filing requirement and a very short period in which to comply. Read More.
SEC, PCAOB Place Emphasis on Fair Values and Use of Third-Party Pricing Services
Comments from the staff of the Securities and Exchange Commission and the Public Company Accounting
Oversight Board indicate an increased focus in the determination of the fair value of investments.
Read More.
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