AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS for AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

Financial Institutions/Investments/Securities FIN

HR 2827 - To amend the Securities Exchange Act of 1934 to clarify provisions relating to the regulation of municipal advisors. HR 6161 - Redefining "accelerated filer"

Contacted: Financial Crimes Enforcement Network (FinCEN); Agriculture, Dept of (USDA); Treasury, Dept of; SENATE; HOUSE OF REPRESENTATIVES; Internal Revenue Service (IRS)

Bills named: H.R. 2827 (112th), H.R. 6161 (112th)

Taxation/Internal Revenue Code TAX

IRC Section 67(e) Deductibility of trust administration expenses; Circular 230 - Preparer regulation including PTIN regulations, nonsigning preparers; ATM; S 845/HR 2382 - Tax Reform Due Dates. HR 674/S 89/S 1720/S 1726/S 1762/S 1885. Repeal full vesting on partial termination of qualified retirement plans; Harmonize and simplify education incentives; Revise the due date of the reporting requirement for foreign banks and financial accounts; Allow for abatement of a Section 6707A penalty of the taxpayer acts reasonable and in good faith; Repeal the Section 7122(c)(1) requirement to provide a 20% partial payment with lump sum offer in compromise; Amend Section 118 to apply to partnerships; Allow spouses (and divorced spouses) to transfer partnership suspended losses to one another; Allow S Corps to have nonresidential aliens as shareholders and potential current beneficiaries of electing small business trusts; modification of information reporting requirements under tax law; Employment tax treatment of S Corporations; Corrections on nonqualified referred compensation plan failures under Section 490(A) built in gains and losses relating to partnership mergers under Section 704(c) exempt status of hospitals; Office visits of tax return preparers by IRS; Foreign trusts aspects of FBAR; Carryover basis issues; HR 1864/S 3485 (Mobile workforce); IRS requests for accounting software; IRS uncertain tax return position programs (including Schedule M-3); Foreign bank account reporting (FinCen); Discussions with bank Security Act Advisory Group; Mandatory e-filing of FBARs; Form 990 Revisions; IRS suitability checks/fingerprinting and FOIA requests related to PTIN iProgram; GST legislative modications; Form 706/Form 8939 - carryover basis issues; taxation of large partnerships; HR 1697 - Community banking Relief; IRS Real Time Tax System; Form 8938 (requests for foreign financial information); Form 8949/Form 1099B (basis reporting) Form 8937 (Corporate organization changes); Preparer fraud penalty; Treasury/IRS regulatory business plan; Notice 2012-25 - Change in trust beneficial interests ("decanting"); TS 9522 and controlled groups that include S Corps for Section 179 purposes; Alternate valuation method under Section 2032; Enactment of permanent gift, estate and GST tax provisions; Make permanent GSTT technical modifications in EGTRRA; Administrative relief of late QTIP and QRT elections S 2271 - S Corporation "fast-tract" elections; carried interests. HR 4106; S Corp Modernization Act of 2011 - HR 1478. HR 5630 - Fraudulent under statement of a taxpayers' liability by a tax return preparer; IRS guidance related to tangible property capitalization; farm Service Agency/Agriculture Department - "Certifications" under Food, Conservation and Energy Act of 2008; Comments to IRS on penalties for certain late filings resulting from inadvertent partnership technical terminations; S 2271 - Support for "The Small Business Election Simplification Act"; Gift card regulatory guidance (IRS); Identity theft issues including ITIN Guidance (IRS); CPA definition for IRS PTIN database; Taxpayer's Hassle Reduction Act (Rep Tim Scott (SC)); IRS 2012 Offshore Voluntary Disclosure Program; Rev. Proc. 99-5 & 99-6 - conversations from a single member LLC to a partnership (and vice versa). House Small Business Subcommittee on Economic Growth, Tax and Capital Access Testimony (uncertainty impacting small business); Changes to IRS Circular 230. Basis reporting - Forms 1099-B and Form 8949; Income tax reporting for registered domestic partners; Section 1411; Individual Taxpayer Identification Numbers; Form 1099-K; Incorrect IRS notices on Form 3520; De minimis rule for partner's substantial economic effect (Section 704(b)); Proposed regulations on S corporation shareholder basis in indebtedness and back-to-back loans; Second class of stock issue for S corporations; Section 482; Retail inventory method; HR 6683 - Hurricane Sandy Tax Relief Act of 2012; Tax penalty reform; Comprehensive tax reform; Rationalization of phase-outs; Earned income tax credit; Different definitions of the same term within the Internal Revenue Code; Simplification of the Kiddie Tax; Simplification of retirement plan options; Inflation adjustments; Unused Tax Provisions (a.k.a. "deadwood")

Contacted: Agriculture, Dept of (USDA); Financial Crimes Enforcement Network (FinCEN); Treasury, Dept of; SENATE; Internal Revenue Service (IRS); HOUSE OF REPRESENTATIVES

Bills named: H.R. 4106 (112th), H.R. 674 (112th), H.R. 5630 (112th), H.R. 1864 (112th), H.R. 6683 (112th), H.R. 1478 (112th), H.R. 2382 (112th), H.R. 1697 (112th)

Banking BAN

Dodd Frank Act implentation (Section 913, 914, 922, 929Y, 929Z, 982); HR 2146/S 1222 - Data Act of 2011 - provisions dealing with data standards; HR 2483 - Whistleblower Improvement Act of 2011; HR 2827/S 3620 - provisions dealing with exemption for municipal advisors; S 1483 - Incorporation Transparency and Law Enforcement Assistance Act - provisions dealing with public disclosure of beneficial owners of private companies; HR 2056 - To instruct the Inspector General of FDIC to study the impact of insured depository institutions failures - regulatory captal provisions

Contacted: HOUSE OF REPRESENTATIVES; Financial Crimes Enforcement Network (FinCEN); Agriculture, Dept of (USDA); Internal Revenue Service (IRS); SENATE; Treasury, Dept of

Bills named: H.R. 2483 (112th), H.R. 2827 (112th), H.R. 2146 (112th), H.R. 2056 (112th)

Accounting ACC

Dodd Frank Act implementation (Sections 913, 914, 922, 929Y, 929Z, 982); HR 2146/S 1222 - Data Act of 2011 - provisions dealing with data standards; HR 2943 - Short Term TANF Extension Act; HR 3339 Standard DATA Act - provisions dealing with data standards. HR 3213 - Small Company Job Growth Regulatory Relief Act of 2011. HR 2483 - Whistleblower Improvement Act of 2011. HR 3630 - Middle Class Tax Relief and Job Creation Act of 2011 - provisions dealing with social security data standards. S 3600 - Data Act. HR 4631 - GSA Act of 2012, HR 3659 - Welfare Integrity and Data Improvement Act - provisions dealing with social security data standards. HR 3433 - GRANT Act - website reporting sections and single audit sections. HR 2056 - Provisions relating to accounting treatment (c)(2)(c) and section 3(a)(2). S 1962 and HR 2941 - Start-up Expansion and Investment Act. HR 1723 - Common Sense Economic Recovery Act - provisions relating to non-accrual loans. HR 1697 - Communities First Act. HR 1070 - Small Company Capital Formation - provisions on yearly audits. S 1866 and HR 3476 - AGREE Act - provisions on audits. HR 3655 - Small Business Access to Capital Act of 2011 - provisions dealing with government conferences. HR 4631 - provisions dealing with government conferences. S 1907/HR 3505 - dealing with PCAOB disciplinary hearings.

Contacted: SENATE; Internal Revenue Service (IRS); HOUSE OF REPRESENTATIVES; Treasury, Dept of; Agriculture, Dept of (USDA); Financial Crimes Enforcement Network (FinCEN)

Bills named: H.R. 3433 (112th), H.R. 4631 (112th), H.R. 2056 (112th), H.R. 2941 (112th), H.R. 3655 (112th), H.R. 3213 (112th), H.R. 3659 (112th), H.R. 1070 (112th), H.R. 2146 (112th), H.R. 2483 (112th), H.R. 3505 (112th), H.R. 1697 (112th), H.R. 1723 (112th), H.R. 3630 (112th), H.R. 3339 (112th), H.R. 3476 (112th), H.R. 2943 (112th)

Retirement RET

Appraisals of ESOPs DOL Fiduciary Rule; S 1232 - Exempt Appraisers of ESOPs from Fiduciary Definition

Contacted: Treasury, Dept of; HOUSE OF REPRESENTATIVES; SENATE; Agriculture, Dept of (USDA); Financial Crimes Enforcement Network (FinCEN); Internal Revenue Service (IRS)

Postal POS

S 1789 ES - 21st Century Postal Reform Act - provisions dealing with government conference

Contacted: Internal Revenue Service (IRS); HOUSE OF REPRESENTATIVES; SENATE; Agriculture, Dept of (USDA); Treasury, Dept of; Financial Crimes Enforcement Network (FinCEN)