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

Accounting ACC

Dodd Frank Act implemenation (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 - provision dealing with data standards. HR 3213 - Small Company Job Growth Regulatory Relief Act of 2011. HR 2483 - Whistleblower Improvement Avt of 2011. HR 3630 - Middle Class Tax Relief and Job Creation Act of 2011 - provisions dealing with social security data standards. HR 3659 - Welfare Integrity and Data Improvement Act j- provisions dealing with social security data standards. HR 3433 - GRANT Act - website reporting sectionsand 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. HR 3606 and S 1933 - Jump Start Our Business Startups Act - provisions on audits and accounting standards. 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: Financial Crimes Enforcement Network (FinCEN); SENATE; Treasury, Dept of; Internal Revenue Service (IRS); HOUSE OF REPRESENTATIVES

Bills named: H.R. 3433 (112th), H.R. 2146 (112th), H.R. 3339 (112th), H.R. 3476 (112th), H.R. 3655 (112th), H.R. 3505 (112th), H.R. 3630 (112th), H.R. 4631 (112th), H.R. 1070 (112th), H.R. 1723 (112th), H.R. 2943 (112th), H.R. 2056 (112th), H.R. 2354 (112th), H.R. 3659 (112th), H.R. 2941 (112th), H.R. 2483 (112th), H.R. 1697 (112th), H.R. 3606 (112th), H.R. 3213 (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

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

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

Retirement RET

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

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

Postal POS

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

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

Banking BAN

Dodd Frank Act implementation (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 - provisions dealing with exemption for municiple advisors; S 1483 - Incorporation Transparacy 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: Treasury, Dept of; Financial Crimes Enforcement Network (FinCEN); HOUSE OF REPRESENTATIVES; SENATE; Internal Revenue Service (IRS)

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

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/S1885. 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 requirements under tax law; Employment tax treatment of S Corporations; Corrections on nonqualified deferred 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 (Mobile workforce); IRS requests for accounting software; IRS uncertain tax return position programs (including Scedule 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 F0IA requests related to PTIN Program; 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 organziational changes); Preparer fraud penalty; Treasury/IRS regulatory business plan; Notice 2011-101 - Change in trust beneficial interests ("decanting"); TD 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 or 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 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 inadvertant partnership technical terminations; IRS/Treasury regulatory business plan comments; S 2271 - Support for "The Small Business Election Simplification Act"; Gift card regulatory guidance (IRS); Identity theft issues including ITIN Guidance (IRS) and roundtable hosted by Rep. Bilirakis; 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)

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

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