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Tax E-Alerts

News you can use on tax regulations, court decisions, legislation, and practice management.

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As a tax practitioner, you may have contemplated adding personal financial planning services to your practice. There is a natural progression to go from being your client's most trusted tax advisor to also being their most trusted personal financial advisor. But you have questions: will it be profitable? How do I get started? What are other CPA firms doing? All of these questions are addressed in a new research study published by the AICPA's PFP Section that can show you how to expand your services into this lucrative niche area that is a great compliment to your tax practice.

The Personal Financial Planning Section of AICPA and Moss Adams LLP are pleased to announce the results of their first joint study of CPA financial planning and advisory practices- AICPA/Moss Adams CPA Financial Planning Practice Study.

Click here for more information

International

This section contains AICPA comments related to international tax policies.

AICPA Comments to IRS on IFRS and Form 5471 and Related Regulations
These AICPA comments to IRS on IFRS and Form 5471 and related regulations. Learn More>>

IRS Letter (Sample) Regarding Automatic Assessment of Form 5471 Penalties Starting January 1, 2009
This is an IRS Letter Regarding Automatic Assessment of Form 5471 and Form 1120 Penalties Starting January 1, 2009. Learn More>>

AICPA Comments on Foreign Base Company Sales Income Regulations Pertaining to Contract Manufacturing Arrangements Proposed Regulations REG-124590-07
These are AICPA comments on contract manufacturing foreign base company sales income proposed regulations. Learn More>>

AICPA Comments on Foreign Trust Reporting Issues - Follow-up on Prior Requests
This is the AICPA comments on foreign trust issues followup to May 2007 IRS Response to the January 2007 AICPA submission to IRS. Learn More>>

AICPA Comments on Foreign Gift Threshold and Foreign Trust Issues

On March 3, 2008, the AICPA offered comments on the foreign gift threshold and followed up on the IRS response to January 2007 AICPA comments on foreign trust issues. Learn More>>

AICPA Update on IRS Letter (Sample) Regarding Automatic Assessment of Form 5471 and Form 1120 Penalties Starting January 1, 2009

This is an AICPA update on the IRS Letter Regarding Automatic Assessment of Form 5471 and Form 1120 Penalties Starting January 1, 2009. Learn More>>

Registration Form for AICPA-ABA Teleconference on FBAR/Voluntary Disclosure Program - August 20, 2009

This is a registration form for the AICPA-ABA Teleconference on FBAR/Voluntary Disclosure Program - August 20, 2009. Learn More>>

Unofficial List of Possible Questions from IRS Voluntary Compliance Program

This is a compilation of unofficial questions that may be asked of somene participating in the IRS offshore voluntary compliance initiative in 2009. Learn More>>

IRS Updated FAQs on Voluntary Disclosure (6/24/09) and Report of Foreign Bank and Financial Accounts (FBAR)

This is an updated (6/24/09) IRS FAQs on the IRS Voluntary Disclosure Program and the Report of Foreign Bank and Financial accounts (FBAR) reporting. Learn More>>

AICPA Update on New FBAR Form, Reporting, and Due Diligence Requirements
This is an AICPA update on New FBAR Form, Reporting, and Due Diligence Requirements. Learn More>>

IRS Resources on FBAR and Offshore Income
This is a listing of IRS resources and links on Report of Foreign Bank and Financial Accounts (FBAR) Reporting and Offshore Income. Learn More>>

Highlights of the 2009 IRS Offshore Voluntary Compliance Program

This is an article/guide on the IRS Offshore Voluntary Compliance initiative in 2009. Learn More>>

IRS March 2009 Statements on Voluntary Compliance (Penalty Framework) for Unreported Offshore Accounts, Entities, and Income
This is a March 2009 IRS LMSB Memo and Commissioner Statement on Penalty Framework/Voluntary Compliance for Offshore Accounts, Entities, and Income. Learn More>>

Model Letter to Clients on Report of Foreign Bank and Financial Accounts (FBAR)
This is a model letter to clients on Report of Foreign Bank and Financial Accounts (FBAR) reporting. Learn More>>

Outline to Clients on Report of Foreign Bank and Financial Accounts (FBAR) - Prepared by Eisner LLP, Personal Wealth Advisers, June 23, 2009

This is an outline that can be used to explain to clients the Report of Foreign Bank and Financial Accounts (FBAR) reporting. This was prepared by Eisner LLP, Personal Wealth Advisers, June 23, 2009. Learn More>>

Chart for Client Information on Report of Foreign Bank and Financial Accounts (FBAR)

This is a chart for client information that can be used by/for clients regarding information needed for the Report of Foreign Bank and Financial Accounts (FBAR). Learn More>>

AICPA Update on Tax Organizer Questions on Foreign Corporations and Foreign Bank Accounts
This is an AICPA update on Tax Organizer Questions on Foreign Corporations and Foreign Bank Accounts. Learn More>>

AICPA Guide on Report of Foreign Bank and Financial Accounts (FBAR) - Significant Revisions & Severe Penalties

This is an AICPA guide on Report of Foreign Bank and Financial Accounts (FBAR) — Significant Revisions & Severe Penalties. Learn More>>

AICPA Comments on Proposed FTC Regs on Determining Amount of Taxes Paid
On December 18, 2007, the AICPA commented on proposed section 901 foreign tax credit regulations regarding the determination of the amount of taxes paid. Learn More>>

New IRS Voluntary Compliance Initiative for Withholding Agents for Payments to Foreign Persons

This alert covers the new IRS voluntary compliance program through 2005 on withholding agents for payments to foreign persons. This temporary voluntary compliance initiative is an offer to resolve issues and applies to tax, withholding, and reporting obligations that apply to withholding agents in connection with payments to foreign persons. Learn More>>

AICPA Outlines Guidance Needed to Clarify New Repatriation Deduction

December 21, 2004. This letter to the Treasury Department discusses AICPA's suggested areas of guidance needed to clarify the new repatriation deduction enacted in the American Jobs Creation Act of 2004. It covers questions specific to reinvestment plans (section 965(b)(4)), questions related to other aspects of section 965, and questions addressed in proposed technical corrections. Learn More>>

AICPA Comments on Foreign Currency Transaction Regulations

August 20, 2003. These comments to the IRS focus on revisions of proposed Section 987 regulations, regarding Notice 2000-20. The comments do not address the section 987 consequences of partnerships, estates, or trusts. Learn More>>

AICPA Details International Tax Competitiveness Concerns to Senate Finance Committee

July 15, 2003. This AICPA written statement was submitted for the record of the Senate Finance Committee hearing on international competitiveness. Learn More>>

IRS Responds to AICPA Concerns for Filing the Form 3520 for Canadian RRSPs

June 17, 2003. This AICPA alert covers the August 1, 2003, IRS Notice 2003-57 on Canadian RRSPs and Forms 3520 and 3520-A reporting requirements. In response to AICPA and other concerns expressed, the IRS released 14 days before the deadline Notice 2003-57, waiving the filing requirements for Forms 3520 and 3520-A for Canadian RRSP holders who meet certain requirements. Learn More>>

AICPA Comments on the Foreign Trust Reporting Rules for Forms 3520 and 3520-A

June 17, 2003. These comments to the IRS focus on the problems for foreign trusts with reporting on Form 3520 and Form 3520-A for Canadian RRSPs. Learn More>>

AICPA Opposes Repeal of Foreign Earned Income Exclusion

May 14, 2003. This letter to Congress opposes repeal of the foreign earned income exclusion, as proposed in Section 350 of S. 1054, the Jobs and Growth Tax Relief Reconciliation Act of 2003. Learn More>>

AICPA Outlines Support of International Tax Simplification Bill

May 1, 2003. This letter to Rep. Amo Houghton outlines AICPA support for the proposed international tax simplification bill H.R. 285. In the letter, various provisions are the bill are listed as reducing complexity and compliance burdens. Learn More>>

AICPA Recommends Simplifying Foreign Tax Credit Reporting for Mutual Funds

February 26, 2003. These comments to IRS provide a proposal to amend Reg. Sections 1.853-2, 1.853-3 and 1.853-4 and modify Form 1116, regarding separate country reporting of foreign tax credit by mutual funds. Learn More>>

AICPA Recommends International Tax Simplifications to Congressional Staff

January 9, 2003. These recommendations on international tax simplification were submitted to the Senate Finance Working Group and include various concerns regarding the overly complex international tax provisions. Learn More>>

AICPA Survey Recommends Treaty Negotiation Priorities

December 16, 2002. This letter to the Department of the Treasury provides suggestions for future treaty negotiations and possible renegotiation priorities. Learn More>>

AICPA Evaluates the International Tax Aspects of the American Competitiveness and Corporate Accountability Act

October 1, 2002. These comments to Congress evaluate the international tax aspects of the proposed H.R. 5095, American Competitiveness and Corporate Accountability Act. Learn More>>

AICPA Details Problems with Proposed Legislation on Corporate Inversions

June 28, 2002. These AICPA comments were submitted for the record of the House Ways and Means Committee Select Revenue Measures Subcommittee Hearing on Corporate Inversions. The comments discuss various problems with the proposed legislation on corporate inversions. Learn More>>

IRS Responds to AICPA Concerns for Filing the Form 3520 for Canadian RRSPs

AICPA Comments on the Foreign Trust Reporting Rules for Forms 3520 and 3520-A

June 17, 2003. These comments to the IRS focus on the problems for foreign trusts with reporting on Form 3520 and Form 3520-A for Canadian RRSPs. Learn More>>

AICPA Survey Recommends Treaty Negotiation Priorities

December 16, 2002. This letter to the Department of the Treasury provides suggestions for future treaty negotiations and possible renegotiation priorities. Learn More>>

AICPA Comments on International Tax Legislation

May 24, 2002. As global trade increases, legislative changes, such as those in H.R. 4151, are needed to allow U.S. businesses to react more nimbly and on a par with foreign competitors having less complex tax systems. Learn More>>

AICPA Offers Technical Analysis of Tax Proposals to Catch Tax-Motivated

March 21, 2002. The AICPA Expatriation Tax Task Force submitted comments to Congress and the Department of the Treasury addressing legislative proposals relating to tax provisions intended to deal with expatriation to avoid tax by U.S. citizens who give up their citizenship or long-term U.S. residents who give up their residency. Learn More>>

C-Corps in a Sea of Change: Sub-C International Tax Update

The following outline was created for "C-Corps in a Sea of Change: Sub-C International Tax Update," which covers the repeal of ETI and the new domestic manufacturing deduction. It was presented at the 2004 AICPA National Conference on Federal Taxes. Learn More>>

Highlights of the 2009 IRS Offshore Voluntary Compliance Program

This is an article/guide on the IRS Offshore Voluntary Compliance initiative in 2009. Learn More>>

Chart for Client Information on Report of Foreign Bank and Financial Accounts (FBAR)

This is a chart for client information that can be used by/for clients regarding information needed for the Report of Foreign Bank and Financial Accounts (FBAR). Learn More>>

Audio to FBAR Teleconference with AICPA/ABA/IRS on 6/12/09

This is the audio MP3 file to the AICPA-ABA teleconference on FBAR with IRS officials. Learn More>>

AICPA Guide on Report of Foreign Bank and Financial Accounts (FBAR) - Significant Revisions & Severe Penalties

This is an AICPA guide on Report of Foreign Bank and Financial Accounts (FBAR) — Significant Revisions & Severe Penalties. Learn More>>

Unofficial List of Possible Questions from IRS Voluntary Compliance Program

This is a compilation of unofficial questions that may be asked of somene participating in the IRS offshore voluntary compliance initiative in 2009. Learn More>>

AICPA Urges Congress to Reconsider Combining Foreign Income and Foreign Housing Exclusion Limits

June 29, 2004. This AICPA letter to the tax writing committees urges that Congress reconsider combining the foreign income and foreign housing exclusion limits. It states that the proposal would reverse long standing tax policy and might cause a potential loss of U.S. jobs and exports. Learn More>>

AICPA Comments to IRS on IFRS and Form 5471 and Related Regulations

These AICPA comments to IRS on IFRS and Form 5471 and related

regulations. Learn More>>

IRS Updated FAQs on Voluntary Disclosure (6/24/09) and Report of Foreign Bank and Financial Accounts (FBAR)

This is an updated (6/24/09) IRS FAQs on the IRS Voluntary Disclosure Program and the Report of Foreign Bank and Financial accounts (FBAR) reporting. Learn More>>

AICPA Update on Tax Organizer Questions on Foreign Corporations and Foreign Bank Accounts

This is an AICPA update on Tax Organizer Questions on Foreign Corporations and Foreign Bank Accounts. Learn More>>

Outline to Clients on Report of Foreign Bank and Financial Accounts (FBAR) - Prepared by Eisner LLP, Personal Wealth Advisers, June 23, 2009

Registration Form for AICPA-ABA Teleconference on FBAR/Voluntary Disclosure Program - August 20, 2009

This is a registration form for the AICPA-ABA Teleconference on FBAR/Voluntary Disclosure Program - August 20, 2009. Learn More>>

IRS Resources on FBAR and Offshore Income

This is a listing of IRS resources and links on Report of Foreign Bank and Financial Accounts (FBAR) Reporting and Offshore Income. Learn More>>