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  • “Comfort” Letters

    March 21, 2012
    In recent months, lenders through out the United States have made it a practice to request “comfort letters” and “solvency opinions.” These requests can impose tremendous professional responsibilities on practicing CPAs, as well as expose them to the risk of malpractice lawsuits.
  • FASB Responds to FAF's Post-Implementation Review Report on FIN 48

    March 20, 2012
    The Financial Accounting Standards Board has issued its response to the Financial Accounting Foundation’s Post-Implementation Review Report on FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes.
  • Opportunity Exists for CPAs to Better Leverage Emerging Technology, AICPA Survey Finds

    March 14, 2012
    Like other business professionals, CPAs continue to wrestle with the best strategy to maximize the benefits of emerging technologies, such as mobile devices and cloud computing, according to the 2012 Top Technology Initiatives Survey by the American Institute of CPAs.
  • IRS Creates Online Search Tool for Exempt Organization Information

    March 14, 2012
    The Internal Revenue Service has launched a new online search tool, Exempt Organizations Select Check, to help users more easily find key information about tax-exempt organizations, such as federal tax status and filings.
  • IRS Sends Test Results; First Registered Tax Return Preparer Certificates

    March 9, 2012
    The Internal Revenue Service (IRS) has begun providing test results to tax return preparers who have taken the new return preparer competency test. Those who pass the test and a tax compliance check will be given a new designation: Registered Tax Return Preparer.
  • Greater Optimism on U.S. Economy Raises Outlook to Post-Recession High

    March 8, 2012
    Business executives are growing increasingly confident about prospects for the U.S. economy and their own organizations over the next 12 months, according to the first quarter AICPA Economic Outlook Survey.
  • IRS Expands "Fresh Start" Program

    March 7, 2012
    The Internal Revenue Service has announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available to more people.

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