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

Taxation/Internal Revenue Code TAX

IC Section 67(e) Deductibility of trust administration expenses; Circular 230 - Preparer regulation including PTIN regulations, nonsigning preparers; AMT; S 845/HR 2382 - Tax Return Due Dates. HR 674/S 89/S 164/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)(I) 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 requiremetns under tax law; Employment tax treatment of S Corporations; Corrections on nonqualified eferred comprensation 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 iwth bank Security Act Advisory Group; Mandatory e-filing of FBARs; Form 990 Rervisions; IRS suitability checks/fingerprinting and FOIA requests related to PTIN iProgram; GST legislative modifications; 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 tehnical modifications in EGTRRA; Administrative relief of late QTIP and QRT elections; S 2271 - S Corporation "fast-track" elections; carried interests. HR 4106; S Corp Modernization Act of 2011 - HR 1478. HR 5630 - Fraudulent under statment 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 inadvertant 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 - conversions from a single member LLC to a partnership (and vice versa). House Small Business Subcommittee on Economic Growth, Tax and Captital Access Testimony (uncertainty impacting small business); Changes to IRS Circular 230.

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

Bills named: H.R. 1478 (112th), H.R. 1864 (112th), H.R. 1697 (112th), H.R. 5630 (112th), H.R. 4106 (112th), H.R. 674 (112th), H.R. 2382 (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 on audits. SA 936 to HR 2354 - provisions on audits. S 1965 - Startup Act of 2011 - GAO study on audit costs. S 1962 - Startup Expansion and Investment Act - provisions on audits. Data Act, HR 2146 - provisions dealing with government conferences. HR 4631 - provisions dealing with government conferences. S 1907/HR 3505 - dealing with PCAOB disciplinary hearings.

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

Bills named: H.R. 4631 (112th), H.R. 3433 (112th), H.R. 3476 (112th), S. 3600 (112th), H.R. 2056 (112th), H.R. 2483 (112th), H.R. 3213 (112th), H.R. 3630 (112th), H.R. 2943 (112th), H.R. 2941 (112th), H.R. 3659 (112th), H.R. 3655 (112th), H.R. 1070 (112th), H.R. 3339 (112th), H.R. 1697 (112th), H.R. 2146 (112th), H.R. 3505 (112th), H.R. 1723 (112th), H.R. 2354 (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 municiple advisors; S 1483 - Incorporation Transparancy 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 capital provisions

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

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

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

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

Retirement RET

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

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

Postal POS

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

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